Compare M&S Bank Credit Cards

Marks & Spencer Credit Cards

Whether its food, furniture or clothes, M&S is known throughout Britain as a quality brand. But does this translate to its credit cards? As a joint venture with banking giant HSBC, M&S Bank has grown in size and in terms of what it has to offer since its conception in 2004. While it may have been slow to adopt credit cards as part of its financial line-up, it now has some serious contenders on the market.

As a relatively immature player, compared to some of the other more established credit card groups, Marks & Spencer Bank’s credit card portfolio is still small. But what it does offer looks to reward customers for their loyalty through its M&S points scheme. Added to that a range of competitive introductory offers, and if you are already an M&S shopper, you could secure yourself an attractive all-round package with one of these cards.

What does M&S Bank do well?

Rewarding loyal customers is at the heart of Marks & Spencer Bank’s credit card portfolio. Each of one of its credit cards, whether it’s a specific reward card or not, includes the provider’s M&S points reward scheme. So if you are a credit card customer you could earn points on all your spending. However, there is a higher points yield if you choose to use your card at M&S, compared to if you use it at other retailers. Rewards are given in the form of quarterly M&S vouchers, which can then be used to purchase anything from food to clothes at the store.

And for those customers who want a bit more, M&S Bank has its premium club. For a monthly fee you can triple your reward points and receive additional vouchers for hot drinks and other treats. The cards also often carry bonus offers or welcome awards for first-timers.

Rewards do not just come in the form of points. Marks & Spencer also uses its extensive product network to offer cardholders preferential exchange rates when using their card to purchase M&S Travel Money. There are definitely perks to taking out a card with a brand that has a large and varied infrastructure.

Putting the reward benefits to one side, M&S Bank also offers competitive interest-free introductory periods. Each of its cards offer something in the way of 0% on purchases and 0% on balance transfers. Its promotional rates tend to be competitive with some of the top options on the market. But the key difference is that with any Marks & Spencer credit card you can benefit from interest-free periods on both balance transfers and purchases, although these will vary in length depending on what card you choose.

Where does M&S Bank fall down?

M&S Bank looks to reward its customers, so if you are not a Marks & Spencer shopper you are unlikely to feel any real benefit. Earning points are skewed to spending at M&S and the rewards themselves come in the form of M&S vouchers. Added to that, vouchers are only sent out quarterly, making the scheme quite limited.

It’s also worth considering the fees attached to the cards. While M&S Bank does offer competitive interest-free introductory periods, it also has a balance transfer fee attached which sits around the market average. Other card providers offer fee-free options with a shorter 0% introductory period, but M&S Bank has no such option at the moment.

Meanwhile, Marks & Spencer Bank credit cards are not the ones to use abroad. Although the cards offer advantages for buying travel money, they all carry a foreign transaction fee and a cash fee for ATM withdrawals made outside the UK. This is not unusual as these cards are not marketed as travel credit cards. But it is something to be aware of if you are after a card you can use on your hols.

What will you find in M&S Bank’s credit card portfolio?

As I have mentioned, M&S’s credit card portfolio is not extensive, but what it does have on offer is pretty streamlined. You can choose between an all-rounder, a specific rewards card or a balance transfer card. However, the beauty of the M&S Bank portfolio is that whatever card you choose you will receive an element of rewards, purchases and balance transfers, but just in differing amounts.

Each card includes the M&S points reward scheme and each card has some sort of 0% purchases and 0% balance transfer offer. It’s just up to you to decide which combination you prefer.

What do you need to remember?

M&S Bank credit cards are no different to other cards that carry promotional rates. Keeping your interest-free rate is often dependent on making sure you keep up with your monthly payments. The good thing about M&S Bank is that you will have access to its internet banking service, so you can easily set up a direct debit to ensure that you make your minimum payment each month.

How to apply

You can apply online through the M&S Bank website, in branch or on the phone. With the online application, you can choose to do a ‘soft search’ which will see if you are likely to be accepted for an Marks & Spencer credit card without affecting your credit score.

When you are ready to apply the application will take around seven minutes. You will need to provide information regarding your employment history and income, as well as your personal details. M&S Bank asks that applicants are aged 18 or over, live in the UK and are happy for the provider to undertake a credit register search and credit scoring as part of the application.

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