Creditting your account before the statement

ashcarrot

Right if i credit my account before the statement is generated would that count as a refund or not. Basically what i wanna do is get my student loan paid for before xmas (my xmas gift to myself ) , and im running it through my card to get the cashback. And im at my limit so wanted to pay it off and get more cashback though im wondering if they would count the second lot?

I've tried raising the credit limit but im under 6 months (4 and a bit) so cant do that

Reaper

I'm a bit concerned at what you are trying to do. You get cashback when you make purchases on credit cards. However paying off a loan is either a Balance Transfer or a Cash Advance (shudder). Neither will give you any cashback because you are not purchasing anything and both could cost you money if get it wrong.

Perhaps you could clarify how you are trying to work it.

ashcarrot

The student loan counts as a purchase

Basically ignore the student loan bit for now, if you paid the amount you spent off would it count as a refund? or would you get the cashback for it (i fear it would be a refund/pseudo refund ie they'd work out the cashback at the statement time )

Smitty

Hello Ashcarrot.

Assuming paying your loan counts as purchases....

If you pay you card balance off, this will not detract from your cashback. If you then pay more of your loan off using your CC, this will count as more purchases and give you more cashback.

Walletwatch

Wonder how the creditor with whom you have the student loan is ready to accept payment by credit card though ??? Have you ensured he's not going to sock you charges for this?

You don't want to end up paying extra on that end which will, I guess be much more than the cashback you earn on your cc.

ashcarrot

Yeah i asked if they did and they dont charge surcharges. I suspect that they accept it to encourage people to pay back their loans early as their only getting base rate .... Hmmm