M&S credit card 15 months interest free on purchases
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M&S credit card 15 months interest free on purchases

99
Found 19th Feb 2012
15 months’ shopping with no interest to pay

I took one out, and I also opened up a cash ISA with them paying 3%, whatever my monthly bill is I put into the ISA , only pay the minimum balance, the rest in the ISA

so when I have to pay off my balance in 15 months, I have all the money that I owe already there with a little bit of interest tax free

once your 15 months is over Up to 55 days’ interest-free credit – when you pay your balance in full and on time each month


I also get m& s points with all my purchases , periodocally they send me vouchers, ways to earn more points and at least once a year an invitation to an event in store with a £5 voucher to spend on anything.

also i waited until I got card and then applied for the ISA got 1000 points

I set up a direct debit for minimum monthly payment, and to remind me when my 15 months are nearly up I have stuck a post it at the front of my diary,
everyone will has their own way to remind them
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Dont forget to make your minimum payment each month
Brain working over time now lol
nice one
useless_57

Dont forget to make your minimum payment each month



oh yeah,forgot that bit, but thats not a lot, minimum payment works out to about £10 for every £500 you owe
"Up to 55 days’ interest-free credit – when you pay your balance in full and on time each month"

Sorry if I'm missing something, but how does your theory of putting the money into an ISA work if you have to pay off the balance in full each month?
japcar

"Up to 55 days’ interest-free credit – when you pay your balance in full a … "Up to 55 days’ interest-free credit – when you pay your balance in full and on time each month"Sorry if I'm missing something, but how does your theory of putting the money into an ISA work if you have to pay off the balance in full each month?




Sorry probably not explaining properly

every month I pay the minimum balance

the rest I put in the ISA accumulating interest , so when the 15 months are up I have saved the money I owe, its there but with a bit of interest
Edited by: "batista" 19th Feb 2012
japcar

"Up to 55 days’ interest-free credit – when you pay your balance in full a … "Up to 55 days’ interest-free credit – when you pay your balance in full and on time each month"Sorry if I'm missing something, but how does your theory of putting the money into an ISA work if you have to pay off the balance in full each month?



amended the post to clarify
batista

amended the post to clarify




Nice one, Thanks for the clarification, heat added.
credit limit?
Thanks - heat added and applied for.
very smart, requires being good with your money I think...a lot of people lack the commitment/discipline to do this but makes a lot of sense
The banks call it credit card rape they dont like it but if you work it out its a short term intrest free loan i book a holiday or two every year & its intrest free :-)
Thanks op just apply for it and hopefully I will get
Hmm, i must b alone, in thinking this is just a standard credit with a good introductory offer,
the isa business is an idea to save money and aint really relevant imo.
Sounds like a plan...... just applied for one!
What's the opening credit limit?
applied
i wouldn't risk doing this, because you could so easily with a quick slipup end up having to pay late payment fees etc. Unless of course you need to improve your credit rating for a particular reason, hence paying minimum payments on time.
Very canny! But do note it'll only yield you approx £37.50 over the 15months per £1000 of debt - and that figure is based on accumulating that level of debt in month one and sustaining it throughout.
A credit card thread where there's no APR/AER advertised? Really...?

Also, need to mention whether or not there is an annual fee or extra benefits etc.?
applied could do with 15 months interest free just to get by, be surprised if i get it have already have 16 credits card !!
NikLP

A credit card thread where there's no APR/AER advertised? Really...?Also, … A credit card thread where there's no APR/AER advertised? Really...?Also, need to mention whether or not there is an annual fee or extra benefits etc.?



Click the link.
I am looking for some cheap credit so I can pay 5k off my mortgage, get to 20% ownership and get to a 3% rather than 3.8% mortgage. Then I can stop overpaying and just pay this off. It should save me hundreds in a year, I just wonder what the limit is.

Edited by: "jamesdew" 20th Feb 2012
For those who think they will miss payment date, just set up to pay mimmum amount each month with a direct debit.
Credit limit is set on individual circumstances

A BETTER deal is the Tesco credit card, still 15 Months interst free credit but you get Clubcard points too.
So no heat from me sorry.
Good find but only for those with discipline and self restraint
Gone with this...

