Argos Store card charges 223% APR

Anyone using the shop @ Argos card will find that the debt on it will build up and that they must repay the money owed at a massive rate.

It is provided by Provident Financial and can only be used at Argos stores once borrowers are loaned £500 by Provident Financial, with repayments collected weekly regardless of use.

According to the Daily Mail investigation, this makes it Britain’s most expensive store card at a time when many are worried about excess debt.

A report this week from Ernst & Young warned that consumers have a tenth less disposable income since just five years ago but people are borrowing more.

While Provident spokesman David Stevenson defended the card in the article, he also highlighted the need for people to carefully read conditions before signing up to such debt.