May 24, 2006

By Peter Kenny

Marks & Spencer have changed the terms of their popular &More credit card to state that they may charge a fee for balance transfers.

Starting from June 1st 2006, Marks & Spencer credit card holders wishing to transfer in a balance from another credit card could be charged a fee of 2 per cent. If charged, this fee will not be capped; meaning the amount payable could be quite substantial. The current average credit card balance is £3500, meaning the cost could be £70.

We have been informed by Marks & Spencer they will not charge a balance transfer fee, however, their credit card terms & conditions clearly state "We may charge a fee of 2% of the amount of each Balance Transfer (minimum £5)"

Anyone applying for a Marks & Spencer &More credit card should be aware, that a balance transfer fee could be charged at any time.

The Marks & Spencer &More credit card comes with an introductory 0% balance transfer deal for the first 6 months of an account opening, however, the main attraction for many Marks & Spencer credit card holders is the opportunity to earn &More reward points for every purchase made using the credit card. &More reward points can be redeemed for travel discounts and against in-store purchases.

The few remaining that do not charge a balance transfer fee include:

Post Office
Ulster Bank
Asda
GM Card
Stroud & Wilson
Sainsbury's Advantage