// M&S to allow Sparks users to borrow up to £500 for purchases
// Sparks Pay has been launched with M&S Bank and will be rolled out as a phased launch
Marks & Spencer has launched a new initiative to allow Sparks users to apply for a new digital credit account and borrow up to £500 for purchases.
Sparks Pay has been launched with M&S Bank and will be rolled out as a phased launch across M&S.com and the M&S app.
The retailer said customers must be at least 18 years of age and will need to pass credit checks.
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Interest may also be charged at a representative annual rate of 23.9%.
Shoppers will get up to 76 days’ interest-free on their first order when they pay their balance in full, and up to 45 days for later transactions.
Once set up, customers can make purchases with “one-click” payments and can manage their account in the app or online, where they will be able to see recent transactions and statements.
M&S said it will use customer feedback and experience from the “online-first” launch, and will roll out the digital way to pay to its stores next year.
Since the Sparks loyalty scheme was relaunched as a “digital-first” loyalty programme in 2020, the number of customers in the scheme has more than doubled from seven million to just under 16 million.
The rise in online shopping means M&S.com now accounts for around a third (34%) of all clothing and home sales at the retailer.
“We are excited to debut Sparks Pay, another new benefit for our Sparks customers,” M&S services director, Kirsty Ward said.
“We are setting out to create better connected and smoother payment solutions across M&S.com, our app and stores nationwide.”
M&S Bank chief executive, Paul Spencer said: “As a responsible lender, full credit and affordability checks are in place, enabling us to offer an instant credit account which can be used on multiple purchases, up to a maximum of £500, for those who love to shop online at M&S.”
