M&S Bank Credit Limit

hannhol

I've recently applied and been accepted for an M&S Bank credit card.

However, they won't tell me what my credit limit is until I sign the credit agreement, and have the account opened.

Is this normal. I must admit, I don't apply for credit cards very often (the last time will have been about 2 years go, and when the good rates ran out I cancelled the card) but I don't have any memory of ever not knowing what the limit would be, on point of signing on the dotting line, so to speak.

geekonthepc

I believe this is fairly normal. You will have a 14 day no questions asked get out period though, so if you're not happy with the limit you can cancel the card.

The_Boss

hannhol wrote: »

I've recently applied and been accepted for an M&S Bank credit card.

However, they won't tell me what my credit limit is until I sign the credit agreement, and have the account opened.

Is this normal. I must admit, I don't apply for credit cards very often (the last time will have been about 2 years go, and when the good rates ran out I cancelled the card) but I don't have any memory of ever not knowing what the limit would be, on point of signing on the dotting line, so to speak.

It varies from lender to lender. Did they say this to you over the phone? If not, I'd give them a call. Remember that you can cancel the credit agreement within the alloted cooling off period if you are not satisfied.

hannhol

I just spoke to them on the phone, so it's their official story so to speak. It's just a bit annoying to have the hassle of cancelling it and then sourcing another appropriate card should I not be happy. I'm assuming they work on the basis that most people will not bother. Anyway, thanks to @geekonthepc and @The Boss for your help!

The_Boss

hannhol wrote: »

I just spoke to them on the phone, so it's their official story so to speak. It's just a bit annoying to have the hassle of cancelling it and then sourcing another appropriate card should I not be happy. I'm assuming they work on the basis that most people will not bother. Anyway, thanks to @geekonthepc and @The Boss for your help!

If the limit is not quite enough then there's no need to cancel - just apply for another credit card anyway. The new company you apply to will not see the other 'new' account on your credit files at that stage so could still accept you - meaning you have both and then the limit you require.

SammenForLivet2

Hello,

I opened a new M&S Bank Credit Card with 16 Months 0% Purchases, and Yes, even in the Credit Agreement asking me to sign - there was nothing about a Credit Limit, bar saying that the Min was £500 . You could have a rough guess at the interest rate.

From my experience, the process is pretty long - a week for the pack to arrive, two weeks from sending for the card and PIN to arrive.

I was only informed of my credit limit, when the card arrived in the post.

For reference, I applied late last year.

hannhol

thanks @macfamilyent when i rang them they did say that i wasn't the first person to say this. i don't need the card urgently, it's to replace an existing card. i just find a bit odd

jamesml

I had the same. I've got a couple of cards with MBNA and they tell you how much the limit would be before you sign. Not the end of the world but as you say, frustrating not to know.

For the record, mine didn't take long at all to come through, had my card and PIN through less than a week after I sent the contract back - over a bank holiday weekend too.