m&s more card - a rip off???

greendale9061

Hi ya all

I have just applied for the m&s more card - 3.9% for the life of balances (2%fee up to £50). good new is that I have been accepted and have got the paper work throught the post. I read all the t&c on the website and it sounded like a good offer.

I have

£952 on HSBC

£1481 on Egg

£1842 on MBNA.

The 0% have all expired on the cards, so wanted to move them all onto this one and cancel hsbc and mbna. I'll keep egg as they offer a good rate on their anniversary (Feb for me).

Well the point is that I quickly read throught the t&c yesterday and it menitioned that all balance transfers must be done within 6 months @ a 2% fee each. Then it said total charged for credit £136? Has anyone else spotted this? I just want to make sure that Im not gonna get charge £136/yr + 2% fee for each bf = almost £200 before I start which will probally have the 3.9% on top of this in intresst.


Please can some1 claify this for me :-(


Thanks

fabbers

Surely not an upfront charge? I just reread my agreement (signed and returned yesterday) mine states £436!

But it does say Total charge not charged and the below paragraph reads that this is based on you using your entire credit limit and then only paying off a set amount each month and then clearly states "not taking into account any introductory rate"

I think it's purely an illustration of the most they can charge you in a year of interest as it's not mentioned at all on the credit card summary box (on yellow paper).

Although based on the amount listed for you and then for me what credit limit are they going to give me!!!!

Tr@cker

Where did the 2% fee on BT's suddenly come into it ? My BT's of 5k are fee-free.

greendale9061

Thanks Fabbers,

I was just worrying that this was gonna get messy, im gonna sign & post it back when I get home. I was just a bit shocked when I read it, but i think I must have read it wrong. If they said over £400 for you, you must need over £10k credit limit?


WELL THIS IS A BARGIN THEN 3.9% FOR LIFE OF BALANCE- WILL HAVE THIS ALL SORTED IN A YR.

Would love to hear what others thinks.



Cheers :-) :T

fabbers

At no point have they asked me how much i want or indicated what it will be. I'll be happy with a grand though as i just want it to spread the cost of a new telly

skystar

The total charge for credit is just an example as to how much you may be charged in interest if you had to purchase something at the standard APR and pay it off in 12 equal instalments. A bit like the estimated interest blurb you get on the monthly statements.

sdj25

There will almost certainly be 2% fee on the BT. And it is not capped at £50!!
From their T&Cs:

2% handling fee (minimum £2) of the amount of each Cash Advance. We may charge a fee of 2% of the amount of each Balance Transfer (minimum £5). We will tell you if a fee applies before you carry out a Balance Transfer.

And when they say "may" they usually will!!! And it states of "each" balance transfer as well. So 2% of each value:
£952 on HSBC £19.04
£1481 on Egg £29.62
£1842 on MBNA £36.84
total: £85.50
But it is a one off fee, and it should be one of the first thing cleared:

We will apply payments we receive to your account in the following order:

• Interest, Insurance premiums, fees and charges
• Balance Transfers

As your total outstanding balance will be £4360.50 (this incl's your BT fees if you are charged them). Your first payment will be for £130.82 (3%) - so you will clear off your fees straight away.

brummybloke

odd, this is taken from their own web site, looks clearly like it is fee FREE.
although my contract has not yet turned up i cant see how they can quite clearly state it is fee free and then charge you a fee?


I‘ve got several outstanding credit card balances – can I transfer them to my &MORE Credit Card?
You can transfer balances from other credit cards and store cards FEE FREE at a special rate of 3.9% p.a. fixed for the life of the balance, however long it takes to clear. Transfers must be made within 6 months from date of account opening - typical 16.9% APR variable.

Tr@cker

Thats correct brummy cant see what else there is to say about it.

greendale9061

Thanks SDJ25

WOW thats alot more than I was expecting. I thought I read on the web site max of £50 for the fee. Well I suppose it better than paying 15.9% on my egg & 16.9% on MBNA & 9.9% hsbc.

Well that will teach me not to pay full attention to things. I was going to set up a DD of £100 every month. In Feb I gonna put the rest back on my egg for 0% for 6 months.


cheers :-)

YorkshireBoy

I believe the reason for the "we may" and "we'll always tell you beforehand" wording (similar to the old Virgin T&C's) is to speed up changes to T&C's.

This way, they don't have to contact existing customers and give them the requisite 30+ days notice - they can implement the new fee straight away (and tell you about it once you request the service) and send out re-worded T&C's at the next major update.