M&S Total Charge For Credit???

Talos_2

Hi All,

My wife has just recieved the credit agreement to sign for 9 months 0% BT & Purchases. Reading it there is a line under 'Other financial Information' that the total charge for credit £123.72


Anybody have any ideas what this is? Surely they will not charge this amount purely for the pleasure of using the card?

Dave

realaledrinker

On the intranet at work today:

"The Consumer Credit Act Compliance changes that became applicable from 31 May 2005 now require <card companies> by law to include a Total Charge for Credit on the Visa Agreements. The Regulation requires <card companies> to base this on an amount of money that a customer pays (in interest) on Credit Card balance of £1500 over a 12 month period, which
the customer repays in equal monthly instalments.

This is illustrative only and may not reflect the customers own personal use of the customers credit card. "

So now you know!