M&S Transfer Plus Credit Card

By: Peter Stephens | Updated: 22nd October, 2019.

Great for: Really long balance transfer period
4.5 stars question mark
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The M&S Transfer Plus card gives you a very long 28 months of 0% interest on balances transferred in the first 90 days. Users will have to cough up a balance-transfer fee of 2.85% though. Balancing that out, the M&S Transfer Plus also offers 0% for 6 months on purchases and M&S rewards on all purchases.

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CREDIT RATING req:

  • Poor/No credit
  • Fair/Average
  • Good/Excellent

HIGHLIGHTS

  • 0% interest for 28 months on balances transferred in the first 90 days (2.85% fee applies)
  • 0% interest on purchases for 6 months
  • M&S rewards points at M&S and elsewhere

REPRESENTATIVE EXAMPLE

Representative rate 19.9% APR (variable)
Purchase rate 19.9% p.a. (variable)
Assumed credit limit £1,200

* This is an offer from one of our affiliate partners. Click here to learn more about why and how we work with partners.

what we like

  • 0% interest for 28 months on balances transferred in the first 90 days (2.85% fee applies)
  • 0% interest on purchases for 6 months
  • M&S rewards points at M&S and elsewhere
  • ANNUAL FEE:

    £0
  • REPRESENTATIVE APR:

    19.9%
  • INTRO OFFER:

    0% on balance transfers for 28 months, available for 90 days from account opening
    0% on purchases for 6 months

KEY SCORES:

  • 4.5/5 Perks
  • 2.5/5Fees
  • 2.5/5APR

HIGHLIGHTS

  • 0% interest for 28 months on balances transferred in the first 90 days (2.85% fee applies)
  • 0% interest on purchases for 6 months
  • M&S rewards points at M&S and elsewhere

REPRESENTATIVE EXAMPLE

Representative rate 19.9% APR (variable)
Purchase rate 19.9% p.a. (variable)
Assumed credit limit £1,200

* This is an offer from one of our affiliate partners. Click here to learn more about why and how we work with partners.

The M&S CREDIT CARD TRANSFER PLUS bottom line

The M&S Transfer Plus Credit Card offers a 0% interest rate on balance transfers for 28 months. This could help consumers with existing debt to reduce their interest payments and improve their cash flow. The card offers a range of rewards, including M&S points on every £1 spent, preferential rates on foreign exchange and bonus M&S points for successful applicants. It also has no annual fee and offers 0% interest on purchases made within the first six months of account opening.

While there is a 2.85% balance transfer fee and balance transfers must be made within 90 days of account opening, the card is appealing when compared with its rivals. Although it is always a good idea to shop around to find the best card for your financial circumstances, the card has a broader appeal than many of its balance transfer peers.

Credit Rating Requirement: Good/Excellent

What I like about the M&S Transfer Plus Credit Card

  • Balance transfer offer – The card allows new customers to transfer existing balances held on other credit cards within the first 90 days of account opening. An interest rate of 0% for the first 28 months is charged on balances that are transferred to the card. This could save individuals a significant sum in interest payments, depending on the current rate of interest they are paying on existing debt. A shorter repayment period and improved cash flow could be the result.
  • Reduced interest – Assuming an individual has a £3,000 balance on an existing card at an interest rate of 18.9% and pays £150 per month, they would repay the debt within two years. In doing so, they would pay £570 in interest charges. Transferring the £3,000 balance to the M&S Transfer Plus Credit Card could allow them to pay it off four months earlier. Doing so would save them £540 in interest costs, with a balance transfer fee of just over £85 (2.85%) being payable.
  • 0% on purchases for six months – The card charges 0% on purchases for the first six months following account opening. Although adding to existing debt may not be a sound move, the 0% interest rate nevertheless provides an individual with added financial flexibility should they need to make purchases in the short run.
  • Rewards – While the main focus of the card is the transfer of existing balances, it also offers a rewards scheme. Customers can earn one M&S point for every £1 they spend in M&S, as well as one point for every £5 spent elsewhere. In order to collect a £1 voucher for M&S, 100 points must be earned. Vouchers are sent to customers every three months. A bonus of 500 points will be sent to all successful applicants. The card also offers preferential rates on foreign exchange transactions at M&S.
  • No annual fee – The card does not charge an annual fee. Not only does this help to keep costs down for consumers, it also makes it easier to compare the card with its rivals.

Why trust me

I have been writing for The Motley Fool since 2013, and have experienced the booms and busts of the UK economy for a number of decades both as an investor and a consumer. I have held various senior management positions during my career, while also setting up my own manufacturing company in 1996. It was subsequently sold in 2007. I have a keen interest in consumer finance, as well as in the stock market.

What could be improved

  • Balance transfer fee – While no interest is charged for a 28-month period on balance transfers, a 2.85% fee is payable. In the earlier example, this reduces the amount saved in interest costs from transferring a £3,000 debt by around £85. It is possible to obtain credit cards that do not charge a balance transfer fee and that still offer a long period of 0% interest on existing debt.
  • Balance transfer period – Although no interest is charged on balances transferred from other cards for a 28-month period, individuals have just 90 days from account opening to successfully complete such transfers. Any balance transfers made after the first 90 days are charged interest.
  • International usage – As with many balance transfer cards, international usage can be costly. A non-sterling transaction fee of 2.99% is payable on international transactions. This could mean that having a second credit card for international use is worthwhile – especially for consumers who travel internationally on a frequent basis.

How does the M&S Transfer Plus Credit Card’s offer stack up?

For consumers who are seeking a longer period of 0% interest on balance transfers, it is possible to obtain a 32-month period elsewhere. Similarly, some credit cards do not charge a balance transfer fee. However, the M&S Transfer Plus Credit Card has a competitive period of 0% interest on balance transfers, and it’s often difficult to get quite that long of a 0% interest balance transfer period without paying a balance transfer fee. Therefore, its overall appeal from a balance transfer perspective is high.

Furthermore, the card offers a range of rewards which are not always present on balance transfer cards. The 0% offer on new purchases for the first six months, as well as the lack of an annual fee, help the card to compete effectively against its rivals.

The M&S Transfer Plus Credit Card credit score

Since the 28-month 0% balance transfer period is representative, it may not be offered to all applicants. It may, therefore, be a sound move to use the online eligibility checker on the M&S website (which does not affect your credit score) in order to obtain a personalized offer. This may help consumers to more easily compare the balance transfer offers available to them.

The card is available to all UK residents over the age of 18. It takes around seven minutes when applying online to find out whether your application has been successful.

How to apply

Applying for the M&S Transfer Plus Credit Card can be done online. A variety of information is required. This includes residential address details, previous address details, income figures, employment information and personal details such as your email address and date of birth. Successful applications can take under ten minutes. Individuals who have held an M&S credit card within the last year are unable to apply for the card.

Is the M&S Transfer Plus Credit Card right for you?

In a competitive balance transfer segment, the M&S Transfer Plus Credit Card has appeal. Its 28-month 0% interest period on balance transfers is competitive, even after taking the balance transfer fee into account.

While it is possible to obtain a longer 0% balance transfer period or avoid a balance transfer fee with other cards, the M&S Transfer Plus Credit Card’s offer of rewards helps to differentiate it from rivals. It also offers preferential rates on foreign exchange, 0% interest on purchases for six months and bonus M&S points for successful applicants. Alongside there is no annual fee, this could make the card attractive to a variety of consumers.

See the Best Balance Transfer Credit Cards


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