This versatile all-rounder from M&S gives you a lengthy break from interest on both purchases and balance transfers, and even earns rewards on your spending.
M&S Bank Rewards Credit Card review
By Chris Lilly
- Representative example:
- When you spend £1,200 at a purchase rate of 23.9% (variable) p.a., your representative rate is 23.9% APR (variable).
- Account fee
- £0
- Earn rate
- 1 point per £1 spent
- Earn rate (at select partners)
- 1 point per £1 spent
Our verdict
Earn M&S points as you shop while organising your finances with this rewarding interest-free deal.Whether you’re looking to spread the cost of an upcoming purchase, transfer existing card debt to save on interest or to earn rewards from your day-to-day- spending (or any combination of the above, for that matter) this card fits the bill.
As an M&S branded card, you’ll get the most from the card’s perks if you’re a regular M&S shopper – with loyalty points translating into vouchers to spend in-store or online. Although you’ll be able to earn points pretty much whenever you use the card, you’ll earn points at a better rate per £1 when you spend with M&S. If you’re looking for rewards you can redeem elsewhere, you might prefer to check out a more versatile rewards programme or even a cashback credit card.
Don’t forget, it’s free to add an additional cardholder, and doing so could help earn loyalty points faster. You’ll be solely responsible for all spending on the account, regardless of which card was used, since credit cards cannot be held jointly.
Pros
-
No annual fee
-
Earn points on spending
-
0% purchase and balance transfer period
-
Competitive regular purchase rate
Cons
-
You’ll need to be an M&S devotee to get the most out of this card
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Late payment fees apply
-
Foreign usage charges apply if you use this card abroad
Details
Product Overview
| Issuer | M&S Bank |
| Network | Mastercard |
| Representative APR | 23.9% APR (variable) |
| Annual/monthly fees | £0 |
| Loyalty scheme | Points |
| Incentive | 1 point per £1 spent with M&S and 1 point per £5 spent elsewhere. Enjoy 55 days interest free, preferential rates plus no cash advance fee when buying M&S travel money with the card. |
| Incentive on opening | Earn 5 Rewards points per £1 spent at M&S for first 6 months. |
| Additional Rewards Info | No cash advance fee & 55 days interest free when buying M&S Travel Money with the card. Preferential rates on Travel Money for M&S Credit Card customers purchasing from M&S Bureaux. 54 currencies available. Opt-in to Club Rewards for £10 pm to receive triple points on M&S purchases, triple points on purchases abroad, unlimited free next day delivery on M&S.com, receive £65 in Clothing and Home vouchers, 32 hot drinks vouchers worth £88 pa and a birthday M&S voucher worth £12. |
| Purchases | 0% for 9 months reverting to 23.9% |
| Purchases interest-free period (days) | 55 |
| Balance transfers | 0% for 9 months reverting to 23.9% |
| Potential costs | 4.0 ★★★★★ |
| Doing its job | 4.3 ★★★★★ |
| Extras | 3.3 ★★★★★ |
| Overall Finder Score | 4.1 ★★★★★ |
Fees and charges
| Minimum monthly payment | 2.5% or £5 (whichever is greater) or the total of any interest, default fees and charges plus 1% of the outstanding balance. |
| Annual/monthly fees | £0 |
| Balance transfer fee | 3.49% (min. £5) |
| Foreign usage charge (EU) | 2.99% |
| Foreign usage charge (rest of world) | 2.99% |
| Cash advance fee | 2.99% (min. £3) |
| Late payment fee | £12 |
| Duplicate statement fee | £0 |
| Exceeding limit fee | £12 |
| Additional card fee | £0 |
| Dormancy fee | £0 |
Application Requirements
| Minimum Age | 18 |
| Minimum income | £6,800 |
| Availability | Available to new customers |
The M&S Bank Rewards Credit Card is issued on the Mastercard network, so it's accepted at more than 50 million merchant locations across more than 210 countries and territories.
How does it compare?
