Britons are spending a total of £736 million due to panic buying presents, new research has found.
According to Lloyds TSB, the cost of a gift can rise by 13 per cent for those that leave their purchases until the last minute and 14 per cent for buyers who forget.
In addition, 40 per cent of respondents said that when they were forced to panic buy, they ended up buying something that was not necessarily suitable.
Therefore, Lloyds TSB has launched the Premier American Express Credit Card, which provides a “lifestyle assistant” for its cardholders that can be accessed 24 hours a day.
The service is a joint venture with concierge company TenUK and is designed to help potential overspenders organise and pick out presents.
“Life can be stressful and leaving things to the last minute can not only make you feel guilty but cost you a lot more money,” said Lloyds TSB’s credit card director, Colin Walsh.
Other credit cards are available from Lloyds TSB, including the Platinum Credit Card with an annual percentage rate (APR) of 15.9 per cent and the Advance Credit Card that offers 11.9 per cent APR.
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