Thanks
sotomonkey

Um... you realise that as inflation is about 4.2% you're actually losing … Um... you realise that as inflation is about 4.2% you're actually losing money by investing it in an ISA by around a rate of ~1.2% for the first 12 months if the ISA is about 3%?



How can he be losing money?

He is gaining interest on money he normally would not have.

Too much messing around for me to be honest but still a good deal if you have some large purchases to make.
There is also an offer whereby you get 1000 points when you open an isa with m & s and quote your credit card number. There is a thread/link on this which I used yesterday
I used to do this when interest rates were higher. At one point owing about £16k paying off the minimum payments and keeping the balance in high interest accounts. I used to make over £100 a month in interest for effectively nothing.

Sadly interest rates are not like that anymore however, a couple of things to point out...

With this you should also get the m&s cashback vouchers; I got paid £40 ish last week.

And, if you can it is often be better to put your money in Regular Savers accounts as these give higher rates of interest than an ISA even after tax (I've not checked but there are usually a few 8% deals kicking around). Since you are making your savings monthly (with the money you would have used paying off your balance) they are ideal for this and will give a better return.

Remember though this is only a deal IF YOU SAVE THE MONEY!

Edited by: "Sunnysider" 20th Feb 2012
Sounds ok, applied.
sirmaggie

For those who think they will miss payment date, just set up to pay … For those who think they will miss payment date, just set up to pay mimmum amount each month with a direct debit.Credit limit is set on individual circumstancesA BETTER deal is the Tesco credit card, still 15 Months interst free credit but you get Clubcard points too.So no heat from me sorry.





I also get m& s points with all my purchases , periodocally they send me vouchers, ways to earn more points and at least once a year an invitation to an event in store with a £5 voucher to spend on anything.

also i waited until I got card and then applied for the ISA got 1000 points

I set up a direct debit for minimum monthly payment, and to remind me when my 15 months are nearly up I have stuck a post it at the front of my diary,
everyone will has their own way to remind them
Edited by: "batista" 20th Feb 2012
Sunnysider

I used to do this when interest rates were higher. At one point owing … I used to do this when interest rates were higher. At one point owing about £16k paying off the minimum payments and keeping the balance in high interest accounts. I used to make over £100 a month in interest for effectively nothing.Sadly interest rates are not like that anymore however, a couple of things to point out...With this you should also get the m&s cashback vouchers; I got paid £40 ish last week. And, if you can it is often be better to put your money in Regular Savers accounts as these give higher rates of interest than an ISA even after tax (I've not checked but there are usually a few 8% deals kicking around). Since you are making your savings monthly (with the money you would have used paying off your balance) they are ideal for this and will give a better return.Remember though this is only a deal IF YOU SAVE THE MONEY!


Love the advice
I have 3 regular savers one for each of my kids plus one for me, Always take out credic cards with a long intest free period, pay the maximum per month I can between the three accounts. Pay the minimum balance every month. Once the 12 months is up the reglar saver pays out plus intrest. I have them linked to be payed into my isa (tax free) or my kids accounts also tax free. Then a month before the 14 months is the besat Ive had so far I use that money to pay off the credit card in full. Leaving my credit rating glowing and my bank slightly healthier. For me its just free money but setting up direct debits. Being ocd with dates and payments ect is essential. Think I will take out a tesco and a m&s card
I do agree though back when interest rates were higher this generated alot more cash, now it seems peanuts in comparison. Credit card rape:D that made me laugh.
DE4L3R

Hmm, i must b alone, in thinking this is just a standard credit with a … Hmm, i must b alone, in thinking this is just a standard credit with a good introductory offer, the isa business is an idea to save money and aint really relevant imo.



You're certainly not alone in your appalling grammar & punctuation!
Great deal got one last year when it was twelve months.

Really though, the true Apr shouldn't be as high as it is when interest rates are almost 0%
Had to reply to stop people thinking this actually works. If you spend 1000 Pound, you get that interest free if you pay in FULL by your next monthly payment date.

15 months interest free just means you dont pay interest on new purchases if you clear your balance in FULL and on time each month

So to benefit you first need a lump sum that covers your normal monthly spending that is easily accessible, you use this to cover your CC balance every month and use the cash you normally use to buy stuff to refill your easy-access saver account.

