M&S &MORE CARD - Conditions

pacajam

Hi,

At the bottom of my &MORE statement it says

"IMPORTANT
(1) Only ever making the minimum repayment will significantly increase the time taken to clear your balance and cost you more.
(2) Please note if you do not pay your present balance in full, interest will continue to be charged on the total value of your statement, not just on the outstanding balance.
(3) Interest is charged daily and therefore the earlier we receive your payment the less you will be charged"

I'm struggling to understand point 2 - it seems unreasonable and in conflict with pont 3. Does anyone know what it means?

Thanks, Paca.

robnye

it means make sure you have cleared the oustanding amount before the next statement date........... which fingers crossed i have...... and moved it over to another 0% ccard

grumbler

If you pay balance in full every month you enjoy interest-free period on purchases (up to about 8 weeks) and don't pay any interest.
If you make minimum or partial payment you lose interest-free period, i.e. interest will be added on all purchases from the day of every transaction. You lose this interest-free period for the past month (the statement that you don't pay in full) and for the next month.

pacajam

Hi,

Thanks for your posts but, having thought about it more I now think it means the following (although this still doesn't quite stack up) -

When generating your statement they do this sum
1 - balance on last statement + spending during the month
2 - Apply interest
3 - subtract payments made

If however, your payments bring your balance to zero they omit step 2.

What do you think?

david78

No. Its this

1. balance on last statement + spending
2 Calculate interest (but don't add) on total of 1
3. If payment made matches balance on last statement (or exceeds it) interest is not added
4. If smaller payment made, interest is added.
5. If smaller payment and less than minimum, interest plus fee added

rossi100

I have fallen foul to some very dubious wording with this card. With many years of stoozing experience this card has caught me out !

I pay the minimum off every month by DD so i dont get charged. My promotional balance transfer finished on 23/3 (small print) but thats fine so i thought as the Pay't due date is 9th April. So I go to clear the balance to not incurr interest but i am told that i will be charged interest from 23/3 even if i pay the balance off in full ! With all other cards i have had you have untill the payment date to clear the balance. Are they wrong to do this / the wording is very bad ?

pacajam

I agree the wording is not clear.

The scenario you describe doesn't sound fair and does match up with david78's clear explanation of his theory to the wording. Perhaps it's a special case for when promo rates end?

All of this is now asking me to question point 3
"Interest is charged daily and therefore the earlier we receive your payment the less you will be charged"
Following david78's steps it doen't make any difference how soon you pay as long as it hits the account before your next statement is generated.
Point 2 and 3 definitely seem to conflict.

grumbler

pacajam wrote:

The scenario you describe ... does match up with david78's clear explanation of his theory to the wording. Perhaps it's a special case for when promo rates end?

Does or doesn't? And this theory is only for regular spending, not for BTs in general and introductory offers in particular.

All of this is now asking me to question point 3
"Interest is charged daily and therefore the earlier we receive your payment the less you will be charged"
Following david78's steps it doen't make any difference how soon you pay as long as it hits the account before your next statement is generated.

This is absolutely correct (for regular purchases, not for any BTs and generally not for promotional rates on purchases)

Point 2 and 3 definitely seem to conflict.

I don't see any conflict.

pacajam

Sorry I of course meant doesn't.

The conflict I see is that according to point 2, no matter how much I pay off my balance and when -
If I don't clear my balance in full by the next statement - I get charged interest on the balance at the last statement plus purchases.
If I do clear the balance during the month I get charged zero interest.

Therefore the fact that interest is charged daily is irrelevent to how soon I should make a payment and therefore the statement
".. and therefore the earlier we receive your payment the less you will be charged"
doesn't stack up for me.

grumbler

pacajam wrote:

If I don't clear my balance in full by the next statement...

Payment date in fact

...- I get charged interest on the balance at the last statement plus purchases.

On all purchases in the statement from the date of each transaction untill this transaction is paid.

Therefore the fact that interest is charged daily is irrelevent to how soon I should make a payment and therefore the statement ".. and therefore the earlier we receive your payment the less you will be charged" doesn't stack up for me.

(3) follows (2)
(2) is "...if you do not pay your present balance in full..."
Yes, if you don't pay balance in full, the earlier you pay it after the payment date, the less interest you will be charged.

pacajam

Perhaps it's the difference between Payment dates and Statement dates that is confusing me but I still don't see it and am going to give them a ring and see what they say.