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  • FIRST POST
    • Joshtk
    • By Joshtk 7th Feb 18, 1:09 PM
    • 6Posts
    • 3Thanks
    Joshtk
    Paying off a Currys account with a credit card?
    • #1
    • 7th Feb 18, 1:09 PM
    Paying off a Currys account with a credit card? 7th Feb 18 at 1:09 PM
    Hi all, I'm rather confused and just thought I'd come here for some clarification, I bought an item through currys and chose the buy now pay later option meaning i have to start payments in May, I thought I'd probably be able to pay it off in chunks over the 6 months to avoid the interest but have had so many unexpected expenses that I've barely made a dent.

    About a week ago I applied for and got a 0% shopping for 2 years M&S bank card (I work for M&S) which then goes up to 9.9% after the two year period, I'm just wondering if I can use the M&S card to pay off the Currys account to give me more time to pay it? Or does this count as a balance transfer of sorts as its being used to pay off a loan and mean I'll encounter balance transfer charges etc or would I get out scott free from additional interest etc?

    I'm only 20 so of course I'm going to be making mistakes and the Currys plan was not a massive mistake but I certainly misjudged it.

    All help appreciated but please don't scold me

    The M&S card I'm referring to also is M&S CREDIT CARD SHOPPING PLUS OFFER
Page 1
    • zx81
    • By zx81 7th Feb 18, 1:19 PM
    • 17,216 Posts
    • 18,295 Thanks
    zx81
    • #2
    • 7th Feb 18, 1:19 PM
    • #2
    • 7th Feb 18, 1:19 PM
    It's unlikely they will accept a card payment. What do their terms say?

    You'll probably need a money transfer option. However, you may struggle to get one, with a thin file.
    • 20aday
    • By 20aday 7th Feb 18, 1:29 PM
    • 2,205 Posts
    • 913 Thanks
    20aday
    • #3
    • 7th Feb 18, 1:29 PM
    • #3
    • 7th Feb 18, 1:29 PM
    Having had a look at their Your Plan website it states alternative methods of payments should be printed on the back of your statement; I assume you're registered to manage your account online?

    I would imagine M&S Bank would treat it as a Purchase rather than a Balance Transfer; if it's the latter then I advise not using the card for Purchases too as mixing Purchases and Balance Transfers means you'd likely pay interest on the balance as you'd not be clearing it in full each month.
    It's not your credit score that counts, it's your credit history. Any replies are my own personal opinion and not a representation of my employer.
    • Candyapple
    • By Candyapple 7th Feb 18, 1:36 PM
    • 2,895 Posts
    • 2,231 Thanks
    Candyapple
    • #4
    • 7th Feb 18, 1:36 PM
    • #4
    • 7th Feb 18, 1:36 PM
    The M&S card you've got is a purchases card which is no good to you in this situation.

    You need a money transfer card, here is the eligibility checker:
    https://creditcards.moneysavingexpert.com/?purchases&_ga=2.48745446.1326189476.1517825568-1969417388.1516998791
    I'm a Board Guide on the Credit Cards, Loans, Credit Files & Ratings boards. I'm a volunteer to help the boards run smoothly, and I can move and merge threads there. Any views are mine and not the official line of moneysavingexpert.com
    • bengal-stripe
    • By bengal-stripe 7th Feb 18, 1:55 PM
    • 3,194 Posts
    • 2,086 Thanks
    bengal-stripe
    • #5
    • 7th Feb 18, 1:55 PM
    • #5
    • 7th Feb 18, 1:55 PM
    The M&S card you've got is a purchases card which is no good to you in this situation.
    Originally posted by Candyapple
    Not necessarily!

    If the OP puts everything, even minor daily purchases, onto the CC, that would leave quite a bit of money in the current account which can be used to pay-off the 'buy now pay later' purchase.

    @OP....Bare in mind if you haven't paid-off the debt before the 6-month deal ends, you will be charged interest going back 6 months to the actual purchase, which will be astronomical.
    • Bigphil1474
    • By Bigphil1474 8th Feb 18, 8:34 AM
    • 830 Posts
    • 354 Thanks
    Bigphil1474
    • #6
    • 8th Feb 18, 8:34 AM
    • #6
    • 8th Feb 18, 8:34 AM
    OP, agree with Bengal - use the 0% card for all your purchases from now. You'll have 2 years to clear it. Use the cash you would have spent to pay off the Currys bill as quick as you can, then you can focus on getting the CC cleared after that. You'll have to pay minimum payment to CC in the meantime so factor that in.
    • Vortigern
    • By Vortigern 8th Feb 18, 9:21 AM
    • 2,456 Posts
    • 1,653 Thanks
    Vortigern
    • #7
    • 8th Feb 18, 9:21 AM
    • #7
    • 8th Feb 18, 9:21 AM
    I'm just wondering if I can use the M&S card to pay off the Currys account to give me more time to pay it? Or does this count as a balance transfer of sorts as its being used to pay off a loan and mean I'll encounter balance transfer charges etc or would I get out scott free from additional interest etc?
    Originally posted by Joshtk
    It may be possible to do as you suggest. I did something similar, using a cashback card to pay off a Very buy now pay later account.

    If you can't get a definitive answer from your terms and conditions, you could try making a small payment from your card to Currys, then check your credit card statement to see if it's been treated as a cash advance. If there's no fee, go ahead and pay Currys in full.
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