M&S Credit Card confusion - Newbie

Superted87

Hi guys,


I got an M&S credit card recently with a £4k limit and 19 months Int Free on purchases.

I get the interest free bit but I have to pay the balance off every month or face the basic interest rates.

Am I missing something with the interest free bit or is this the case with all 0% cards. The maximum Int Free period is 55 days with this card but I could do with a bit longer as I use it for building materials and fuel etc and sometimes I need to wait longer than this to be paid for jobs etc.

Just want some advice about the best way to use this card and make sure I am not missing another trick elsewhere.

Cheers in advance

shortcrust

You can just pay the minimum for the whole of promotional 19 month period without incurring any interest. Lots of people think you should pay a little bit more than the minimum because minimum payments get recorded on your credit report.

Dobbibill

Superted87 wrote: »

Hi guys,

I got an M&S credit card recently with a £4k limit and 19 months Int Free on purchases.

You have 19 months in which to pay off all purchases before paying any interest

I get the interest free bit but I have to pay the balance off every month or face the basic interest rates.

You need to pay at least the minimum payment, preferably a little more.

Am I missing something with the interest free bit or is this the case with all 0% cards. The maximum Int Free period is 55 days with this card but I could do with a bit longer as I use it for building materials and fuel etc and sometimes I need to wait longer than this to be paid for jobs etc.

The up to 55 days interest free you refer to is for people with this card who are not on a promotional deal (eg 19 month int free on purchases). This is not applicable to you/your card whilst on promo offer.

Just want some advice about the best way to use this card and make sure I am not missing another trick elsewhere.

Best way is to set up a DD to ensure you don't miss a payment as they are within their rights to withdraw your offer if this happens. This can either be set up for a fixed amount, over and above the minimum amount or for the minimum amount, so you can manually add any overpayment.

HTH