M&S credit card limit reduction

rehanmalik3030

shortcrust wrote: »

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.

Better still an extra £1.01p that will definitely confuse the binary minimum payment marker

eskbanker

There are 10 types of people in the world, those who understand binary and those who don't....

jennifernil

shortcrust wrote: »

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.

Is paying only the minimum not the main advantage of promotional "0% on purchases" cards as far as the cardholder is concerned? You keep the money in the bank, earn some interest, and repay the full amount before the interest kicks in.

thebritishbloke

jennifernil wrote: »

Is paying only the minimum not the main advantage of promotional "0% on purchases" cards as far as the cardholder is concerned? You keep the money in the bank, earn some interest, and repay the full amount before the interest kicks in.

Yes, but paying an extra £1 a month is not going to really affect your stoozing. It just prevents your credit file from going downhill because of it.

As for whether their systems notice it, they probably use the minimum payment marker as well as how much they usually pay above the minimum. But not having the minimum payment marker will help no matter how small a difference.

shortcrust

thebritishbloke wrote: »

Yes, but paying an extra £1 a month is not going to really affect your stoozing. It just prevents your credit file from going downhill because of it.

As for whether their systems notice it, they probably use the minimum payment marker as well as how much they usually pay above the minimum. But not having the minimum payment marker will help no matter how small a difference.

How do you know? Is it just one of those things that people accept as common knowledge or is there evidence that there's an impact on lenders' decisions? If I was a lender I really wouldn't care about the minimum payment marker. I'd be looking at the details and doing my own analysis on people's reports and I'd know who was stoozing and who was struggling. I honestly can't see why I'd care about an extra quid.

jennifernil

Well, we are on our third 0% purchase card in just over 2 years, always made just the minimum payments, never thought of it mattering.

All other cards always repaid in full every month.

No_6

same as above...just pay the MIN , credit files are always ok
and still better, I can get replacement cards when needed.


6

Archer0710

Still not heard emitted way so impatiently awaiting the first statement to show the cleared balance.

Archi_Bald

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.

What's this 'minimum payment marker'? Never seen one for my BT cards, just the payment amount alongside balance and limit.

loveandlight

posted by Archi Bald
What's this 'minimum payment marker'?

I am also wondering what this is?