Marks & Spencer re-launch &More credit card

September 5, 2006

By Peter Kenny

Recently voted as "best provider of credit cards" Marks & Spencer has updated the very popular &More credit card.

The most significant change in the new card has to be the addition of a very generous offer of 0% APR on all purchases made in the first 12 months of the account opening. Anyone contemplating any major purchases in the next 12 months should certainly consider this credit card.

Marks & Spencer has also made changes to its balance transfer offer. Originally offering cardholders 0% balance transfers for six months, this deal was being put in the shade by other credit card issuers offering up to 12 months. The Marks & Spencer &More credit card now offers a lifetime balance transfer at a very attractive rate of just 3.9% APR. Even better is the news that Marks & Spencer will not charge a balance transfer fee.

The 3.9% lifetime balance transfer offer should not be ignored as previous studies have revealed that in the long term, consumers can save more using a lifetime balance transfer card rather than the option of continually chasing 0% deals, at the same time incurring balance transfer fees up to 3%.

The standard purchase APR (after the initial 12 month introductory deal) has risen from 15.9% to 16.9%.

The Marks & Spencer &More card comes with a reward scheme that beats many others. With every £1 spent in Marks & Spencer the cardholder receives one reward point while for every £2 spent elsewhere gains one reward point. Reward points are exchanged into &More reward vouchers four times a year, which are redeemable against purchases in any Marks & Spencer store.

Chief executive of M&S Money, Brendan Cook, said, "This is a great way for customers to get the most out of their credit card. With interest‑ free shopping for a year, loyalty rewards for shopping at M&S and elsewhere, and no fees on balance transfers it’s no wonder that the &MORE Credit Card is so popular"