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Beware of the M & S deal

Just activated my M & S card, which incidentaly took a long time to eventually arrive, asked to transfer the balance of my old Halifax card only to be told I could only transfer a third of it thanks to the low credit limit ive been set on the M & S card. Then told my limit would be increased after 2 or 3 months although not by how much. Bear in mind to take full advantage of this card you need to transfer balances within the first six months, I may end up worse off in the repect of owing on two cards instead of one. Also I suspect to increase my limit enough Im going to have to spend on this card thus defeating the object of going through all this hassle in the first instance!
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Comments

  • mightyreds
    mightyreds Posts: 92 Forumite
    did they not tell you the credit limit once you were accepted?
  • Beware of the M & S deal

    In a word.....NO!
  • Originally Posted by sloughflint
    You are looking at the wrong figure. Look at the figure on page 1 of yellow copy under " other financial information". It will say total charge for credit. Then use these numbers to check what your limit will be:
    £ 1,500 £ 131.08
    £ 2,000 £ 174.77
    £ 2,500 £ 218.46
    £ 3,000 £ 262.16
    £ 3,500 £ 305.85
    £ 4,000 £ 349.54
    £ 4,500 £ 393.23
    £ 5,000 £ 436.93
    £ 5,500 £ 480.62
    £ 6,000 £ 524.31
    £ 6,500 £ 568.00
    £ 7,000 £ 611.70
    £ 7,500 £ 655.39
    £ 8,000 £ 699.08
    £ 8,500 £ 742.77
    £ 9,000 £ 786.47
    £ 9,500 £ 830.16

    This information was posted on another topic here. I found it because I've just applied and returned my agreement. My total charge for credit was listed as £524.31, so I can expect a limit of 6k.

    It is puzzling why they don't tell you more clearly when you apply, what your limit will be. Perhaps this is to deter stoozers?

    For more information see this link;

    http://forums.moneysavingexpert.com/showthread.html?t=335606&page=3

    regards

    Nosrati
  • Miss_P_9
    Miss_P_9 Posts: 74 Forumite
    Wow...........thanks for that info.:T

    Was told that I would be informed of credit limit once they receive agreement.

    Just sent back my agreement and now see £174.77 on my yellow copy. This obviously mean my credit limit should be £2000.

    Thats fine with me..........................:beer:
  • chelle
    chelle Posts: 200 Forumite
    My Husband was told that for all new applicants they are only giving a £2000.00 credit limit.

    Not sure if this is true, but he was told this by M&S staff when he activated his card last week.
  • agal
    agal Posts: 282 Forumite
    chelle wrote:
    My Husband was told that for all new applicants they are only giving a £2000.00 credit limit.

    Not sure if this is true, but he was told this by M&S staff when he activated his card last week.

    My wife received her card today with a £4k limit.
  • rec'd mine today - 6000 limit - which is brill as the bal I've got on other cards is 5900 - all 0% - but the t/chq loophole looks the best option for us at mo
  • tiff
    tiff Posts: 6,608 Forumite
    Part of the Furniture Combo Breaker Savvy Shopper!
    Whats the t/chq loophole?
    “A budget is telling your money where to go instead of wondering where it went.” - Dave Ramsey
  • YorkshireBoy
    YorkshireBoy Posts: 31,541 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    tiff wrote:
    Whats the t/chq loophole?
    A 0% cash advance for 12 months, for an effective 1% fee.

    Be sure to fully understand the loophole before embarking...

    http://www.stoozing.com/cgi-bin/forum/YaBB.pl?num=1159043738

    There's also a couple of threads on the MSE stoozing board.
  • t/cgs arrived today - 4900 - you can only order max of 2500 at a time - will order the extra 1000 I need in a couple of weeks
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