M&S credit card limit reduction

Archer0710

I have just BT the balance on my husbands c/card onto my Barclaycard to take advantage of the 34 months 0% offer and can easily clear the balance over the next few months I just begrudged paying the interest.

The balance on the card stands at £4300, I have t/x £4k off it, any idea how much they are likely to reduce the limit by?

The only reason for my question is I / we would like to start using it and clearing it each month to take advantage of the rewards points.

Just wondering if they will reduce the limit or whether we will manually have to do it?

CLAPTON

Archer0710 wrote: »

I have just BT the balance on my husbands c/card onto my Barclaycard to take advantage of the 34 months 0% offer and can easily clear the balance over the next few months I just begrudged paying the interest.

The balance on the card stands at £4300, I have t/x £4k off it, any idea how much they are likely to reduce the limit by?

The only reason for my question is I / we would like to start using it and clearing it each month to take advantage of the rewards points.

Just wondering if they will reduce the limit or whether we will manually have to do it?

why would they reduce the limit?

why do you want to reduce the limit?

[Deleted User]

No reason to assume they will reduce the limit, so do it yourself if that's what you want.

thebritishbloke

I doubt they'll reduce the limit if you've always kept to the terms of the card.

Archer0710

I guess I just assumed after carrying a large balance which we only met minimum terms on while we cleared everything else that they'd view it negatively and reduce it. They sent us a Minimum payment letter once advising we were only making minimum payments and wouldn't clear the card, it was just the lowest priority at the time.

I will definitely get him to reduce the limits down as I only need about £1000 monthly spend including fuel which is reimbursed.

CLAPTON

Archer0710 wrote: »

I guess I just assumed after carrying a large balance which we only met minimum terms on while we cleared everything else that they'd view it negatively and reduce it. They sent us a Minimum payment letter once advising we were only making minimum payments and wouldn't clear the card, it was just the lowest priority at the time.

I will definitely get him to reduce the limits down as I only need about £1000 monthly spend including fuel which is reimbursed.

Best always to pay more than the minimum even if by a few pounds

Not sure reducing the limit is in his interest : let sleeping dogs lie.

Archer0710

Thanks will just jet it tick over and oat the balance in full each month.

thebritishbloke

Archer0710 wrote: »

Thanks will just jet it tick over and oat the balance in full each month.

On your new BT card, ensure you do what CLAPTON's said. If you can only afford the minimum payment one month, make sure you pay at least £1 above the minimum payment. This way you won't get a minimum payment marker on your credit file.

Archer0710

Thanks, having cleared everything else the BT card is being cleared at £500 PCM and anything extra I can throw at it.

I'd not realised it was quite such a big deal and was overpaying other things but will need to be more aware of it in the future. Thanks

rehanmalik3030

thebritishbloke wrote: »

On your new BT card, ensure you do what CLAPTON's said. If you can only afford the minimum payment one month, make sure you pay at least £1 above the minimum payment. This way you won't get a minimum payment marker on your credit file.

Great Advice!!

shortcrust

I do wonder whether you really need to pay more than the minimum on promotional rate cards. I also wonder whether paying an extra quid would make any difference anyway. They can see that there's a promotional rate on the card, and they can see the statement amount and the payment amount. If I were to design a system to look at this stuff I'd be using that information in a smart enough way to make a simple binary minimum payment marker pretty redundant.

Still, doesn't hurt to pay an extra £1 I suppose.