Marks and Spencer's Credit Card

Baron_Hardup_2

Have a life of balance transfer rate of interest of 3.9% - can anybody tell me if you make a purchase with this card does the interest rate revert to the higher rate - I have contacted Marks and Spencers call centre who say the 3.9% rate will not be affected but I have the feeling that when this offer was featured on Money Tips the advice was not to use the cards for purchases. Can anybody throw any light on the subject?

MABLE

Baron_Hardup wrote: »

Have a life of balance transfer rate of interest of 3.9% - can anybody tell me if you make a purchase with this card does the interest rate revert to the higher rate - I have contacted Marks and Spencers call centre who say the 3.9% rate will not be affected but I have the feeling that when this offer was featured on Money Tips the advice was not to use the cards for purchases. Can anybody throw any light on the subject?

The times Martin has said if you do a balance transfer NEVER, NEVER, NEVER, NEVER use the card for purchases.

bargainquest

if you use the card for purchases, your monthly payment will always be used to pay the purchases off first (at the standard rate of interest) which is why it's a bad idea

Amy83

Baron Hardup, can I ask if the 3.9% Life of Balance offer from M&S was for a new customer? Or did you have to phone for it and ask, or did you get a letter through the post?

I've been with M&S for years, and a 3.9% LOB would come in handy right now:rotfl:

Bismarck

I think it would for a few people!!

CLAPTON

bargainquest wrote: »

if you use the card for purchases, your monthly payment will always be used to pay the purchases off first (at the standard rate of interest) which is why it's a bad idea

he means ... the purchases at high interest rates will be paid off last and the BT items first... so once you spend on the card those item stay being charged interest until the BT balance is completely cleared.