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

rach83

I know his isn't entirely related but is there anything stopping you from obtaining this card and then transfering the whole credit card limit into a current account as I have a loan which I would pay off and slash my interest rate from 6.7% - 3.9%

thanks

The_Boss

rach83 wrote:

I know his isn't entirely related but is there anything stopping you from obtaining this card and then transfering the whole credit card limit into a current account as I have a loan which I would pay off and slash my interest rate from 6.7% - 3.9%

thanks

Do you have an egg or MBNA card? If so, the answer is yes. If not then no.

Moggles_2

You can shift a credit card balance to another credit card. Transferring a loan is not so straightforward.

The Marks & Spencer card does not provide this facility. In fact, only a few rather special credit cards have the capability. For an explanation, please click on *Super BTs* in the black box at the top of this board.

Ali-OK

My card has just arrived..with a paltry limit of £2K. This is the lowest limit on any card I've ever received and I've no idea why! My credit report is excellent. The only difference between now and applying for Egg is that I've closed about 5 cards that had limits ranging from £8K (B'card) to £12K (Cap One) and I've paid off £5K in that time and my salary is £39K.

Current cards/limits are:

Lloyds Adv £14.7K (£8K on it at 5.5% LOB)
H2X £14.2K (£4K on it at 4.95% LOB)
Egg £12K (£6K on it at 0% until 1st Nov)
S'burys £7.6K (£0)

Oh well, I'll take weecarol's advice and when I go to do my BT, see if I can get an increase (wanted to BT £6K from Egg).

JasonW_2

This could be why though, you have nearly 40k available credit so while you are worth a risk, they dont want to risk losing more of their own money if you cant pay it back based on what is available to you, not necessarily what you have outstanding. For all they know, you could spend the rest of the balances tomorrow and default or go bankrupt. Thats why I always review my limits and cards well before I apply to decrease available credit. It can take a few months for the changes to reflect on credit files though. However, the m+s card was an exception to the rule, I just applied and appear to be getting the card.

J

Toxteth_OGrady

My &MORE arrived today.

Limit is £8k.

:cool:

TOG

Beancounter

My card just arrived today and got a 5K limit. less than I might have expected but still enough to cover the amount I was going to transfer so I am happy enough.

rach83

The_Boss wrote:

Do you have an egg or MBNA card? If so, the answer is yes. If not then no.

I do have an egg card yes

desiman

I just found out my limit is only £1500 :-(

Typical other limits are
Egg, 4k, AMex 7k, Virgin 6k

Flashfly

How long did it take for you folks to get your card after you returned the signed agreement?

I'm running out of time to transfer from another card!

Thanks.