Minimum Payment Marker & Promo Marker

Willing2Learn

Hi,

Just wanted to confirm something. I've currently got two cards that are on a promotion (one is 0% purchases and the other is 0% BT).

So what I've been doing is paying minimum payments on both of the cards. Once the respective promos are finished, I will pay the balances in full.

I can see minimum payment markers via Equifax/ClearScore. But I cannot see a promo marker. Does a promo marker actually exist? Or is that something in my memory that is wrong and I should pay an extra £10/month (so as not to have min payment marker)?

I would be grateful for clarification either way.

Thanks

JimmyTheWig

I only ever pay the minimum on my 0% cards. Am always being given credit limit increases.

Willing2Learn

Thanks Yeah. I've got no problems with my credit limits. I'm just wondering if my recollection about promo markers is a false memory. Would it be better to pay a standing order for £10/month on each card on top of the minimum payment DDs?

20aday

I've no longer got an Equifax account (at one time you could subscribe for 'free' with Capital One) but back then any promotional rates were highlighted on the account.

I'm happy to stand corrected but I'm sure I've read on these forums that during any promotional periods making the minimum payment isn't usually an issue; it's only when you're starting to bear interest.

One user, sorry I forget their name, usually suggests the minimum payment plus £1.

JimmyTheWig

Willing2Learn wrote: »

Thanks Yeah. I've got no problems with my credit limits. I'm just wondering if my recollection about promo markers is a false memory. Would it be better to pay a standing order for £10/month on each card on top of the minimum payment DDs?

If you've got no problems with your credit limits, that suggests that your credit file is seen in a good light by lenders.

[Deleted User]

I think only prospective lenders see that it's on Promo

Anthorn

JimmyTheWig wrote: »

I only ever pay the minimum on my 0% cards. Am always being given credit limit increases.

I differ: In the case of 0% over a period I divide the balance over the period to calculate the monthly payment which will clear it within the term. Then I pay the minimum and deposit the remainder into an interest bearing account. Then I use the savings to clear the balance when due.

eddddy

Willing2Learn wrote: »

I can see minimum payment markers via Equifax/ClearScore. But I cannot see a promo marker. Does a promo marker actually exist? Or is that something in my memory that is wrong and I should pay an extra £10/month (so as not to have min payment marker)?

'Promotional Rate Indicators' certainly exist - but...

• It's up to the individual credit card companies whether they choose to report a Promo Rate Indicator

• It's up to Equifax/Clearscore whether they choose to include the Promo Rate Indicator in the report they show you

• (And it's up to other lenders to decide how they view people who borrow on promo rates.)

As Equifax says:

Some Accounts will provide additional information beyond the standard seen above. Usually these are Credit Card providers who have agreed to provide additional information, known as Insight Plus. In these instances items such as the number and value of cash advances, payment amount, promotional rate indicator etc - will also be shown.

Link: https://www.uk.equifax.com/publicsectorgateway/webapp/online-help/Insight.htm

FWIW, the credit card companies can also report payment amount, so other lenders can work out if you're paying minimum payment + £1.

JimmyTheWig

Anthorn wrote: »

I differ: In the case of 0% over a period I divide the balance over the period to calculate the monthly payment which will clear it within the term. Then I pay the minimum and deposit the remainder into an interest bearing account. Then I use the savings to clear the balance when due.

So you pay the minimum each month. Sounds exactly the same to me.
[I also use an interest bearing account, but for the whole balance from the start.]

MadMat

I got a letter from Lloyds today saying that they were concerned that I was in financial distress as I was only paying the minimum amount each month on a 0% balance transfer card .. .