Payment Code M Promotional Rate Y

Johntea

I've just looked at my credit report now my new 0% credit card has hit it

It shows I am using 90% of the available credit (correct, as I put my rail season ticket balance on it)

As it is 0% I am currently making the minimum payment on it each month so under the account it shows code 'M' which I'm guessing means 'Minimum payment' but then also underneath shows Promotional Rate 'Y'

So I'm guessing that 'cancels out' the minimum payment 'red flag' and I don't need to pay off anything more than the minimum payment each month? Obviously once the promotion ends in 28 months I'll either be cancelling the card or using it and paying it off in full each month! (I do have another credit card which I use and then pay off in full each month on my report too)

chattychappy

Who knows how different lenders will interpret the minimum payment flag?

Suggest you pay £1 more than the minimum payment - then you'll lose the flag.

I pay manually, so this is easy for me. Obviously if you pay by DD, you have some extra effort. Do check that by making a manual payment that the DD isn't adjusted (don't think they are).