The Lemon Fool

Not sure whether this is the correct board

I have recently received a letter saying that my M & S charge is being withdrawn on 22 July 2024

Has anyone else received this letter

does anyone know what is going on

Keith

I saw this:

"We will be closing our M&S Chargecard, M&S Budgetcard and M&S Personal Reserve accounts on 22 July. We want to give our customers a great experience and that means focusing our efforts to make sure we create the very best financial products and services. The types of credit our customers are using is evolving, and the number of customers using their account has significantly reduced.

This means that from 22 July, these accounts will be closed and will stop working. If you are an M&S Chargecard or M&S Budgetcard customer you won't be able to use your card for any spend in M&S stores, through marksandspencer.com and M&S app. If you are an M&S Personal Reserve customer you won't be able to withdraw funds after this date."

https://bank.marksandspencer.com/storecard/

But are storecards, chargecards and creditcards all the same thing?

My M&S card is handy for buying FX as it is charged as a purchase and not as a cash advance.

Lootman wrote:But are storecards, chargecards and creditcards all the same thing?
.

I don't think so. My M&S card functions as a normal Mastercard and is branded M&S Rewards credit.

At one time I think it was just a storecard and only usable in M&S. Various other stores offered similar. I think they upgraded it to a full credit card many moons ago.

A chargecard like American Express has to be piad off in full every month, although I believe Amex now do credit cards as well. That would do nicely but don't leave home without it.

Alaric wrote:

Lootman wrote:But are storecards, chargecards and creditcards all the same thing?

I don't think so. My M&S card functions as a normal Mastercard and is branded M&S Rewards credit.

At one time I think it was just a storecard and only usable in M&S. Various other stores offered similar. I think they upgraded it to a full credit card many moons ago.

A chargecard like American Express has to be piad off in full every month, although I believe Amex now do credit cards as well. That would do nicely but don't leave home without it.

It is confusing though. If the credit cards are continuing then why not say so?

I read somewhere else that M&S are rolling back their bank accounts and are entering a deal with HSBC to offer loyalty and payment products. So is M&S winding down its banking operations?

Lootman wrote:I read somewhere else that M&S are rolling back their bank accounts and are entering a deal with HSBC to offer loyalty and payment products. So is M&S winding down its banking operations?

In M&S this week, one of the sales people was trying persuade us of the benefits of an M&S HSBC credit card so I'm guessing staff must be on commission.

Regards, Puffster

Well looking at the M&S storecard site at https://bank.marksandspencer.com/storecard/ - it mentions applying for an M&S credit card as a replacement, so I think it's safe to assume these are continuing.