Marks & Spencer Money (M&S) today launches two table-topping new credit offers – unsecured personal loans at just 6.9% APR and a credit card deal offering 0% on new purchases for 15 months.
Unsecured personal loans at 6.9% APR
M&S Money has reduced the interest rate on its personal loans from 7.5% APR to 6.9% APR (representative), taking it to the top of the Which? personal loans table for medium loans. The offer applies to personal loans between £7,500 and £15,000.
The offer is also available with the M&S Car Buying Plan which allows customers to defer a fixed percentage of their loan, giving them the following options at the end of the term:
- Keep the car and carry on making monthly payments until the whole of the loan is repaid;
- Keep the car and pay off the remainder of the loan with a lump sum;
- Sell the car and use the money to pay off the remainder of the loan.
15-month 0%-on-purchases credit card deal
The new M&S credit card deal offers 0% on new purchases for 15 months from account opening. This new deal beats the 13 months interest-free offered by longstanding table leader, Tesco.
The M&S credit card has a standard APR of 15.9% and offers M&S reward points on your purchases.
Martyn Saville, Which? credit expert, commented: ‘These new deals from M&S Money offer excellent value and will really shake up the market. M&S Money, Tesco Bank and Sainsbury’s Finance have been jockeying for top position in the loans and credit card markets for months, so it’ll be interesting to see how the supermarket giants react to this move.
‘Make sure your credit file is in tiptop shape before applying for a new loan or card as most deals are only available to people with a very good credit history.’
Save money by switching credit cards
To find out how much money you could save by switching to a new credit card, try out the free Which? credit card switching calculator. You can then find the best deals by reading the Which? 0% balance transfer credit card reviews and our reviews of the best credit cards for using abroad.
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