55 days interest free and 15 months no interest?

sns

Hi

Im looking at the M&S credit card with 15 months interest free purchases

im confused by this... I understand how "upto 55 days interest free" works but the credit card also mentions 15 months interest free. So i would think this means i can make purchases for 15 months without being charged a penny on interest.

im looking to only make minimum payments on the card to begin with

Thanks

ironlady2022

Yes yo are correct, so long as you pay minimum payments throughout the 15 months and on time you will not get charged a penny of interest. Bear in mind it's up to you to work out how much to pay to clear within that time period.

icekold0

This has really saved my bacon this bit of info... I do, however, have one question....

OK, so I've got the card (I haven't yet, but this is the scenario), I've got the 15 months 0% and I've set up the DirectDebit for the minimum amount.... am I allowed to pay in as much as I please after this? For example, the minimum monthly has come out on, say, 1st of the month, I get paid, say, on the 5th of the month; Can I then pay £xx amount each month to bring down the balance even more, until I pay off the balance?

I'm not one for living through debt paying "bare minimum" but the minimum payment being DirectDebited will stop me missing a payment but I'd like to make sure I can then pay more substantial amounts in each month to cover the balance - but I'd get to choose how much I pay, if you see what I mean!

Thank you!

neilderby37

icekold0 wrote: »

This has really saved my bacon this bit of info... I do, however, have one question....

OK, so I've got the card (I haven't yet, but this is the scenario), I've got the 15 months 0% and I've set up the DirectDebit for the minimum amount.... am I allowed to pay in as much as I please after this? For example, the minimum monthly has come out on, say, 1st of the month, I get paid, say, on the 5th of the month; Can I then pay £xx amount each month to bring down the balance even more, until I pay off the balance?

I'm not one for living through debt paying "bare minimum" but the minimum payment being DirectDebited will stop me missing a payment but I'd like to make sure I can then pay more substantial amounts in each month to cover the balance - but I'd get to choose how much I pay, if you see what I mean!

Thank you!

Of course you can pay extra towards you account to get the 'debt' down until you've paid off the balance.

I don't own an M&S card but I assume there is a website where you can register to view your account online (and make payments via a debit card with it) or you can set it up via your bank's Internet service (if you have access) to send funds that way.

icekold0

Thank you neilderby37!!!

neilderby37

icekold0 wrote: »

Thank you neilderby37!!!

No problem-I'm a newbie compared to alot of my fellow MSE's but it all helps.

dzug1

A couple of points to watch:

Don't assume the direct debit has been set up until you actually see it on your ststement

If you are making extra payments, M&S may (or may not - I don't know what their policy is) take the direct debit anyway. You need to allow for this in your bank account balance until you know what they do.