Warning - beware quick repayment

Orkneyboy

I took out an M&S Credit Card, because it offered a life of balance rate of 4.9%. I transferred about 6K from another card and am paying it off slowly. I try not to use the card for purchases because the rate is 20.9%
However, as a result of a mix up I paid £1,500 for a reception for my daughter's wedding on the card. As soon as she returned from her brief honeymoon she sent me the money and I paid it back to my M&S card about 10 days after the reception. My aim was to minimise the time I had the purchase on the card.
That was an expensive mistake. Because I had not waited for the next statement, the £1,500 has been deducted from the Balance Transfer, and I am gradually paying off the £1,500 at 20.9%.
Had I waited for the statement the money would have been set against the purchase.

chattychappy

Yes indeed.

Not all cards operate this way and some don't make it clear. Have you tried calling M&S? They might re-allocate the payment if you ask nicely. Someone else managed this on another card not long ago.