Store Card Charges

EDM number 498 in 2004-05, proposed by Lindsay Hoyle on 12/01/2005.

That this House notes with concern the excessive rates of interest charged on store cards; recognises that rates can be up to 30 times higher than credit cards and do not reflect low interest rates which currently exist; further notes the study by the Office of Fair Trading, published in March 2004, which found that features of the store card market prevent, restrict or distort competition; welcomes the investigation by the Competition Commission, which has already outlined potential concerns regarding the rate of interest charged on store cards; and looks forward to action being taken to reduce the rates of interest charged on store cards with the interest of the consumer being put first.

This motion has been signed by a total of 75 MPs.