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M&S Bank Transfer Plus Mastercard review September 2019
Pay off your credit card debt while collecting M&S points on your day-to-day spending.
This card offers the longest 0% on balance transfers period of all M&S Bank’s credit cards, and also offers 0% interest on purchases for an introductory period. There’s no annual fee to worry about, so provided you clear your existing balance before the 0% period expires, this could be an almost catch-free option.
Finder rating: ★★★★★
Doing its job: 4/5
In a nutshell:
0% interest on balance transfers
0% interest on purchases
|Balance transfers||0% for 28 months reverting to 19.9%|
|Balance transfer fee||2.85% (min. £5) for 3 months reverting to 2.9% (min. £5)|
|Purchases||0% for 6 months reverting to 19.9%|
|Purchases interest-free period||Up to 55 days|
|Min. credit limit||£500|
|Max credit limit||Not specified|
|Additional cards available||1|
|Incentive||Earn 1 point for every £1 spent at Marks and Spencer's and 1 point or every £5 spent elsewhere. 100 points = £1 reward voucher. Points will be converted into reward vouchers 4 times a year.|
Chris Lilly is a publisher at finder.com. He's a specialist in credit-based products including business and personal loans, mortgages and credit cards, and is passionate about helping UK consumers make informed decisions about their borrowing. In his spare time Chris likes forcing his kids to exercise more.
Unless you’re highly organised and have cracking self-discipline, the safest way to get free of card debt is to avoid additional spending on your new balance transfer card. But if further spending is unavoidable, this competitive M&S deal has you covered – with 6 months 0% interest on purchases and the opportunity to earn loyalty points translating into vouchers to spend in-store or online. To look at it another way, the card incentivises further spending.
You’ll be able to earn points pretty much whenever you use the card, and 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.
If you’re a Marks & Sparks regular looking to clear card debt, this card offers a competitive solution (albeit at the expense of a balance transfer fee), just remember that getting debt-free before the 28 months is up should be your priority.
How does this card compare with other similar cards on the market?
M&S Bank’s card
Other balance transfer cards
When it comes to repayments, you can make manual repayments online or over the phone (0800 997996), or alternatively set up a direct debit. A direct debit is a great idea because it protects you from forgetting to make a repayment and either damaging your credit score, getting hit with a penalty fee or losing any promotional rates as a result. 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 for the M&S Bank Transfer Plus Mastercard
If you’ve compared cards and want to apply, 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.
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Our team evaluates credit cards to determine their value against similar products on the market.
We look at the how good the card is for its designated purpose – spending abroad, clearing debt, earning air miles etc. – how costly it is to use day-to-day and whether it offers much in the way of extras.