Is it time for all types of store cards to be banned.

[tomhaigh7]

According to Martin lewis they are product of the devil ha. However, is it good for discount or will the new law on incentivising it be a good thing in erradicating it.

Is it time we did away with them and do they serve a purpose?

 

[willsham45]

what sort of cards do you mean? any type of credit card is evil but reward cards are just a keep coming back gimmick

 

[Johann610]

Or gift cards?
You can't ban things just because you find them unpleasant. The market is patient, and we must be too.

 

[Hoplon]

I think he means the store cards that are basically a credit card for just that store.

 

[SPARTANXIII]

...they are product of the devil ha...

Ha? Who is this Devil known as Ha? The only devil I know is Lucifer..........that, and Churnabog.

OT: At least ban gift cards, that way I can spend Christmas money where I want!

 

[Phishfood]

According to Martin lewis they are product of the devil ha. However, is it good for discount or will the new law on incentivising it be a good thing in erradicating it.

Is it time we did away with them and do they serve a purpose?

As others have pointed out, what do you mean by "store cards"?

I have a feeling you mean loyalty cards that give you discounts/free stuff based on your purchases. If so, there is no reason at all to ban them. The cards are voluntary and if you don't like how they use information about you, then you don't use the cards. It's pretty simple.

Seconded and

If you mean the loyalty cards - I have a WHSmith card, Waterstones card, Nectar card and a Staples card. They do no harm, other than "give them a way to track all my purchases" as one of my friends said, but since I use the same bank card for all purchases other than cash, they can do that anyway.

If you mean the store branded credit cards with insane interest, well....the way to get rid of them is educate people to not be so stupid as to want them. Another example there is the damn payday loans. 1750% APR???? WTF!?! who the FUCK pays £100 to borrow £400 for a month. You have to be down right mental to agree to those rates.

 

[Batou667]

1750% APR???? WTF!?! who the FUCK pays £100 to borrow £400 for a month. You have to be down right mental to agree to those rates.

...or desperate. I don't imagine anybody would take those loans out if they had any kind of alternative.

 

[Phishfood]

-BIGSNIP-

I think the issue on both of those types of credit is that they are used by people that no one in their right mind would lend to. They charge a high rate for the high risk. And once again, people aren't forced to use those. They can shop for their credit at a better rate or not use credit. If you eliminate the high rate credit options, people with bad credit will just never get credit.

True, I mean you need credit to improve your credit rating to get credit...

Of course, if that was your goal the better way is to get a secured loan. Its only unsecured loans like these payday loans and credit cards that need to charge massive interest to cover high risk clients. Either way, my rule is that the only loan I am ever going to get is my mortgage. I refuse to use anything else on principle of not paying someone else money so that I can have something sooner than I can save for it. I have one credit card that I use for online purchases only and pay off monthly hence, no interest.

 

[Lilani]

According to Martin lewis they are product of the devil ha. However, is it good for discount or will the new law on incentivising it be a good thing in erradicating it.

Is it time we did away with them and do they serve a purpose?

I'm sorry, but what on earth are you talking about? There are so many types of cards that do so many different things. Rewards cards, discount cards, gift cards, plain credit cards tied to the store name...give us some context here.