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Credit Limits on New M&S 3.9%LOB/12m 0% Purchases Card

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Comments

  • mrsbez_2
    mrsbez_2 Posts: 214 Forumite
    On my agreement the total charge for credit is £393, am just waiting for the card to find out my credit limit.

    If using the same figures as AMD, i should get limit of £4500.

    I'll let you know as soon as it arrives!
  • tee_pee_2
    tee_pee_2 Posts: 1,674 Forumite
    applied for my M&S card and they won't tell me the credit limit. All very shrouded in secrecy. Got the paperwork back and an email but all it says is we will tell you the limit when you get your card.
    Hope it is not a big build up for £1000 credit limit.
  • HelenB_2
    HelenB_2 Posts: 13 Forumite
    I may be confused, but check the logic; aren't you supposed to BT a 'fictitious' balance from the EGG Money to the M&S card (giving you some money on the egg) , then SBT that amount to your current account from Egg, so that it ends up in your current account? That way your egg balance is always positive and you don't get charged? At least that's what I was planning to do in order to pay of a 6.5% loan I've got!
  • danielbb
    danielbb Posts: 44 Forumite
    Not directly. You'd need to route it through a Super Balance Transfer card such as Egg Money.

    The method is explained in Martin's 'Super BTs' article (see the blue box above), but unfortunately the link has been broken for a few days now.

    So, in a nutshell...
    Apply for the Egg Money card
    Apply for the M&S card
    Ask M&S to BT from Egg Money
    Because you don't have any debt on Egg Money, this will create a positive balance on Egg Money
    Ask Egg Money to BACS transfer the amount of your positive balance to your current account.

    This looks like an interesting concept, im new to credit cards. So what fees would one incur doing this? the 3.9% balance transfer amount of the m&s card? Using this as an example.

    Eg: M&S -£1000 > EGG +£1000 > EGG -£1000 > BANK +£1000
  • jimmyjim_uk
    jimmyjim_uk Posts: 552 Forumite
    danielbb wrote:
    This looks like an interesting concept, im new to credit cards. So what fees would one incur doing this? the 3.9% balance transfer amount of the m&s card? Using this as an example.

    Eg: M&S -£1000 > EGG +£1000 > EGG -£1000 > BANK +£1000

    In theory none. M&S usually don't charge for BT and egg don't usually charge for BT into bank account.

    You might actually make some interest (4% gross) on the egg money card while it has a positive balance in the process.
  • ap156
    ap156 Posts: 76 Forumite
    My charge for credit was £524.31 and I got a limit of £6,000.

    A
  • AQUA-IAN
    AQUA-IAN Posts: 84 Forumite
    ap156 wrote:
    My charge for credit was £524.31 and I got a limit of £6,000.

    A

    I am waiting for my agreement to arrive. It will be interesting to know what my charge for credit is. Seems that the limits are based on that figure!
  • greendale9061
    greendale9061 Posts: 90 Forumite
    Part of the Furniture Combo Breaker
    Hi All,

    I started a m&s thread 2 weeks ago 'm&s more card a rip off' Your welcome to have a look.

    Basically my total credit charged was £130 sumthin and I have only got a £1500 limit. My Egg card has on it about £1800. Don't know whether to BT it or not. Ive also got £1920 on my HSBC + £1000 on my overdraught with HSBC. I also have a egg loan - £5500. Realistically I want £4000 limit.


    Sum people have been getting mega limits £5k+ but have been told if ya give them a ring they may increase it.


    Cheers
  • Agenda_109
    Agenda_109 Posts: 4 Newbie
    To put this credit limit thing to rest, I have calculated the effective credit limit from the Total Charge for Credit shown on your credit agreements. This is the first figure shown under the OTHER FINANCIAL INFORMATION paragraph heading of that document.

    Calculations are obtained by use of Excel and the following formula =CUMIPMT(0.15756/12,12,x,1,12,0) substituting x for the anticipated level of credit expected. Assumes simple annual rate of interest at 15.756% so might be the odd penny out (M&S show this rounded to 15.8%)

    Note that you will have to install the Analysis Toolpak before you can use this function in Excel (Select Tools/Add-Ins...) and then check the 'Analysis Toolpak' tick box.

    Don't be surprised if a lessor amount than expected is shown on the credit limit notification that your card is stuck to, but if you ask for an increase to the projected figure the wording in the Credit Agreement substantiates your claim for an increase (after all it is an AGREEMENT).

    £ 1,500 £ 131.08
    £ 2,000 £ 174.77
    £ 2,500 £ 218.46
    £ 3,000 £ 262.16
    £ 3,500 £ 305.85
    £ 4,000 £ 349.54
    £ 4,500 £ 393.23
    £ 5,000 £ 436.93
    £ 5,500 £ 480.62
    £ 6,000 £ 524.31
    £ 6,500 £ 568.00
    £ 7,000 £ 611.70
    £ 7,500 £ 655.39
    £ 8,000 £ 699.08
    £ 8,500 £ 742.77
    £ 9,000 £ 786.47
    £ 9,500 £ 830.16
    £ 10,000 £ 873.85

    Hope this proves useful and puts a few minds at rest.

    Also bear in mind that M&S appear to have a mandate of an additional £1,000 granted over and above these figures if you ask.

    It would be good to hear your feedback on this subject.

    Regards,

    Scott (CeMAP, CeRGI).
  • AQUA-IAN
    AQUA-IAN Posts: 84 Forumite
    Agenda_109 wrote:
    To put this credit limit thing to rest, I have calculated the effective credit limit from the Total Charge for Credit shown on your credit agreements. This is the first figure shown under the OTHER FINANCIAL INFORMATION paragraph heading of that document.

    Calculations are obtained by use of Excel and the following formula =CUMIPMT(0.15756/12,12,x,1,12,0) substituting x for the anticipated level of credit expected. Assumes simple annual rate of interest at 15.756% so might be the odd penny out (M&S show this rounded to 15.8%)

    Note that you will have to install the Analysis Toolpak before you can use this function in Excel (Select Tools/Add-Ins...) and then check the 'Analysis Toolpak' tick box.

    Don't be surprised if a lessor amount than expected is shown on the credit limit notification that your card is stuck to, but if you ask for an increase to the projected figure the wording in the Credit Agreement substantiates your claim for an increase (after all it is an AGREEMENT).

    £ 1,500 £ 131.08
    £ 2,000 £ 174.77
    £ 2,500 £ 218.46
    £ 3,000 £ 262.16
    £ 3,500 £ 305.85
    £ 4,000 £ 349.54
    £ 4,500 £ 393.23
    £ 5,000 £ 436.93
    £ 5,500 £ 480.62
    £ 6,000 £ 524.31
    £ 6,500 £ 568.00
    £ 7,000 £ 611.70
    £ 7,500 £ 655.39
    £ 8,000 £ 699.08
    £ 8,500 £ 742.77
    £ 9,000 £ 786.47
    £ 9,500 £ 830.16
    £ 10,000 £ 873.85

    Hope this proves useful and puts a few minds at rest.

    Also bear in mind that M&S appear to have a mandate of an additional £1,000 granted over and above these figures if you ask.

    It would be good to hear your feedback on this subject.

    Regards,

    Scott (CeMAP, CeRGI).

    Waiting for my agreement - VERY interesting!!!
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