maximum daily withdrawal on M+S card?

victoriav

Just going to get a caravan delivered, tomorrow, its a bargain at £500, I am going to use my M+S credit card to withdraw the money from a cashpoint - to pay for it - not ideal, I know, and I rarely, if ever, use that facility, due to charges, but its a bargain unexpected buy and only way I can do it.

My question is, does anybody know what the limit is on a daily withdrawal limit on this card from a cashpoint? I am unsure whether I will have to do 2 lots of £250 withdrawal, or can do it in one go, ie the full £500, in one journey.

Havent time to call M+S to ask, not least as I don't have the details to hand readily.

Any advice gratefully received, thanks MSE'ers!!!!

binaryuniverse

First of all. Do you have £500 available in your current account? Something says to me you haven't else you'd be withdrawing that amount on your card. I'd knock this idea on the head as you'll be paying a rediculous amount of interest from the moment you take the money out.

That's my advice.

nickmack

You could have a daily limit as well as a percentage of your credit limit. Does it say anything on your statements?Someone else with an M and S card should be able to give you an idea. Although the only sure way is to speak to M and S as yours could be different.

Is there any other way you can raise this cash? You will be paying a high interest rate on this withdrawl from day one.

If you have existing borrowing, this £500 will be stuck accruing interest until the balance is fully repaid. If this is the case, it's unlikely to be such a bargain purchase.

YorkshireBoy

Probably too late now but if you could wait 4-5 days* there's a cheaper option with your M&S card.

The purchase of M&S Sterling travellers cheques with your M&S card at an M&S in-store bureau de change incurs only a 1% fee. The cheques can then be paid into your current account, and best of all the transaction is classed as a purchase.

ATM = 2.99% fee, 23.9% APR interest, and no interest free period

TCs = 1% fee, 15.9% APR, and 55 days interest free period.


* If you bank with LTSB, they will instantly clear them for cash

Any

Completely agree with Binaryuniverse.

And thank you YB for pointing travellers cheques out. M&S is well known by having that option.

Obviously you didn't do any research into getting the money at all and you don't have them. You need to think twice about these things. By the time you pay withdrawal charges and interest on the cash, the caravan will no longer be bargain.

Otherwise I think the limit is £300. You will still need to do in 2 goes. I would do £250 each time just to be on the safe side.