M&S Rewards Credit Card

Representative example

Lenders offer different rates and credit limits depending on people's personal circumstances, but when you first start searching for a credit card you'll typically see the representative example. It shows the rate that at least 51% of those accepted for the credit deal will get on any given product. However, that does mean that almost half the people who are approved for the deal may not be eligible for the advertised rate and will get a different rate – usually a higher one.

Representative APR (Variable)

APR stands for Annual Percentage Rate and it refers to the yearly cost of borrowing money. APR factors in how much interest you will have to pay. Variable APR means that the APR isn't fixed, and can change over time. So, the amount of interest you are charged each month will vary depended on the APR at that time. There are lots of reasons your APR might change, though it will usually be to stay in line with the Bank of England interest rate.

Purchase rate p.a. (Variable)

It is the annual interest rate on purchases. If you pay your credit card bill in full and on time, then you won't have to pay any interest on your purchases. It's only when you carry a balance over into a new month that you will have to pay interest.

Assumed credit limit

For standard credit cards, representative APR is based on a credit limit of £1,200 – this is the same for all lenders. Representative APR assumes you spend the full £1,200 on the first day and then pay it back in equal, regular instalments over a year without spending anything else. The credit limit you will get depends on your specific account and unique credit score.