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Creditting your account before the statement

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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
Money, Money, Money ..... Banks/Casinos/Bookies give me all you money its a poor mans world....

Comments

  • Reaper
    Reaper Posts: 7,353 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    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.
  • 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 :( )
    Money, Money, Money ..... Banks/Casinos/Bookies give me all you money its a poor mans world....
  • Smitty
    Smitty Posts: 341 Forumite
    Part of the Furniture Combo Breaker
    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. :)
  • 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.
    It's always the grass that suffers, irrespective of whether the elephants are fighting or making love !!!
  • 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
    Money, Money, Money ..... Banks/Casinos/Bookies give me all you money its a poor mans world....
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