Cashback on Student Loan repayment

single_lonely

question for a friend...


its probably a no, but do you get cashback on student loan repayments from a capital one cashback credit card?

Two months ago i cancelled, but wanted to apply for a new one so i can get 5% cashback on the 5k i want to pay back.

Has anyone else done this? Will it work?

Thanks

InsideInsurance

Do the SLC accept credit cards? Does C1 count the SLC as a "purchase" or a cash advance?

I suspect the answer to 1 is no and part 2 is therefore immaterial

callum9999

InsideInsurance wrote: »

Do the SLC accept credit cards? Does C1 count the SLC as a "purchase" or a cash advance?

I suspect the answer to 1 is no and part 2 is therefore immaterial

Yes they do. There is a 1.5% surcharge but if you're getting 5% cashback, who cares!

They'd need to ask Student Finance whether they process it as a purchase or cash advance, though anyone they call is unlikely to know! I don't know if there are rules on repayment amounts, but the OP could try paying off £1, then calling C1 to see how it went through (if it is a cash advance then just pay it off there and then, and it's only cost you a few pence to find out).

The assumption would be it's a cash advance, but I know when I pay off my Littlewoods account it's a purchase. Same principle, but then as Littlewoods sell stuff as well, and SF don't, presumably they just call everything cash.

zerog

callum9999 wrote: »

Yes they do. There is a 1.5% surcharge but if you're getting 5% cashback, who cares!

This is not a very good idea. The maximum cashback is £100, so you can only get 5% on £2000. By using the fee, you're basically reducing this to 3.5%. The only way to get the offer again is to move house and change your name. Why not spend £2000 on something else and get the full 5%?

callum9999

zerog wrote: »

This is not a very good idea. The maximum cashback is £100, so you can only get 5% on £2000. By using the fee, you're basically reducing this to 3.5%. The only way to get the offer again is to move house and change your name. Why not spend £2000 on something else and get the full 5%?

? Maybe they don't need to?

single_lonely

callum9999 wrote: »

? Maybe they don't need to?

[QUOTEWhy not spend £2000 on something else and get the full 5%? [/QUOTE]
No really big plans to spend money I'm afraid :j.
Don't they give the offer when you apply again?

500tie

You only get the offers again after a certain period somewhere around 12 months I think