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M&S improves offer term on credit card

M&S improves offer term on credit card

Category: Credit cards
Date: 09/08/2016

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

M&S Bank has increased the introductory offer on both purchases and balance transfers on its credit card. This significantly positive amendment in its introductory interest-free terms has helped propel the card into the Moneyfacts Best Buys, landing near the top of the charts in its sector.

The basics…

The M&S Bank MasterCard now has an introductory interest-free term of 25 months on purchases and balance transfers. Balance transfers will be charged at a rate of 2.9% with a minimum transfer amount of £100.

The finer details…

Balance transfers must be made within 90 days in order to qualify for the offer. After the introductory periods have come to an end, balance transfers will be charged at an annual rate of 18.9% with the same 2.9% fee and minimum £100 transfer amount, while standard purchases will be charged at 18.9% APR. Regular M&S customers can furthermore benefit from a rewards scheme whereby every full £1 spent at M&S UK stores, catalogues, internet shops, Outlets and Simply Food will earn one point, and every full £5 spent anywhere else will also earn one point; 100 points will be converted into a £1 reward voucher.

Borrowers must be at least 18 years old, can apply in branch, by post, online or by phone, and should remember that rates are representative and dependent on credit ratings.

Why we like it…

While the card does not have the lowest APR available, its increased introductory terms make this credit card appealing, especially for those looking to spread their debt over a longer period. This outstanding product thereby fully deserves its high entry into the Moneyfacts charts in its sector.

Moneyfacts rating: Outstanding

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

 

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

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