M&S balance transfer from HSBC

Tenderhoof

Hello all

I applied for an M&S credit card so I could do a balance transfer from my current credit card.... a HSBC credit card. I've just received all the bumpf from M&S about the card and it states that I probably won't be able to transfer my balance from HSBC :eek: I wasn't aware of this when I applied. I have questions!!

1. Please can the info on the MSE credit club be updated to show this so no one makes the same mistake as me?

2. Should I go ahead and fill out the paperwork knowing full-well that I won't use the m&S card at all? If I don't fill out and return the paperwork will this affect my chances of qualifying for a different balance transfer card?

Thanks all xx

[Deleted User]

You can't transfer between cards of the same stable - this is always stated in the terms for any lender you apply to.

If you're not going to use the card, there is no point in accepting it, so you would be better off applying elsewhere.

Tenderhoof

Hello thank you!! That's what I thought too but I was nervous that applying and not going through with it would look bad

Worrier66

hi is m and s and hsbc the same as i just applied for m and s to clear off first direct card.

[Deleted User]

Yes.

So you won’t be able to transfer between M&S or HSBC or FD

Weybridge78

!!! wrote: »

Yes.

So you won’t be able to transfer between M&S or HSBC or FD

And John Lewis.

Rossc

Tenderhoof wrote: »

Hello all

I applied for an M&S credit card so I could do a balance transfer from my current credit card.... a HSBC credit card. I've just received all the bumpf from M&S about the card and it states that I probably won't be able to transfer my balance from HSBC :eek: I wasn't aware of this when I applied. I have questions!!

1. Please can the info on the MSE credit club be updated to show this so no one makes the same mistake as me?

2. Should I go ahead and fill out the paperwork knowing full-well that I won't use the m&S card at all? If I don't fill out and return the paperwork will this affect my chances of qualifying for a different balance transfer card?

Thanks all xx

I have just received my card today and have exactly this kind of problem! I applied for the card to clear my Halifax credit card which is about £8000, but the credit limit of this new card does not even cover half of that! I would never have applied if I new how much they were going to give me. The plan was to transfer the balance then cancel the Halifax card as I lose a lot of money in paying interest and it slows down clearing the card.

Anyway, my other credit card is an M and S card, and the balance is easily covered by the HSBC card but now I know I can't use it.

So the HSBC card is just a waste of plastic. Going to cancel it today and cut it up, then apply for a different card....so much time wasted

BoGoF

Rossc wrote: »

I have just received my card today and have exactly this kind of problem! I applied for the card to clear my Halifax credit card which is about £8000, but the credit limit of this new card does not even cover half of that! I would never have applied if I new how much they were going to give me. The plan was to transfer the balance then cancel the Halifax card as I lose a lot of money in paying interest and it slows down clearing the card.

Anyway, my other credit card is an M and S card, and the balance is easily covered by the HSBC card but now I know I can't use it.

So the HSBC card is just a waste of plastic. Going to cancel it today and cut it up, then apply for a different card....so much time wasted

What makes you think anybody else will give you a bigger credit limit than HSBC? Seems you already have a substantial CC debt.

I would personally try one more application somewhere else but keep the HSBC for now. You may have to split your Halifax over a couple of cards.

PRAISETHESUN

I'd keep the card to be honest - there is no guarantee that you'll get another one with a larger limit and using it to BT some of the interest-bearing balance is better than not being able to BT any of it.

Westie983

Rossc wrote: »

I have just received my card today and have exactly this kind of problem! I applied for the card to clear my Halifax credit card which is about £8000, but the credit limit of this new card does not even cover half of that! I would never have applied if I new how much they were going to give me. The plan was to transfer the balance then cancel the Halifax card as I lose a lot of money in paying interest and it slows down clearing the card.

Anyway, my other credit card is an M and S card, and the balance is easily covered by the HSBC card but now I know I can't use it.

So the HSBC card is just a waste of plastic. Going to cancel it today and cut it up, then apply for a different card....so much time wasted

Hi,

If you can't use HSBC card to BT to M&S, why don't you transfer the balance to Halifax then you can BT that to M&S, or use the credit limit that you have with Halifax even if it doesn't cover your whole outstanding debt, you could save some interest by transferring what you can, rather then leaving the whole amount attracting interest.

Westie983