LONDON, Oct. 27 (UPI) -- Officials in England are condemning a credit card with a 227 percent annual rate of interest being marketed to families hard-pressed to pay for Christmas.
"It is wicked to be promoting such high interest cards and loans at Christmas," Liberal Democrat Shadow Chancellor Vince Cable said of the Argos Easy Shop card managed by Provident Bank.
Any money borrowed on the card between now and Christmas is to be paid back over 27 weeks with an Argos representative visiting homes each week to collect money due, The Daily Mail reported, calling it Britain's most expensive credit card.
"It may seem like a quick fix but will cost you dear in the long run," said Louise Bond, a personal finance expert, who likened the card to "a subprime loan."
Argos and Provident officials defended the card, saying using the annual percentage rate to show the interest charged gives a distorted image of what is effectively a short-term loan that could come in handy during the holidays, the Mail reported.