The UK Parliament’s Treasury Select Committee explores the profitability of UK retailer store cards. The discussion kicks off with a basic question:
Q410 Chairman: Okay. Why should a well-informed consumer be advised to use one of your store cards charging interest of up to 30 per cent?
More than you ever wanted to know? I was prompted to uncover this interesting bit of testimony by an article in the Economist (subscription required) on payment card fraud losses in the UK. Turns out there were two other transcripts also available on the Committee’s list of recent of “uncorrected evidence”. Some fascinating reading here for folks like me who enjoy studying payment systems!