High Street Bank is compensating thousands of customers for credit card delays
THOUSANDS of M&S banking customers have been compensated after eight weeks of delays, The Sun can reveal.
It is understood that a large number of M&S customers who have applied for a credit card in recent months have had to wait up to two months for a response.
The banking department of the major street giant has been flooded with credit card applications since November last year.
M&S Bank has some of the most competitive 0% credit card offers in the UK.
Martin Lewis's Money Saving Expert (MSE) rates M&S Bank's 0% card second in its top recommendations because you can earn M&S points on your spending and it offers up to 20 months at 0%.
However, it is believed that the increase in recent applications has created a backlog, causing thousands of customers to wait months to hear if their application has been approved.
The delays left many households in the lurch over the Christmas period.
This is because when you apply for a credit card, you should not immediately apply for a new one as it could hurt your credit score if you are not accepted.
M&S Bank typically states that customers should receive a response within five working days, although many customers receive an acceptance immediately.
A spokesperson for the bank, which has approximately four million customers, indicates that customers usually receive their new credit card by post within two weeks.
However, The Sun has heard from a number of customers who have waited up to eight weeks after submitting an application before hearing anything.
Many of those who applied late last year were hoping to use their credit cards over Christmas.
But because of the backlog, many did not hear back until well into the new year, leaving them without credit during the holidays.
One customer said: “I applied for a credit card and now I'm being told there is a four to six week delay, which is not good for me.
“Trying to apply to another company now could be problematic as they have already searched my credit file. I should have been told this at the time of application.”
Another said: “I applied about six weeks ago and heard nothing at all, then out of the blue I got an email saying I had been accepted and would receive my card shortly. Definitely not impressed with their manager! “
M&S Bank is contacting affected customers to apologize and offer them compensation for the long delays.
In an email to a customer, seen by The Sun, the bank offered them a further 500 M&S Rewards points to make up for the delay.
This equates to approximately €5 in cash that you can spend in the store.
The email said: “We are very sorry that your recent credit card application took longer than necessary.
“To thank you for your patience, we are adding an additional 500 M&S Rewards points to your M&S credit card account, worth £5, which you can spend in M&S.”
A spokesperson for M&S Credit Card said: “The M&S Credit Card remains extremely popular, and the majority of customers whose applications are successful typically receive their new card in the post within two weeks.
“However, the time it takes to complete an application can sometimes vary depending on the information required and how quickly it is received and processed.
“We apologize if some customers have experienced delays in their applications.
“While we always aim to keep customers informed throughout the process, our live chat team is also available to support with any queries.”
How can I get compensation if I run out of money due to the delays?
If you feel you have been let down by delays by a company, you can complain to them first.
Put them in writing that you are making a formal complaint so they will take it seriously and explain how you think you have been treated unfairly.
It's a good idea to preserve evidence. For example, if you are given an expected response time after applying for a credit card and it has been much longer, you can show the original correspondence to the company.
Explain how you would like the issue resolved, such as whether you would like compensation for any money you may have lost due to delays.
If you are not satisfied with the company's response, you may be able to escalate your complaint.
If your complaint is with a financial company, you can usually submit it to the Financial Ombudsman (FOS) free of charge.
The FOS will look at all the evidence and decide whether you have suffered damage as a result of a mistake or unfair treatment by the company.
You will need to file a complaint with the company before you can take it to the FOS as they will need to give you a “final response” letter. Here it makes a final offer to resolve the situation.
If you receive this and are not satisfied, you must complain to the FOS within six months.
You can make a claim online by visiting financial-ombudsman.org.uk/make-complaint or by calling 0800 023 4567 to provide details of your complaint over the phone.
Do you have a money problem that needs to be solved? Get in touch by emailing money@the-sun.co.uk.
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