A rewards-based credit card that will hold particular appeal to regular M&S shoppers – with some decent introductory 0% offers thrown in on both new purchases and balance transfers.
Pros
- Interest-free periods on purchases and balance transfers
- Collect M&S points on all shopping
- Additional rewards when used alongside M&S Club Rewards (£10 per month)
Cons
- Balance transfers incur a fee
- Longer 0% periods available with competitors
- Rewards based only around M&S
- Fees apply for using the card abroad
![M&S Rewards Credit Card](https://thumbor.forbes.com/thumbor/fit-in/x/https://www.forbes.com/uk/advisor/wp-content/uploads/2021/03/admin-ajax-2.jpg)
Table of Contents
Key features
- Earn M&S points every time you shop (bonus points awarded in the first six months)
- 0% interest on new purchases for up to 9 months
- 0% interest on balance transfers transfers for 9 months. Applies to transfers made within 90 days of account opening – with a 3.49% fee (minimum £5)
Charges
There is no annual fee for this attractive rewards credit card, but it will cost you 3.49% (minimum £5) if you want to transfer a balance to the card from other credit cards.
Any balance – transferred or accumulated – will attract a representative annual interest rate (APR) of 23.9% (variable) after the initial 0% offer.
New purchases made on the card will also be charged at a representative APR of 23.9% (variable) after the initial 0% offer.
That said, you get up to 55 days’ rolling interest-free credit on purchases. This means that if you pay your balance in full every month by the due date – you won’t pay a penny in interest.
If you are late with your credit card repayment – or go over your credit limit – you will face a fee of £12. You may also forfeit any 0% interest offer, such as for balance transfers.
There is a 2.99% foreign usage fee if you spend on the card abroad, plus cash machine withdrawals overseas have a further 2.99% fee (minimum £3 charge).
Rewards
You’ll earn M&S reward points every time you shop anywhere in the world with your card. Reward points are then converted into M&S vouchers to spend.
You will get one point for every £1 you spend in M&S (online and in stores), and one point for every £5 you spend elsewhere.
As an introductory bonus, cardholders can earn 5 reward points per £1 spent in M&S (online and in stores) in the first six months of opening the account. You’ll still earn one point per £5 spent elsewhere.
One hundred reward points is equal to £1 and you’ll need 200 reward points to receive an M&S reward voucher. Points are converted into reward vouchers four times a year and sent to you in the post along with your loyalty statement, or added to your M&S Sparks account ready for use.
Cardholders who also sign up to the separate M&S Club Rewards scheme can earn two extra reward points on their M&S credit card spend, as well as a range of other benefits, such as 32 hot drinks vouchers per year to redeem in M&S cafes, a £12 foodhall voucher on your birthday, extra M&S vouchers and three reward points for every £1 spent on the card overseas. To subscribe to the M&S Club Rewards costs £10 per month.
Protection
As with any credit card, with M&S Bank’s Rewards Credit Card you get extra protection on all purchases you make costing more than £100 and up to £30,000. This cover is offered under section 75 of the Consumer Credit Act.
You still get this protection even if you only use your credit card to pay a deposit on items of this value, and pay the rest by another means. Find out more with our guide to section 75.
Will I be eligible?
You’ll need a good credit score to qualify for the M&S Rewards credit card.
It’s always a good idea to use an eligibility checker (available on M&S Bank’s website) to view your chances of being accepted for the card before making a formal application.
The eligibility check uses a so-called ‘soft credit search’, which won’t show up on your credit file. It means you don’t need to worry about it affecting your credit score.
What more should I know?
You won’t be able to get a new M&S credit card if you’ve had a card with M&S Bank within the previous 12 months. In addition, it is important to note that M&S Bank is a joint venture between HSBC banking group and Marks and Spencer plc. This means you won’t usually be able to transfer balances from HSBC credit cards to a new M&S Bank credit card, for example.
Reward points can’t be earned on balance transfers, cash advances or withdrawals, interest charges, travel money, foreign currency or reward vouchers.
As with any rewards card, you should aim to clear your balance in full each month. If not, you’ll face interest on your outstanding balance, and this will swiftly erode the value of any rewards you build up.
If you can’t pay off your card in full, it’s vital to make at least the minimum monthly payment by the due date each month. Fail to do this, and you could be hit with late fees. You could also risk losing your promotional rates on balance transfers and purchases.
If you take out cash from an ATM using your card, interest (at 29.9% APR variable) will be charged straight away, from the day you make the withdrawal and you’ll also be charged a 2.99% cash withdrawal fee.
Is it the right card for me?
If you’re a regular M&S shopper and you can be disciplined about only putting your usual spending on the card, and clearing the balance in full each month, the M&S Reward credit card could be a great fit.
Depending on your typical monthly M&S spending it could be advantageous to join the M&S Club Rewards scheme as well, to boost your points earning potential. But this scheme has a £10 per month fee, so shoppers need to weigh up if the benefits are worth the added cost.
In addition, with 9 months at 0% interest on purchases and 0% interest for 9 months on balance transfers (with a transfer fee) this could be an attractive deal for consumers looking to better manage their finances.
What are the alternatives?
While the M&S Rewards card is likely to appeal to regular M&S shoppers, if you need a balance transfer deal there are credit cards with much longer 0% interest offer periods available, for those with a strong credit score.
The same is true for 0% purchase credit cards, where the leading deals are offering longer 0% interest periods on spending.
If you have no existing card debt and shop regularly across several high street stores, consider whether a more generic cashback credit card might be more valuable overall than a rewards card for one specific brand.