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

brummybloke

dont know why people are not phoning them up and applying over the phone, i did, it took 5 minutes and i got a decission there and then. sending me out my forms in next 3 days to sign, then 10 days for pin and 2 more for card.

number i phoned was 0800 997996

not an indian call centre either, which was nice.

Traceyjs

Got mine through with £4500 credit limit, which isn't enough as I am wanting to trnasfer a long standing loan...however, I also applied for IF card and b/w the 2 have enough of a limit to transfer the balance of the loan b/w the 2 cards!

Hope this helps...Tracey

PS Why wont the CC companies let you know your credit limit before the account is opened

Stoozer-Tart-JML

As a matter of interest on the initial credit card agreement (white & yellow sheets)in the section "other financial information" where it says "total charge for credit...." do all the agreements have "assumed credit limit of £1,500"? - Just wondered if this was standard to all limits or different when limits are higher.

ddavis

mine has an amount which worked out to be about 1500 and it then said 'based on your credit limit or an assumed limit of 1500'.

cant tell you what i got yet though because i havent had my card...

mustbemad

My total charge on the agreement is £174.77 so if i'm working it out correctly i think my limit will be £4500 (0.039 x 4500 = £175.50) I've probably got the maths all wrong though :doh: Will be great if that is the case! I can transfer my egg balance £650 @ 16.9, barclaycard, £1950 @ 6.9 and my capitalone £1100 @ 10.9% and shave a few months of my Debt free date!

It would be interesting if people who have the agreement total charge figure and the actual balance were to figure out the maths and post whether we are on the right track or not!

MBM x

robinson79

mustbemad wrote:

My total charge on the agreement is £174.77

it says this on my agreement too....
still waiting for my card...this is a joke....got my pin 8 days ago now :mad:
x

brummybloke

got my paper work through this morning, very prompt so far.

maybe because i did mine over the telephone and an actual person is getting the commission the service is better?

the fee for a balance transfer actualy says
under section 3. charges.
b) we will charge a fee of 2% of the amount advanced ( minimum £2) for cash advances. we MAY charge a fee of 2% of the amount of each balance transfer ( minimum £5)

i presume this is because the agreement will be used once the FEE FREE offer is over.

on my credit agreement it also says " total charge for credit £436.92" which i guess just means the amount you would have to pay in the year at the interest rate of 16.9% to pay off the maximum amount i am allowed to put on the card.

however, as the life of the transfer would be 3.9%, it is more likely to be £90 in interest payments if it were paid off in the 12 months.

brassmonkey001

My application was accepted on 23rd Sept.
Received my pin yesterday (7th Oct) and my card today with a 5K limit.

loubie_lou

When you get the card does it say what your limit is? I got mine a few days ago and I can't see what it is!!! I have that assumed credit limit message as well....I gues it must be that!

Can they increase it if its not big enough because if i'm only getting £1500 then thats not enough!!

LoLo

the credit limit is stated at the top of the letter that your card is attached to.