Save £200 off you student loan repayment

zcaprd7

I mentioned this trick a while back, but it still holds.

In a nutshell, the student loans company take AMEX cards, which means if you are considering paying off your loan (or some of it) you should apply for the new amex card with 5% cash back and funnel the payment(s) through it - up to a maximum of £200 can be gained in this manner.

For more info on the cash back deals, go here:
http://www.moneysavingexpert.com/cards/cashback-credit-cards

zcaprd7

Nuts, they must have changed the rules since I did this:

http://www.direct.gov.uk/en/EducationAndLearning/UniversityAndHigherEducation/StudentFinance/RepayingStudentLoansCoursesStartingFrom1998/DG_10034868

Says that they charge a 1.5% fee for credit card payments... so check when you ring up.

HannaB

Not ever had an AMex, but I assume the interest on the Amex would be higher than the student loan, so you would need to pay the CC off in full straight away...

zcaprd7

Yes, of course pay off the Amex bill (but not straight away, use the 56 days of interest free credit, so make the payment just after your statement date).

Its not transfering, its paying it off via the Amex to get the cashback...