To make it clear, you cant buy something for 1000, pay the minimum balance and stay interest free for 15 months, it doesnt work like that, please read the summary box for the card carefully and repeatedly till you get how it actually works.
jamesdew

I am looking for some cheap credit so I can pay 5k off my mortgage, get … I am looking for some cheap credit so I can pay 5k off my mortgage, get to 20% ownership and get to a 3% rather than 3.8% mortgage. Then I can stop overpaying and just pay this off. It should save me hundreds in a year, I just wonder what the limit is.


Won't be cheap credit, as paying off the mortgage will most likely be treated as a cash transaction which will start calculating interest straight away, most likely at a higher rate than the standard purchase APR.
lordzaz

Had to reply to stop people thinking this actually works. If you spend … Had to reply to stop people thinking this actually works. If you spend 1000 Pound, you get that interest free if you pay in FULL by your next monthly payment date.15 months interest free just means you dont pay interest on new purchases if you clear your balance in FULL and on time each monthSo to benefit you first need a lump sum that covers your normal monthly spending that is easily accessible, you use this to cover your CC balance every month and use the cash you normally use to buy stuff to refill your easy-access saver account.To make it clear, you cant buy something for 1000, pay the minimum balance and stay interest free for 15 months, it doesnt work like that, please read the summary box for the card carefully and repeatedly till you get how it actually works.



That's wrong. Introductory period does give you interest free for all purchases made within the introductory period as long as min payments are made.

The interest free period is seperate and only takes effect once the introductory period has expired.
lordzaz

Had to reply to stop people thinking this actually works. If you spend … Had to reply to stop people thinking this actually works. If you spend 1000 Pound, you get that interest free if you pay in FULL by your next monthly payment date.15 months interest free just means you dont pay interest on new purchases if you clear your balance in FULL and on time each monthSo to benefit you first need a lump sum that covers your normal monthly spending that is easily accessible, you use this to cover your CC balance every month and use the cash you normally use to buy stuff to refill your easy-access saver account.To make it clear, you cant buy something for 1000, pay the minimum balance and stay interest free for 15 months, it doesnt work like that, please read the summary box for the card carefully and repeatedly till you get how it actually works.



wrong, read it again,

it is min balance, the rest stays interest free for 15 months
lordzaz

Had to reply to stop people thinking this actually works. If you spend … Had to reply to stop people thinking this actually works. If you spend 1000 Pound, you get that interest free if you pay in FULL by your next monthly payment date.15 months interest free just means you dont pay interest on new purchases if you clear your balance in FULL and on time each monthSo to benefit you first need a lump sum that covers your normal monthly spending that is easily accessible, you use this to cover your CC balance every month and use the cash you normally use to buy stuff to refill your easy-access saver account.To make it clear, you cant buy something for 1000, pay the minimum balance and stay interest free for 15 months, it doesnt work like that, please read the summary box for the card carefully and repeatedly till you get how it actually works.


That's the usual operation of a credit card! You don't get charged interest of you pay your balance off fully each month on almost any credit card.

This is for an introductory offer where the period is initially extended to 15months on all purchases within that period. You MUST pay the minimum each month otherwise you will most likely forfeit your remaining interest free period.
thanks for the tips op, its not for me sadly. i want to stay away from CC's as long as possible but looks like a good deal
lordzaz

Had to reply to stop people thinking this actually works. If you spend … Had to reply to stop people thinking this actually works. If you spend 1000 Pound, you get that interest free if you pay in FULL by your next monthly payment date.15 months interest free just means you dont pay interest on new purchases if you clear your balance in FULL and on time each monthSo to benefit you first need a lump sum that covers your normal monthly spending that is easily accessible, you use this to cover your CC balance every month and use the cash you normally use to buy stuff to refill your easy-access saver account.To make it clear, you cant buy something for 1000, pay the minimum balance and stay interest free for 15 months, it doesnt work like that, please read the summary box for the card carefully and repeatedly till you get how it actually works.



Ircorrect comments like this dont help!!! Because people dont understand credit, thats how we all got in so much debt and the country is in the state its in!
I had an M&S card. It kept being refused. They kept calling me and saying they thought it was being used fraudulently. They would call me at home and ask me for verification I was who I was, but they never were able to prove they were M&S. I ended up going with a proper credit card company. They should stick to selling knickers
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