Marks and Spencer &More credit card direct debit date

david72

I have now authorised M&S Money to set up a direct debit to pay the minimum payment due on my &More credit card, from my bank account each month. However, I am little concerned to see on my new credit card statement that the date that the direct debit will next be taken is exactly the same date as the payment due date for the credit card.

Ordinarily, it takes several days for a direct debit payment from your bank account to reach the payee's account and for them to credit the payment as duly received. I am concerned that if the direct debit date and the payment due date are exactly the same, then the direct debit would not reach M&S Money until after the payment due date, and therefore they could count this as a late or missed payment, and perhaps more worryingly, cancel the balance transfer special interest rate on my account.

Can anybody who has an &More card and pays by direct debit confirm whether M&S Money do count direct debits which are taken on the payment due date as duly received and credited to the account by the due date, and therefore that my minimum payment obligations are met, without any problems?

sofa_surfer

david72 wrote: »

Can anybody who has an &More card and pays by direct debit confirm whether M&S Money do count direct debits which are taken on the payment due date as duly received and credited to the account by the due date, and therefore that my minimum payment obligations are met, without any problems?

Perhaps give them a call on the free number that can be obtained from this website at no additional cost to you and find out?

RTNI

With a DD, the amount is credited to your CC in good faith, and the money will come out on the same day. So in this case, your bank account will be debited on the due date and yes, as you said, the money will take time to get to M&S as normal, but with a DD your CC account is credited on the same day.

If there are any probs, you are covered by the DD guarantee and if there is an error you are entitles to a full and immediate refund. This is also why M&S charge for a failed DD payment, again as your CC account is credited before the money actually reaches them.

In short, the DD amount will come out on the due date from your BA and you will not be charges for late payment on the CC unless there is a problem (which is very rare, or you cancel the DD and don't tell M&S).

david72

sofa_surfer wrote: »

Perhaps give them a call on the free number that can be obtained from this website at no additional cost to you and find out?

..because every time I have to phone M&S Money, I lose the will to live a little more (and besides, I can call the 01244 number from free minutes).

Indeed, when I phoned to set up my direct debit (the first time I've had to phone to set up a DD in a long time, it seems just about everywhere else can do it online nowadays), I specifically asked about what date the DD would be taken. This obviously flummoxed the agent, who merely ended up reciting the Direct Debit Guarantee very slowly at me. So I didn't rate my chances of getting an accurate answer from them.

Far better, I thought, to call on the good nature of helpful moneysaving-types who happen to be M&S customers and have experience of the system who can verify what actually happens.

david72

RTNI wrote: »

In short, the DD amount will come out on the due date from your BA and you will not be charges for late payment on the CC unless there is a problem (which is very rare, or you cancel the DD and don't tell M&S).

Thanks, that's what I had rather hoped would be the case, but I just wanted to be absolutely sure. Beats me why they don't just take the DD a week in advance so that they can be on the safe side as well..