M&S Bank

Most people find credit cards, credit scores and the penalties that come with late payment extremely intimidating.

Credit cards can be a savior when you need to make a big purchase, but it can be your downfall if not repaid on time. Here is all you need to know about credit cards uses and options at M&S bank.

Make purchases and pay for them later

A credit card allows you to borrow a sum of money, and then you need to repay what you owe over a certain period. There is also a minimum payment per month that you need to make to keep a good credit score. They work well for unexpected significant expenses such as car repairs, as most people don’t have enough money to pay the total amount without using some form of credit.

Learn more about credit card eligibility

Some factors determine who might be eligible to have a credit card, the most important one being a good credit record. It will be challenging to get a credit card if you have missed payments towards other forms of credit in the past. If your credit record looks good and you can provide the required additional proof of income and bank statements, then your application will likely be accepted.

The information of the client determines the credit card limit and the repayment terms. Upon making the first purchase on the card, clients need to repay that amount by either making regular payments or one large payment.

If you are interested in getting a credit card and it’s your first time applying for one, the process might seem quite daunting.

There is no need to worry because the process is relatively straightforward. The first and most important thing is that clients need to be eligible for a credit card upon applying; clients who have never had bad credit will find it easy to be accepted. M&S Bank’s official website has an ‘eligibility checker’ that helps clients work out if they are eligible to apply for a credit card.

What you need to know about APR

APR is a standard way of showing how much clients will have to contribute to borrowing money against credit. This includes the interest rate on the money borrowed on the card and charges, such as the annual fee related to having the card.

Clients need to pay the APR on top of the amount borrowed, and it is legally required of any lender or bank to show how much you pay towards it. M&E Bank provides their clients with exactly how much as soon as their application gets approved.

Shopping plus offer

This card offers clients the chance to pay 0% interest on shopping and balance transfers for 20 months. The offer is available for 90 days from the opening of the account.

A minimum 2,9% APR fee applies, which is on average 5 pounds. You get rewarded M&S points every time you shop, which then later turn into vouchers.