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

Call_Centre_Monkey

savvykaz wrote:

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!)

Well, not all credit cards. I know on some/all Nationwide cards they do it the other way round. You pay off the portion of the balance attracting the highest amount of interest first.

Midmac

If i apply for this would it be possible to get the money from this card straight to my bank account ? I need to get the money in cash, dont have any other debts or cards.

YorkshireBoy

Midmac wrote:

If i apply for this would it be possible to get the money from this card straight to my bank account ? I need to get the money in cash, dont have any other debts or cards.

Not directly. You'd need to route it through a Super Balance Transfer card such as Egg Money.

The method is explained in Martin's 'Super BTs' article (see the blue box above), but unfortunately the link has been broken for a few days now.

So, in a nutshell...

• Apply for the Egg Money card
• Apply for the M&S card
• Ask M&S to BT from Egg Money
• Because you don't have any debt on Egg Money, this will create a positive balance on Egg Money
• Ask Egg Money to BACS transfer the amount of your positive balance to your current account.

Midmac

YorkshireBoy wrote:

So, in a nutshell...

• Apply for the Egg Money card
• Apply for the M&S card
• Ask M&S to BT from Egg Money
• Because you don't have any debt on Egg Money, this will create a positive balance on Egg Money
• Ask Egg Money to BACS transfer the amount of your positive balance to your current account.

Ah I see, so the egg money card is sort of a "middle man" and the credit limit they give me will not make a difference as i dont go into negative balance.

One more question though would egg charge me any money on the BACS payment ?

YorkshireBoy

Midmac wrote:

Ah I see, so the egg money card is sort of a "middle man" and the credit limit they give me will not make a difference as i dont go into negative balance.

Correct.

One more question though would egg charge me any money on the BACS payment ?

There are no fees for an Egg Money BACS transfer. M&S say they "may" charge a BT fee, but I don't believe they have been doing in practice.


PS: If you have any further questions on getting the money into your current account, it might be best to start your own thread, rather than cluttering up this M&S "credit limit" thread.

Midmac

Many thanks Yorkshireboy :T

Agenda_109

For any members who have received their credit agreement showing Total Charge for Credit £174.77, expect your credit limit to be £2,000. Mine was; however, asked them for £4,000 and was granted £3,000. So there is some scope for an increase. :rotfl:

**purplemoon**

Surely the total charge for credit printed on the agreement is just an example and not representative of the actual credit limit you receive?

Has everyone who have received the card so far got exactly the credit limit as indicated on the agreement paper?

YorkshireBoy

**purplemoon** wrote:

Surely the total charge for credit printed on the agreement is just an example and not representative of the actual credit limit you receive?

It depends...

• If they already know your credit limit and APR, the figure will be based on that information, ie personal to you.
  
  
• If they don't yet know your credit limit and APR, then they'll assume £1,500 and their 'typical' APR.

AMILLIONDOLLARS

My charge for credit was £521 and I got a limit of £6,000, maybe the charge for credit figure is an indication of how much you will get, would be interested to see if anyone else came close to my limit using the figure I was given

AMD