M&S travellers cheques

YorkshireBoy

saver84 wrote: »

I have an M&S card with a decent limit and am thinking of trying this. Does anyone have experience of which method is quicker - ordering online, or collecting in store at the bureau de change?

Won't that depend on how soon you can get to a store?...because you could make a phone call or order online now.

And then, of course, on how quick you can get to the bank and pay them in?...because if you can't get until Saturday you may as well order online now.

There used to be a £2.5K limit for online orders. Wouldn't have been any use to me when purchasing nearly £9K worth one Saturday morning (from 2 stores)!

saver84_2

Thanks YorkshireBoy - a quick check has revealed the £2.5k online limit still applies - this is too low, so in store it is for me! Hopefully my £5.5k limit won't cause problems in one store...

YorkshireBoy

saver84 wrote: »

Hopefully my £5.5k limit won't cause problems in one store...

I was nervous about doing >£5K...that's why I visited 2 stores the same day morning.

A word of caution (I've said it many times before)...make sure your bank(s) will accept them before purchase. Some do...some do with charges...and some don't!

They'll ask you (in passing) "going anywhere nice?" And your bank will say something like "holiday cancelled?" Be prepared for this questioning.

saver84_2

Thanks for the heads up. My main current account is with Santander, so I will check with them. If they don't, I have accounts with Halifax and Nationwide so hopefully one of them will accept them with no charges.

YorkshireBoy

saver84 wrote: »

I have accounts with Halifax and Nationwide so hopefully one of them will accept them with no charges.

I've previously paid into Nationwide, but this was 3-4 years ago so my experience isn't recent.

LTSB was my favourite. They even cleared one batch of cheques as cash same day!

mrs_T

£2.5k credit limit for online doesn't mean you can't do multiple orders of £2.5k, I did three one after the other. Problem is 1% fee counts as part of the £2.5k limit so you have to figure that in. If you order online you can sign them in your own time at home rather than in m&s.

Also be aware there was a delivery charge of £5 for online orders of less than £500 so divide your orders to avoid this.

YorkshireBoy

mrs_T wrote: »

If you order online you can sign them in your own time at home rather than in m&s.

...but don't forget you'll have to do it all again at the bank counter!

You used to be able to pre-order £500 denominations in store. If that's still the case it'll save on the writer's cramp somewhat!

jblakes

Hi i've been reading up on stoozing and think im gonna give it a go. The m&s credit card sounds like a good place to start.

From what i understand you order you credit card.
Order travellers cheques upto you max limit
put your cheques into a bank then move then to a instant access saver/isa
pay min off each month on m&s cc
leave money in access saver until cc interest free is up. with draw and pay credit card off.
Recieve interest minus balance transfer/fees charges

Is that correct? if so how do you do it from a normal credit card. How do you get the money into a saving account. just transfer the balance straight to a saving account?

Thanks in advance

blitzboy

YorkshireBoy wrote: »

...but don't forget you'll have to do it all again at the bank counter!

I did this the first time, but the second time I just signed them all at home twice. They didnt watch me sign them in the bank anyway, just put me in the corner out of the way

blitzboy

jblakes wrote: »

Hi i've been reading up on stoozing and think im gonna give it a go. The m&s credit card sounds like a good place to start.

From what i understand you order you credit card.
Order travellers cheques upto you max limit
put your cheques into a bank then move then to a instant access saver/isa
pay min off each month on m&s cc
leave money in access saver until cc interest free is up. with draw and pay credit card off.
Recieve interest minus balance transfer/fees charges

Is that correct? if so how do you do it from a normal credit card. How do you get the money into a saving account. just transfer the balance straight to a saving account?

Thanks in advance

Yes that is correct.

With most credit cards it is not possible, other than withdrawing the cash which costs far more than you will make with withdrawal fees and immediate interest. There are some 'super balance transfer' cards which allow you to transfer to bank accounts, but I think the fee will be higher than the 1% you would pay with the m&s card. Plus the 0% deal may not last as long.

So basically, the m&s card is the best option. In my opinion.