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- Joined: Thu May 08, 2014 7:42 pm
- Location: United States
kdm31091 wrote: To My Credit wrote:
This is one of their terms:
Statement credits will reduce your balance but you are still required to make at least your minimum payment.
Let me explain how that works. If you had a statement balance of $100 and a minimum payment due of $25, and you redeemed your rewards balance of $100 to pay your statement balance in full, you'd still need to make the minimum payment of $25. Why, I have no idea, but I just double-checked with Chase and that's what they say.
Strange rule, to say the least. I can see a lot of people missing their payments because of this rule.
This isn't unique to Chase. Almost any lender who allows statement credits for rewards has the same language. They don't consider it a payment. I think there is an exception, but I can't remember who it is. Discover maybe.
In any event, definitely not uncommon.
Discover gives the option of drawing cash from cash back rewards when making a payment.
To My Credit wrote:
Nixon wrote:Travel redemption or xfer to program for best values.
I have a travel coming up, so I looked around on the Ultimate Rewards page but it wasn't really giving me any cheaper options than buying it elsewhere.
Not sure what you mean by "xfer to program for best values." I don't have CSP or any other Chase card, if that's what you're referring to.
...and you'd need an AF Chase card to pay for travel with a reduced number of points...the same sort of card that you'd need to transfer to hotel and airline programs.
If you're considering getting a CSP/CSR/Ink Plus within a year or two, then holding onto rewards may be best.
Very useful: SchwabPlat, CSP, IHG, Costco (was AA Plat), Freedom, SPG, Prestige (retention)
Somewhat useful: Discover, ED (was EDP), BCE, Hyatt
SD with activity alerts, might close: Arrival and Brooks Bros
Might add: Proper business card, CSR, Ritz, Delta Gold, First Tech, BofA Travel PH