M&S Bank Credit Card Purchase Plus Offer Mastercard review
- Representative example:
- When you spend £1,200 at a purchase rate of 24.9% (variable) p.a., your representative rate is 24.9% APR (variable).
- 0% interest on purchases
- 20 months
- Account fee
- £0
- Earn rate
- 1 point per £1 spent
Our verdict
Spread the cost of purchases whilst collecting M&S points on your day-to-day spending.The big draw of the M&S Bank Purchase Plus Credit Card is its offer of up to 20 months interest-free on purchases. There’s no annual fee to factor in with this card either, plus you can add an additional cardholder.
You’ll earn reward points every time you make a purchase using the card as well, and these points are then converted into M&S vouchers. You get 1 reward point per £1 spent in M&S and 1 reward point for every £5 spent elsewhere. 100 reward points equals £1 in M&S vouchers.
This is something of a dual credit card, as you can also get 0% interest on balance transfers for up to 12 months. This is on balances transferred within 90 days of opening your card account, and a balance transfer fee of 3.49% applies (with a minimum charge of £5).
However, if a balance transfer is the main feature you’re looking for, there’s also the M&S Bank Transfer Plus Credit Card, which offers 0% on balance transfers for up to 27 months and 0% on purchases for up to 3 months.
If you’re planning a big purchase and want to spread the cost of repayment over a long period of time without incurring interest charges, then the M&S Bank Purchase Plus Credit Card is worth a look - particularly if you’re a regular M&S shopper and want to earn some reward points too.
Pros
-
No annual fee
-
0% on purchases for up to 20 months
-
0% on purchases for up to 12 months
-
Earn M&S reward points every time you shop
Cons
-
Applicants with a low credit score are unlikely to be accepted
-
Relatively high balance transfer fee
-
Low earn rate on reward points outside of spending at M&S
Details
Product Overview
| Issuer | M&S Bank |
| Network | Mastercard |
| Representative APR | 24.9% |
| Annual/monthly fees | £0 |
| Balance transfers | 0% for 12 months reverting to 24.9% |
| Balance transfer fee | 3.49% (min. £5) |
| Purchases | 0% for 20 months reverting to 24.9% |
| Purchases interest-free period | Up to 55 days |
| Cash advances | 29.9% |
| Minimum credit limit | £500 |
| Maximum credit limit | Subject to status |
| Additional cards available | 1 |
| 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. |
| 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. |
| Potential costs | 8.3Great |
| Doing its job | 8.4Great |
| Extras | 8.1Great |
| Overall Finder Score | 8.6Great |
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 Credit Card Purchase Plus Offer Mastercard is issued on the Mastercard network, so it's accepted at more than 50 million merchant locations across more than 210 countries and territories.
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). If you're planning a major expenditure, you could use a fixed-amount direct debit to ensure you've cleared the debt before the 0% period expires – simply divide your initial expenditure by 20 to see what you'll need to pay each month (this assumes you don't use the card for ongoing 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
First, you can use Finder's eligibility checker to find out if you'd be likely to get approved for the M&S Bank Credit Card Purchase Plus Offer Mastercard. This won't impact your credit score. If it's good news, you can then proceed to M&S Bank's online application, which takes 10–15 minutes to complete.
This card offers the longest 0% purchase period of all M&S credit cards, at up to 20 months, plus there’s the option of 0% interest on balance transfers for an introductory period too. There’s no annual fee with the M&S Bank Purchase Plus Credit Card, so providing you clear your balance by the end of the interest-free period, it could be a good option to spread the cost of large purchases.”
Frequently asked questions
What credit limit will I get with the M&S Bank Credit Card Purchase Plus Offer Mastercard?
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 Credit Card Purchase Plus Offer Mastercard?
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 Credit Card Purchase Plus Offer Mastercard 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 20% 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 Credit Card Purchase Plus Offer Mastercard?
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 Credit Card Purchase Plus Offer Mastercard abroad?
Non-sterling transactions are subject to a 2.99% charge (which is very standard). For example, if you spend 200 euros (£164.83), it'll cost you around £4.93 in fees.
What is the minimum payment on the M&S Bank Credit Card Purchase Plus Offer Mastercard?
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 makes it much harder to get debt-free before that introductory 0% period expires.
Can I request an additional M&S Bank Credit Card Purchase Plus Offer Mastercard?
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.
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