What is a balance transfer?
If you're already an M&S Credit Card customer and complete a balance transfer, you're transferring credit you have from one provider to M&S Bank. Simply, you're moving your existing credit or store card balance with another provider, to your M&S Credit Card. Learn more about balance transfer credit cards.
What do I need to start my balance transfer?
Before you start you'll need:
- The amount(s) you wish to transfer
- The details of your existing card provider(s) including the type of card and card number
- Your M&S Credit Card
Register for Digital Banking
If you have a balance transfer offer and wish to apply digitally, you need to be registered for our Digital Banking services.
Activate your M&S Credit Card
To complete a balance transfer your card needs to be activated. You can do this in the M&S Banking App.
Know your credit limit
Make sure your credit limit covers the amount you wish to transfer. You can find this on a recent statement or on the letter that was sent with your M&S Credit Card or you may have received an SMS from us. You can also find your credit limit in the app. Just select your credit card and pull down on the grey tab just under the words 'Balance transfers'.
Check your cleared balance
If you are wanting to transfer a full balance, make sure all payments have cleared on the account you are transferring from, before requesting to transfer the balance over to us.
Transferring a credit card balance in our app
If you need help with how to request a balance transfer in the app, just watch our handy video to see how or follow the steps below:
- Sign in to the M&S Banking App and select your credit card.
- Click on 'Balance Transfers' to see what offers are available to you.
- Follow the instructions on the screen for a new request.
You'll need to have downloaded the M&S Banking App to transfer a balance via the app.
Transferring a credit card balance in Internet Banking
Watch our handy video or follow the steps below:
- Sign in to Internet Banking and select 'Balance transfers' under 'Quick links' to see what offers are available to you.
- Complete the online balance transfer form.
Transferring a credit card balance with a call
You can also apply for a balance transfer by calling 0345 266 1349. Lines are open 8am-8pm.
Important things you need to know when completing a balance transfer
- Online balance transfers won't show straight away. Don't worry, we will let you know once your balance transfer has been processed.
- The minimum you can transfer is £100 per balance transfer and you can only transfer one balance at time.
- We accept balance transfers from most credit or store cards held with other lenders.
- All balance transfers are subject to available credit limit.
- If you haven't paid off the amount you transferred after your promotional period ends, you will start paying the standard interest rate for purchases as shown on your statement.
- You can request a credit limit decrease at any time. Once you've had your M&S Credit Card open for 6 months, you can request to your increase credit limit. Requesting an increase is subject to status.
- If you have other balances on your M&S Credit Card, we will apply the interest rate noted on your statement on that amount. If you don't pay off your monthly statement balance in full each month, your repayment will be used to pay off any balance at the higher interest rate first.
- If you currently have a Direct Debit set up to claim your full statement balance each month, this will also include the full amount of the balance transfer. You may wish to consider amending your Direct Debit to either a fixed amount or the minimum payment if you don't want the full balance to be claimed.
- Once you've completed a balance transfer, you may want to amend your Direct Debit to the minimum payment, if you don't want the full balance to be claimed. You can simply do this by completing our Amend your Direct Debit form.
What happens next after submitting a balance transfer request?
- We will contact your existing card provider to initiate the balance transfer.
- Once the transfer is complete, the balance will appear on your next statement and your banking app or Internet Banking account.
A fee applies to each amount transferred (minimum £5), this will be added to your credit card balance. You should continue to make payments to your existing provider until the transfer is complete.
Looking to manage your balance transfer?
You can view the details of your balance transfer(s) in our app, including any outstanding balances and when your balance transfer rate ends.
Download or open our app today
If you've not downloaded the M&S Banking App you'll first need to register for Internet Banking to set up your digital username and password. You'll then use this information to sign in to the app.
If you're ready to start using the M&S Banking App, head to the App store or Google Play store to download.
Please note device restrictions apply.
Important documents
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Supported Devices
Want to find out which devices the M&S Banking App is compatible with?
Not currently an M&S Credit Cardholder?
If you're not yet an M&S Credit Cardholder and you're thinking about moving your existing credit card balance to another credit card, take a look at our Transfer Plus Card.
Have a question about a balance transfer?
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Frequently asked questions
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