Avoid M&S More Credit Card

Tirian

loveandlight wrote: »

Actually I am one of these people with an excellent rating but it hasn't stopped the M&S More card from writing to me today to tell me they have increased my interest rates to 20.9%. Fortunately my balance is at the promotional rate of 3.9% so I won't be affected unless I use my card which I definitely won't be doing.

It's all part and parcel of the same thing. If they're not lending to those higher risk customers who they used to get their profits from (i.e. those who withdrew cash on their cards, didn't always pay off, incurred the odd missed payment penalty), then they will want to get those profits elsewhere. Hence they bump up everyone's APRs to compensate.

loveandlight wrote: »

Everyone is being affected now rgardless of whether you have excellent credit or not. That's why all those Egg customers had their cards taken off them because they were good payers so Egg weren't able to make any money out of them.

Sad to hear the same old misconceptions trotted out so often. Egg DID make money out of all those people, because they make money on transaction fees. The only people whom Egg make NO money from are people who don't have an interest bearing balance, and who don't use their card at all. The whole Egg thing is a storm in a teacup. If all the complainants have such good credit records, then they will have no trouble getting another credit card elsewhere - so what's the big deal?

Too many people think they're entitled to the moon and sixpence, in my opinion - essentially, the people who have had their cards withdrawn are saying that they have some kind of fundamental right to demand that Egg lend them money. The whole basis of lending it is up to the lender to decide if they want to take the risk of lending ... if they don't, that's surely completely up to them? It's not as if they're demanding instant settlement or anything unreasonable like that. Seems to be a rather monumental lack of perspective!

loveandlight

posted by bunnygirl007
Did they send you a seoerate letter or was it just written on your statement? Just asking as am wondering if i'm due to get similar letter, if i do that is going to have severe impact on my ability to maintain payments whereas at the moment i'm just scraping by. Is this hat they want to push us into a situation where we can't pay?

I received a letter saying it's from 1/4/08. I agree they seem to want to create a situation where we can't pay. Maybe try for a balance transfer to another card if you can.

In_a_state

Just had the letter today, upped to 20.9%, nice one guys! Unfortunately I did put a little extra on the card after the great deal with the balance transfer a few years back....looks like this card will be getting priority.

Just one question though..I recently applied for the long term BT deal with Citi, MSE Mail a few weeks back recommended it, I was successfully accepted only to get a £1750 limit...not much use since I wanted to transfer my M&S card (which has £9k) on it.

Could it be that Citi maybe enquired with M&S regarding my BT and M&S upped my rate as a consequence?

Trying_to_be_good

In a state

I think that's just the old paranoia kicking in! Both are related to the credit crunch starting to bite, but they're not out to get you personally. Everyone is tightening belts.

cleoangel

I am relieved having read this thread... so thank you!!
I received the letter yesterday saying that they regularly review accounts and and that they had now raised my interest rate to 20.9%. I had wondered if my credit rating had suffered an unexpected blow as I do have a balance on the card but always pay on time and never go over my limit. I suppose a part of me did wonder if it was a personal letter, the other thought that as I had a balance they were just trying to get more money out of me.
Guess I'll have to try and find a bt now... forced my arm!

loveandlight

Posted by cleoangel
I am relieved having read this thread... so thank you!!
I received the letter yesterday saying that they regularly review accounts and and that they had now raised my interest rate to 20.9%. I had wondered if my credit rating had suffered an unexpected blow as I do have a balance on the card but always pay on time and never go over my limit. I suppose a part of me did wonder if it was a personal letter, the other thought that as I had a balance they were just trying to get more money out of me.
Guess I'll have to try and find a bt now... forced my arm!

I haven't used my card at all apart from a BT when I first got it which is at promotional rates. So this proves that there is no rhyme or reason to it. I don't think it's because your credit rating has been damaged so I wouldn't worry too much about it.

BusinessStudent

I dont have to worry, as a M&S employee my APR is half what everyone else pays (mines 10%)

AMILLIONDOLLARS

I wouldn't gloat if I were you. They may have to make you redundant due to the lack of business coming their way, then where will you be? Like the rest of us, up a creek without a paddle!!!

AMD

Tr@cker

Ive had the card for 15 months on 3.9 % with 2.5k still owing and zero spending on it. Its actually a stooze just about now as my current account pays more in interest.

loveandlight

Posted by [EMAIL="Tr@cker"]Tr@cker[/EMAIL]
Ive had the card for 15 months on 3.9 % with 2.5k still owing and zero spending on it.

That's the rate I've got and it's fixed for the life of the balance as I haven't used it since my BT. It didn't stop them writing to me saying they have increased the rate to 20.9% from April 2008 on any future purchases though.

Posted by BusinessStudent
I dont have to worry, as a M&S employee my APR is half what everyone else pays (mines 10%)

In this economic climate, no-one's immune!