M&S credit card charges hidden in small print

gettingpoorer

I know it's probably my own fault for not keeping the only full copy of the M&S Credit Card Terms & Conditions they sent me in 1994 - but I was sickened to learn (the hard way) that if you buy foreign currency from anyone but them on their credit card, they charge it as cash - adding a huge fee AND daily interest charges (which add up when they don't send a bill for a month).

Maybe everyone already knew that but for those didn't - be warned. I'm sure it applies to all credit cards.

And their reputation for good customer service is laughable - they basically told me 'tough' and didn't care that I said I was giving up the card after being a customer of theirs for over 30 years.

noh

I'm sure it applies to all credit cards.

It does.

At least with M+S you can use the card to buy foreign currency from them without paying cash advance fees and you get up to 55 days interest free. In that respect it is better than most others.

Your experience highlights the importance of being familiar with the T+Cs of a product before carrying out an unfamiliar type of transaction.
Never assume anything and check on line for the T+Cs, if you don't have them to hand, most have them available.


I wouldn't say it's "hidden in the small print"

http://money.marksandspencer.com/pdf/CCSummaryBox.pdf

http://money.marksandspencer.com/pdf/CCTC.pdf

http://money.marksandspencer.com/cards/credit-card/more-information/

chattychappy

noh wrote: »

I wouldn't say it's "hidden in the small print"/

Agree with the gist of yout post, but I suppose summary boxes post-date the OP opening the account.

Out of the three links you give, only the T+Cs (in small print, but not hidden IMHO as it's in definitions) tell you directly that purchase of foreign currency is a cash advance. If you made the mistake of not realising that, then the other two links wouldn't help. (The third link implies you will be charged by telling you that you won't be charged when buying through M&S.)

OP, if you're otherwise happy with the card and feel it was your mistake, why give it up? Is it really bad customer service to charge you what is agreed?

noh

but I suppose summary boxes post-date the OP opening the account

You are right but there almost certainly has been several sets of revised T+Cs, including summaries, sent to the OP since opening the account in 1994 and as I said it is a good idea to check the providers website prior to making an unfamiliar transaction.
It's not as if the information isn't readily available.

OP, if you're otherwise happy with the card and feel it was your mistake, why give it up? Is it really bad customer service to charge you what is agreed?

Agreed. Why cut off your nose to spite your face?

bengal-stripe

gettingpoorer wrote: »

......if you buy foreign currency.....they charge it as cash - adding a huge fee AND daily interest charges.......

Think about it: it is cash (just in a foreign currency). - Use your CC for purchases abroad: shopping, eating, hotel, etc.

CC can be used in virtually every country of the world. You only need cash for the occasional ice cream.

gettingpoorer

Should I really be expected to keep the original T&Cs for nearly 20 years? - I just kept the latest updates & changes which I didn't realise (yes, my fault for not being super-efficient and paranoid I suppose) did not have the full details.

And, agreed, dumping the card just because of this would be cutting off my nose to spite my face - but it was the customer services attitude that really made me angry. It made no difference that I've been a customer for decades and they made no effort to try and persuade me to keep the card.

Couple that with M&S Money's email accounts being hacked the other week - the day after they admitted it, my email account was deluged by spam, some of which was really nasty -and customer services again did not give a damn, so I've given up on them.

There are plenty of credit cards out there and now I've certainly learned the lesson over checking the T&C's every time I do anything but put standard purchases on a card.

Gra76

The original T&C's will be adapted over the years but yes, you should keep the original T&C's as there will be parts of it which will still be the same as they were 20 years ago.

gettingpoorer

Since my last post I had a call from M&S Money customer services acknowledging that the details were hard to find in the T&Cs - the customer service person had a hard time finding them herself - and so, for a longstanding customer, were refunding both charges.

Do they monitor this forum, I wonder - or is it a happy coincidence?

Either way, I'm very pleased and will now retain my M&S credit card after all.

Well done M&S Money

Gra76

That's good to hear, well done M&S Money.

chattychappy

Common sense prevailed!

Late_To_Bed

If you buy currency direct from M&S, will that be interest free for 15 months?

I've read the Terms and Conds pretty carefully and it doesn't answer that exact question (unless I'm looking in the wrong place of course!)

Thanks for any help!