Just got approved for an M&S card - unsure about repayment requirements

ijrwe

Hello. I've been denied a few credit cards this year but was just accepted for an M&S one. My reason for wanting a credit card is to benefit my offset mortgage.

I was under the impression that 0% interest would be charged on purchases for the duration of the introductory deal (15 months) so long as the minimum repayments were made each month. The info I've received in the post seems to imply otherwise:

[Interest will be charged etc. etc. except for purchases if] you (a) repay in full the "present balance" shown as outstanding on your current statement by close of business on the Repayment Date and (b) also did so in relation to the "present balance" shown as outstanding on the previous statement - in which case no interest will be charged in relation to that current statement on Purchases...


Does this mean that I have to repay the card in full each month, essentially? Is that what the "present balance" refers to?

thanks,

Herbalus

Your original thoughts are correct. 15 months of no interest on purchases if you pay at least the minimum.

Often T+Cs/summary boxes will have clauses that apply after the introductory rate. The standard interest free period is up to 55 days, which is what is in the T+Cs, but that is waived for the first 15 months.

jakesuk

You should find that there will be a note somewhere else in the Ts and Cs which states that an interest rate of 0% will apply during the promotional period.

It will probably also reference that on your statement.

For peace of mind why don't you contact the call centre and ask them to clarify?

CLAPTON

the conditions you have quoted are the 'standard' rules that apply after the special promotion period ends

ijrwe

OK, thanks guys. I couldn't make out from the terms that that applied only outside of the introductory period, but I can believe that's the case.

fozmcfc

As others say, you need to just make the minimum repayment each month, but that is it, you won't be charged interest for the first 15 months or so.

Bear in mind what purchases are though, so don't withdraw cash on it or make gambling transactions. If you make anything not considered to be a purchase, then you will be charged interest.

I got this card a while back, made about £3000 of purchases during the 0% period, pay them all off and got no interest, but money off vouchers to use at M&S, so all good.