How generous is M&S?

okigen

Hi guys, I know this question has been asked a few times but the old threads I found here were all back to 5-10 years ago so just wanted to check any update ever since.. I need £3-4k for a purchase in the next few months, so applied for a M&S 0% credit card. Got approved immediately, but from reading MSE forum (really should have done this before applying!), it seems M&S gives very low credit limit. What is your experience with them? For a bit of background, my earnings is > 40k and my only other credit card is an Amex (7.5k limit, very low utilisation),

A bit worried I have shot myself in the foot and now left a stupid mark on my credit file for an useless card

Bermonia

To be honest other people’s experiences aren’t going to help you in the slightest as everyone’s circumstances are different, also the commercial decisions a lender makes with regards to how it sets limits is ever evolving.

Reality is you’ll just have to wait and see I’m afraid.

Craig1981

your question would be the same as "how long is a piece of string"

will come down to your credit history and your individual circumstances.

one application wont have a massive impact.

Emily_Joy

As others say, a single search on a credit file won't have any impact. You can cancel the card instead of activating it if the limit is too low for your purposes. £3K-£4K is a low limit and they do offer more than that.

No_6

just take what you get and apply for another one or 2 TO-NIGHT
you can always juggle your limits

kevChan

well, M&S bank is operated by HSBC.
I have been a long time customer with HSBC and when I got my first job I applied their credit card, and they gave me a credit limit of 3 times of my monthly income.

For a 40k income I cant see why you would not be offered around 4k limit, but again, it depends on your circumstance (like when they check your credit report etc).

okigen

Ok thank you guys. My main concern is that having an application mark will hinder my ability inapplying immediately for another one if they don't offer me a good limit, but guess I'll just wait and see then.

[Deleted User]

One search is nothing in the scheme of things

okigen

Hi guys, just wanted to update the status. M&S process took forever so I am still waiting for my card. That said, to hedge my bet, I have also applied for a Barclays card and also got accepted. So all is good. Thanks to everyone for your advice

maxximus75

Did you get a decent limit from MBNA?

AnotherJoe

You need to look at improving your financial circumstances so that you have some savings behind you so that £4k doesn't need a loan. This could otherwise be a slippery slope.