Transferring Balance from Virgin to M&S

taraj_2

Hi, I have just got the paper work through from M&S for their credit card, I dont' want to spend it on I just want to transfer my balance from Virgin. IN the credit card agreement info it says:

The Total Charge for credit £369.18 is based on the assumption that you spend your credit limit (or in some cases a assumed credit limit of £1500) in full on purchases at the start of this agreement and then repay it by 12 eaqual monthly repayments with intreast being charged during the period at the simple annual rate for purchases, taking no account of any introductory rate. When we send you a new card the total charge for credit figure shown will reflect your current credit limit and current simple annual interest rate fo rpurchases.

Annual interest Rates

for Balance Transfers for balances transferred within 6 months of the account opening inteest will be payable at the 4. 9% per annum until such time as the transferred blance is paid off.

For balance transferrs (other than those stated above intreast will be payable at athe rate of 17.9 per annum.

Ok now my questions are, The Total Charge for credit £369.18 I never knew charges like this exsisted and should I be worried about: is based on the assumption that you spend your credit limit (or in some cases a assumed credit limit of £1500) in full on purchases at the start of this agreement and then repay it by 12 eaqual monthly repayments

Also what does this mean For balance transferrs (other than those stated above intreast will be payable at athe rate of 17.9 per annum how will decide other than those stated?

Do I make any sense? As the agreement does not help me please.

CLAPTON

it says that the introductory rate of interest for BT is 4.9% so if you BT within the introductory period you pay 4.9%.

Do NOT use your card for any spending until you have completely cleared the BT balance.

the other stuff simply tells you that borrowing on credit cards at standard rate is very expensive and gives the 'industry' standard worked example which in this case is based on your (unstated) credit limit at whatever (unstated) rate of interest applies to purchases.

taraj_2

Thanks do you think it is a good rate 4. 9% so I will be able to keep it at this rate until I pay off? Also the following does not make sense to me:

The Total Charge for credit £369.18 is based on the assumption that you spend your credit limit (or in some cases a assumed credit limit of £1500) in full on purchases at the start of this agreement and then repay it by 12 eaqual monthly repayments the balance transfer? Is it saying I have to spend my full credit limit they pay it back in a year? I am confused I dont' want to spend on it I just want to pay the bT off

thumshie

No, its an 'example'.
If you just do the BT, and don't spend on the card your 'total charge' would be different(.i.e a years interst at 4.9%).

You can just do the BT and never spend on it. they are not forcing you to spend anything..