M&S &More Card

DeepSporran

onlyoneme wrote: »

I have a fairly decent amount of credit given by M&S card. They also offer 3.9% for life for balance transfer.
I don't have any big balances on any other cards, but I would like to use this to pay off some off my mortgage as the morgage rate is a lot higher than 3.9%. But M&S say they can only transfer to credit card, not bank a/c.

Is there any clever way to do this.

You could do as sofasurfer suggests, but that'll only work if you've only had the card for a short time. You pay 0% interest on all purchases (including travellers' cheques) for the first 10 (or 12 ?) months with a new card. After that, the balance attracts interest at the full rate. So what will you do then ? If you've an offset/flexible mortgage, you can then pay back the &more card.

As an alternative, look at this link to an earlier post.

http://forums.moneysavingexpert.com/showthread.html?t=400797


However. be careful. You'll be paying 3.9% interest on the life of the balance, but you must be careful not to make any other purchases on your &more card, or you'll end up paying the full interest rate on all of these purchases- because your minimum monthly payment will always go towards reducing the 3.9% balance first, before attacking any other purchases.

Also, you have to make sure you always make your minimum monthly payment, or they can revoke the 3.9% rate. If you don't have an offset or flexible mortgage, you'll then have to find the money from somewhere else (another 0% BT card ? but there may well be a fee), or you'll be stuck with paying the full &more interest rate, rather than your mortgage rate, which is not a good idea.

So do your homework, and think it through carefully. Good luck !

onlyoneme

DeepSporran wrote: »

You could do as sofasurfer suggests, but that'll only work if you've only had the card for a short time. You pay 0% interest on all purchases (including travellers' cheques) for the first 10 (or 12 ?) months with a new card. After that, the balance attracts interest at the full rate. So what will you do then ? If you've an offset/flexible mortgage, you can then pay back the &more card.

As an alternative, look at this link to an earlier post.

http://forums.moneysavingexpert.com/showthread.html?t=400797


However. be careful. You'll be paying 3.9% interest on the life of the balance, but you must be careful not to make any other purchases on your &more card, or you'll end up paying the full interest rate on all of these purchases- because your minimum monthly payment will always go towards reducing the 3.9% balance first, before attacking any other purchases.

Also, you have to make sure you always make your minimum monthly payment, or they can revoke the 3.9% rate. If you don't have an offset or flexible mortgage, you'll then have to find the money from somewhere else (another 0% BT card ? but there may well be a fee), or you'll be stuck with paying the full &more interest rate, rather than your mortgage rate, which is not a good idea.

So do your homework, and think it through carefully. Good luck !

I can't believe how helpful peopl in this forum are. Thank you so much.

I think I have about 6 months left for 0% purchase rate.

I do have an "off set" mortgage. So I think I will transfer the balance to Egg and transfer the money to current account.

Is there any danger that once I transfer the money into Egg, they may refuse to pay this into my current account and say I can only set it off aganist my spending on this card?

DeepSporran

onlyoneme wrote: »

I think I have about 6 months left for 0% purchase rate.

I do have an "off set" mortgage. So I think I will transfer the balance to Egg and transfer the money to current account.

Is there any danger that once I transfer the money into Egg, they may refuse to pay this into my current account and say I can only set it off aganist my spending on this card?

With the Egg Money card, there's no problem. You can do the transfer yourself online. You just need to put in your current account details and you can then move cash between Egg Money and the current account (in both directions).

If you can be bothered, you could get the sterling travellers cheques, paying the 1% fee, and use that against your mortgage. Then, just before your remaining 6 months of 0% interest on purchases expires, pay off the entire &more balance to get it to zero (using funds from your offset mortgage).

Then do your balance transfer from Egg Money. This assumes that the 3.9% LOB offer is still available in 6 months' time of course.
EDIT: I think the 3.9% is available for only a limited period after opening the account, so you'd need to check the dates to decide whether doing the travellers' cheque option first makes any sense.

That way, you get 6 months at 1% which works out at 2% per annum, and from then on you're on 3.9% for as long as the balance exists.:D

BONJOEY

hi i recieved a letter today from m&s even though i have only had the card a month there upping the apr , with no 30 days notice to 17.9 apr? thought they had to give 30 days notice?

vwman_3

Card arrived this morning and they upped the limit by £1K even without me asking, as soon as I stated I wanted to do 2 B/T's I was asked was my limit enough, if not they could up the limit from £3K to £4K needless to say I accepted.

abitrubbish

Well I just got my card today, phoned to activate and make 2 B/Ts and they never offered, despite my making clear I had more to transfer. I transfered up to my limit (£4,000) anyway.

Do you think it's worth calling again in a couple of months?

I think it was an Indian call centre, if that makes any difference?

vwman_3

abitrubbish wrote: »

Well I just got my card today, phoned to activate and make 2 B/Ts and they never offered, despite my making clear I had more to transfer. I transfered up to my limit (£4,000) anyway.

Do you think it's worth calling again in a couple of months?

I think it was an Indian call centre, if that makes any difference?

The person I spoke to was English, dont know where the call centre is, but when I said I had a couple of b/t's to do he said at once '' Is your limit enough to cover the transfers''

I told him another £500 would be helpful, and he said that they can only go up in £1K stages, but that they were happy to up the limit.

I dont know if it will work but try them again later on tonight, they can only say no.

steve888

Hello
Just looking for some advice from people who have requested M&S Striling travellers cheques

have just got my M&S card and was wondering whether to request the travellers cheques in blocks of 2000 over a number of days- as I want to get 6000 pounds worth

Any particular strategies welcomed on this - as wouldnt want them to refuse more travellers cheques after say 4000 pounds.

thanks
Steve