M&S 100% limit BT

~Chameleon~

I'm a bit surprised to learn that M&S will allow 100% credit limit to be used for a BT and it's left me wondering whether this will force people to go over their credit limit when the monthly interest is applied?

Has anyone taken 100% limit BT and can explain how it works regarding interest and payments please?

Mozette

Yes I did, my first statement I was over my limit, but no penalty or anything. I did make a payment to take it below the credit limit, but I haven't noticed anything adverse happen... so far!!! But there again, when I phoned to activate my card, I did the BT, and asked to BT the maximum I could, and they were the ones who gave me my full limit. This month the estimated interest is correct for the rate my LOB is on. So go for it!

abitrubbish

I have taken a 100% BT and can confirm that this works fine. My first statement does show me being £5.52 over my credit limit (interest charge), but no charge was applied and the interest is still being charged at 3.9%.

I am paying the minimum amount by direct debit, which was taken some time after my statement date (actually more than a month after the transfer) but there doesn't seem to have been any problem with this at all.

So go for it!!

jamalfatty

Dont they also charge you a BT fee?

abitrubbish

jamalfatty wrote: »

Dont they also charge you a BT fee?

Nope - I certainly wasn't charged one, and I saw a leaflet recently in store saying quite clearly that they aren't charging fees.

The t&c say that they "might" so I guess this could change in future...

realaledrinker

NO BT fee but 4.9% on LOB & 0% on purchases until end of Jan 08. Crap credit limits; not worth BTing in my view. I am 'slow stoozing' and putting all spending on the card until I reach my limit.