question about new m&s card!

robinson79

hello all,
just got my letter through today from m&s - - the one you have to sign and send back...

however, in the information sheet, under 'other financial information' it says...

'Total charge for credit £174.77.
The total charge for credit is based on the assumption that you spend your credit limit (or in some cases an assumed credit limit of £1500) in full on purchases at the start of this agreement and then repay it by 12 equal monthly repayments with interest being charged during that period at the simple annual rate for purchases, taking no account of any introductory rate. When we send you a new card, the total charge for credit figure shown will reflect your current credit limit and current simple annual interest rate for purchases.'

erm....:rolleyes: what's all that about then?! does this mean i'm gonna get charged £174.77 just for accepting the card? :mad:
i don't intend to use the card at all, will cut it up on receipt. just want to pay it off!!

if anyone can explain i'd be very grateful!
x

EDMONDO_2

4528 is the best bet

robinson79 wrote:

hello all,
just got my letter through today from m&s - - the one you have to sign and send back...

however, in the information sheet, under 'other financial information' it says...

'Total charge for credit £174.77.
The total charge for credit is based on the assumption that you spend your credit limit (or in some cases an assumed credit limit of £1500) in full on purchases at the start of this agreement and then repay it by 12 equal monthly repayments with interest being charged during that period at the simple annual rate for purchases, taking no account of any introductory rate. When we send you a new card, the total charge for credit figure shown will reflect your current credit limit and current simple annual interest rate for purchases.'

erm....:rolleyes: what's all that about then?! does this mean i'm gonna get charged £174.77 just for accepting the card? :mad:
i don't intend to use the card at all, will cut it up on receipt. just want to pay it off!!

if anyone can explain i'd be very grateful!
x

JasonW_2

I've got mines here and it's just an illustration for credit if you were paying the 'typical' apr, so unless you are going to pay this eventually, you can pretty much ignore it. It is all standar stuff

J

robinson79

EDMONDO wrote:

4528 is the best bet

erm, sorry don't understand!!
you think my credit limit will be £4528?? :rolleyes:

robinson79

thanks jasonw