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 transfers.
What do I need to start my balance transfer?
Before you start you’ll need to:
- register for the M&S Bank app, you’ll need to do this first.
- know the amount(s) you wish to transfer.
- have the details of your existing card provider(s) including the type of card and card number.
- have your M&S Credit Card to hand (make sure your M&S Credit Card is activated), you can do this in the app.
- know your credit limit and make sure it covers the amount you wish to transfer (you’ll find your credit limit on a recent statement, the letter that was sent with your M&S Credit Card, you may have received an SMS from us with it on or you can find your limit in the app by selecting your card).
- make sure all payments have cleared on the account you’re transferring from if you’re wanting to transfer the full balance.
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 Bank app and select your credit card.
- Select 'More' then select '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 Bank app to transfer a balance via the app.
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 increase your 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. 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 may apply 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.
Manage your balance transfer
Not an M&S Credit Cardholder?
Have a question about a balance transfer?
We’ve listed some frequently asked questions below, but if you still have questions you can Chat with us.