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

iwbus

Got PIN on Monday and card with 4K limit today. Bye bye Virgin Mastercard (which I got in shocking pink just so I wouldn't use it):o

AMILLIONDOLLARS

Got my Card yesterday with a £6,000 limit will need to reduce my AMEX balance a bit before I can transfer onto it, no hurry as I am debating whether to use if for 12 months interest free spending rather than LOB, I'll wait until Feb 07 to decide. I believe that if I do spend on it I will need to clear the balance before doing a transfer, am I correct?

steve_r123

I got the fairly standard £2000 as well.

Can I BT my Barclayloan onto my M&S card, or will I have to try and find another way to do it?

kelzcash

I applied on the 4th, via their website. Got sent the T&C to sign about 5-7 days later, and recieved the card and the pin letter through the post today, 19th.

I was hoping for a 3K limit so I could BT £2900 from my Egg Card, so was well happy when I got a 5K limit.

Not really sure why I got 5K as I have a Egg Card with a 4.5k limit, Egg Money with a 2.1k limit and a 8k HBOS loan and I'm on just over 18.5k a year with my job.

dizzybint

Mine took a while to come through and only had £1500 limit. After reading through some of the responses here I was inspired so called them up and said it was for a balance transfer of £2500 - limit was extended no problem.;)

TBeckett100

called to check my app and a decision has been sent in the post. he wouldnt tell me if it was declined as i asked and he said not, said the underwriter may have requested further info, wonder what..

DontDoDebtKids

I got £7000 credit limit and have transferred over £7000 at 3.9%

**purplemoon**

AMILLIONDOLLARS wrote:

Got my Card yesterday with a £6,000 limit will need to reduce my AMEX balance a bit before I can transfer onto it, no hurry as I am debating whether to use if for 12 months interest free spending rather than LOB, I'll wait until Feb 07 to decide. I believe that if I do spend on it I will need to clear the balance before doing a transfer, am I correct?

I'd like to know the answer to this one too as I don't need to BT until Jan/Feb when current 0% ends so thought I might take advantage of the 0% purchases until then.

ti1980

If you wanted to spend on this card now to take advantage of the 0% on purchases then in order to do a BT you would need to clear the balance. If you didn't clear the balance and did a BT then once the 0% on purchases for a year has ended, you would have the normal purchase rate of 16.9% on your card and your would be paying off the BT at 3.9% off before you could pay off the purchases that attract a higher rate (16.9% with this card).

savvykaz

Absolutely right ti1980 - all credit cards pay off the lowest APR first. They use a pyramid scenario

pay off all interest and charges first
pay off lowest APR next
pay off standard APR next
pay off APR for cash withdrawals (heaven forbid you
take cash out on a credit card!)