M&S And More,HSBC balance transfer.HELP?

maniac886

Hi, I currently have the &more credit card and I applied, a few days ago to do a balance transfer to the hsbc credit card(0% for 9months).Does anyone know if this will be allowed as I have just realised they are part of the same company. The BT is only £1000 and I have a credit rating of 950/1000 according to experian if this helps.Has anyone else managed this transfer before??

Thanks for your help in advance!

Clariman

I think that it is highly unlikely that HSBC will let you transfer a balance from an M&S card. The credit card page on their website makes it very clear they do not accept BTs from other parts of the group

0% on balance transfers for 9 months, made within 30 days of account opening. See how much you could save (please note, balances cannot be transferred from cards issued by other members of the HSBC Group, including first direct and Marbles).

(from http://www.hsbc.co.uk/1/2/personal/credit-cards/hsbc-bank-credit-card)

Although it does not spell out M&S, HSBC do operate the M&S card.

Sorry

Clariman

Louise1521

Thanks for that info, I've just received my M&S More card, didn't realise they were part of HSBC.

Clariman

Louise1521 wrote:

Thanks for that info, I've just received my M&S More card, didn't realise they were part of HSBC.

You need to look at the 'smallprint' to see who owns the M&S card but you can see it here http://www6.marksandspencer.com/pages/default.asp?PageId=LI&Product=AU

Also, you can find a table of who owns who here. Although the table does not show it, the HFC cards are also part of HSBC.

Clariman

maniac886

Thanks for the info guys.Do you think i should give hsbc a ring to cancel the application and say that i was not aware of them being the same company?

Clariman

maniac886 wrote:

Thanks for the info guys.Do you think i should give hsbc a ring to cancel the application and say that i was not aware of them being the same company?

I guess the choice is yours - there is no right and wrong answer. Some things to consider ...

In favour of going ahead
* The HSBC card also has 0% on purchases for 9 months which might be useful (put your purchases on it at 0% and use your cash to pay off your M&S card quickly)
* They may have already credit-checked you, so it would be a wasted check if you cancelled the card

In favour of cancelling
* If you really need a 0% BT card to take on your M&S debts, then having the HSBC card may reduce your ability to get a 0% one from someone else

HTH
Clariman

moneyuser

Have you not got another card you can use to transfer the m&s balance to and transfer it from that card to hsbc? Could be a BT Fee that way.

maniac886

no i only have the one credit card at the moment

moneyuser

If you really want to do a BT then your only option is to apply for another card.

The credit check has probably already been done by HSBC, but you'll have to ring them to check. If hasn't then great, you can cancel the application with no search on your credit file. If it has then as Clariman says the choice is yours.

If it was me, I would cancel it anyway unless I wanted to make some purchases and spread the cost out over 9 months.

maniac886

All i really want to do is pay off the £1000 balance , because i am being charged 29% interest by m&s and i wanted the bt so that paying it off would be easier for me to do.

Clariman

maniac886 wrote:

All i really want to do is pay off the £1000 balance , because i am being charged 29% interest by m&s and i wanted the bt so that paying it off would be easier for me to do.

That is steep !

Why don't you call up M&S and say "I want to pay off my balance but the high interest rate is making it very difficult for me to make headway. I am about to apply for another card offering 0% on BTs so that I can move the debt and cut down my interest charges. Before I do that, is there anything you can do to give me a more reasonable rate on my &More card"

if they say the can't do anything then continue

"I am disappointed. To be honest, I had already applied for another card before I realised it (HSBC) was the same company, so I definitley will be moving this balance if you can't help me with a reduction."

There is no harm in asking. If you make it clear that you are serious about moving then I think they would do somethign to retain your business. Of course, there is nothing to stop you still going ahead and getting a new card.

Clariman