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Approval for any credit card depends on your status. The representative APRs shown represent the interest rate offered to most successful applicants. Depending on your personal circumstances, the APR you're offered may be higher, or you may not be offered credit at all. Fees and rates are subject to change without notice. It's always wise to check the terms of any deal before you borrow. Most of the data in Finder's comparison tables is provided by Moneyfacts.
Repayment options
You can make manual repayments through M&S Bank's app by logging in to your online banking or over the phone (0800 997996). Alternatively, you may wish to set up a direct debit.
A direct debit protects you from forgetting to make a repayment and losing your promotional interest rate as a result (as well as damaging your credit score and incurring the late payment fee of £12). You could use a fixed-amount direct debit to ensure you've cleared your debt before the 0% period expires – simply divide your outstanding balance by 9 to see what you'll need to pay each month (this assumes you don't use the card for additional spending).
You can arrange a direct debit for repayments when you apply for the credit card. The table below shows the options available.
Choose from the following direct debit options for your monthly repayments:
| Minimum amount | Fixed amount | Fixed percentage | Full amount |
|---|---|---|---|
How to apply
If you've compared cards and settled on the M&S Bank Rewards Credit Card, completing the secure online application form takes about 15 minutes. Before you apply, check that you meet the eligibility requirements and have the information and documents you'll need to make the process as straightforward as possible.
Frequently asked questions
What credit limit will I get with the M&S Bank Rewards Credit Card?
If M&S Bank offers you this deal, it will specify a personalised credit limit based on M&S Bank's assessment of your situation. The minimum limit offered on this card is £500, and M&S Bank does not specify a maximum. Once you've had the card for a while and shown M&S Bank you're reliable, you may wish to apply for a credit limit increase.
Can I withdraw cash using the M&S Bank Rewards Credit Card?
Although it's possible, withdrawing cash from a credit card account is generally not a good idea, as "cash-like transactions" (such as withdrawing cash at an ATM, getting cashback at the till, spending at a casino or buying currency) often incur steep fees and/or higher rates of interest.
The cash advance fee on the M&S Bank Rewards Credit Card is 2.99% (min. £3). For example, if you withdraw £50, you'll incur a fee of £3.00. Withdraw £250 and you'll incur a fee of £7.48.
The interest rate on this part of your balance will be 29.9%, which is 25% more than the standard purchase rate (chargeable from the day of the transaction – the card's usual "up to 55 days interest-free" grace period won't apply).
Can I transfer a balance from another M&S Bank-branded card to the M&S Bank Rewards Credit Card?
No. M&S Bank doesn't accept balance transfers from credit cards issued through HSBC group, which includes M&S Bank, John Lewis and first direct cards.
How much does it cost to use the M&S Bank Rewards Credit Card abroad?
Non-sterling transactions are subject to a 2.99% charge (which is very standard). For example, if you spend 200 euros (£166.61), it'll cost you around £4.98 in fees.
What is the minimum payment on the M&S Bank Rewards Credit Card?
Each month, you must pay at least 2.5% of your balance at that point or £5.00 – whichever of the 2 figures is greater. So if you had, say, £180.00 outstanding, you'd pay £5.00, and if you had £800.00 outstanding, you'd pay £20.00.
Paying only the minimum required amount each month is generally not advisable as it tends to be a very expensive way to borrow money, which can lead to persistent debt.
Can I request an additional M&S Bank Rewards Credit Card?
Yes, you can request one more. There's no fee for additional cards. Plus, with additional cards, you could earn points at a faster rate. Bear in mind that card debt accrued by additional cardholders is the sole responsibility of the account holder – not the additional cardholder.
Finder credit card scores
★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
Our experts score rewards credit cards to determine their value against similar products on the market. We look at a number of important factors, like welcome bonuses, introductory and ongoing earn-rates, any caps or restrictions on the points you can earn, plus the potential costs involved with running the card both in the short and longer term.
You can read more about our scoring criteria on our credit card methodology page.
We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you. Most of the data in Finder's comparison tables has the source: Moneyfacts Group PLC. In other cases, Finder has sourced data directly from providers.
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