M&S devotee with credit card debt? This offering from M&S Bank comes with more than 2.5 years at 0% on balance transfers for a super-low fee – and reward points to boot.
Pros
- Lengthy interest-free balance transfer offering
- Low balance transfer fee
- Earn M&S points on all shopping
- 3 months’ 0% on purchases
- More rewards for using in conjunction with your Sparks card
Cons
- Balance transfers incur a fee
- Rewards limited to M&S
- Foreign transaction fees apply for use abroad
Table of Content
Key features
- 0% interest for 32 months on balance transfers made within 90 days of account opening (with a fee)
- 0% interest for three months on purchases
- Earn M&S points every time you shop
Charges
If you are planning to transfer a balance over from one or more existing credit cards, it will cost you 1.99% (minimum £5) of the amount being transferred. As an example, that’s £59.70 on a £3,000 debt.
A perk of M&S Bank credit cards is that they offer a full 90 days from getting the card to make the transfers at 0%, compared to many other card providers which only allow a 60-day window.
When the 0% window on balance transfers expires, debt remaining on the card will be charged at an annual interest rate (APR) of 21.9% (variable). New purchases made on the card don’t incur interest for the first three months, after which they will be charged at the same 21.9% APR (variable).
However, with this card, you will benefit from 55 days’ interest-free credit on purchases. In other words, if you pay your balance in full – and on time – each month, you won’t incur interest at all.
Late credit card repayments will trigger a £12 fee. The same fee applies if you exceed your credit limit. You may also have the 0% perks withdrawn.
Rewards
Earn M&S points every time you shop with your card – both at home and worldwide.
You will get one point for every £1 you spend in M&S (including in-store and online), and one point for every £5 you spend elsewhere. For context, 100 points is equivalent to a £1 reward voucher.
The points you have accrued will be converted into reward vouchers four times a year. These vouchers will be sent to you alongside your loyalty statement.
Protection
As with any credit card, M&S Bank’s Transfer Plus Offer, gives you protection purchases – providing they cost more than £100 and up to £30,000.
This cover is offered under section 75 of the Consumer Credit Act. You get the protection for the entire cost of an item or service, even if you only pay for a part of it – such as the deposit – with your credit card.
More information is available about this cover with our guide.
Will I be eligible?
With an interest-free platform of more than 2.5 years for existing card debt and perks on shopping, expect the M&S Transfer Plus Offer to be reserved for applicants with very healthy credit scores. All accepted however, get the full 32 months.
You can check your chances of being accepted by using an online eligibility checker, which doesn’t show up on your credit score.
Bear in mind, you’ll also need an annual income of at least £6,800.
What are the pros?
- Lengthy 0% balance transfer offering, which all accepted get
- Low balance transfer fee
- First 3 months’ purchases interest-free
- Attractive rewards offering – boosted when used with Sparks card
- Additional cardholder can be added to earn M&S points simultaneously
- No annual fee
What are the cons?
- Balance transfers incur a fee
- Longer interest-free windows on purchases may available
- Relatively high APR
- Rewards confined to M&S
- APR offered will depend on your own credit score
- Must have an annual income of at least £6,800
- If using overseas, purchases and card withdrawals will trigger a foreign transaction fee
What more should I know?
Your application will be declined if you have held a credit card with M&S Bank within the previous 12 months.
Balance transfers from cards already with M&S Bank (or HSBC, First Direct credit, John Lewis and Waitrose Partnership cards which are in the same group) are not permitted.
You must be disciplined about repaying at least the minimum monthly amount on your plastic or you risk losing the promotional rates on balance transfers and purchases.
You also need to be sure you can clear the balance by the time both 0% introductory offers end, or costs could skyrocket.
If you take out cash from an ATM using your card, interest will be charged immediately, from the day you make the withdrawal. Try to avoid withdrawing cash on any credit card at all costs.
Is it the right card for me?
If you are a loyal M&S customer, have nuisance balances on other credit cards and are in need of a decent amount of breathing space to clear what you owe, the M&S Transfer Plus Offer could be just the ticket.
What are my alternatives?
More than two years’ interest-free on existing card balances could be worth paying a 1.99% fee for, but you’ll need to check by comparing it against the wider market at the time you’re ready to apply.
If you don’t have existing card debt, you will find credit cards with much longer 0% windows on purchases – or offering better rewards.
