Cash back and minimum payments

[Marcos8]

What happens with a card when you decide to redeem a cash back statement credit that exceeds what the minimum payment is on the statement? Does it just register as a payment or are you still expected to make the payment anyway? Thanks

[jsucool76]

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@Marcos8 wrote:

What happens with a card when you decide to redeem a cash back statement credit that exceeds what the minimum payment is on the statement? Does it just register as a payment or are you still expected to make the payment anyway? Thanks

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I know cap1 doesn't count cash back as a minimum payment. Or at least they didn't when I first got my card a few years back, not sure about other lenders. 

[jon22guitar]

You're still likely required to make the minimum payment, hence the name.

Try it out before your payment due date, and let us know if the minimum amount due changes to 0.00.

[SunriseEarth]

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@Marcos8 wrote:

What happens with a card when you decide to redeem a cash back statement credit that exceeds what the minimum payment is on the statement? Does it just register as a payment or are you still expected to make the payment anyway? Thanks

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Check your T&C, but typically you can't use rewards in lieu of a minimum payment.

[Marcos8]

I'll check it out. On the flip side I don't want to redeem for a statement credit and it does count it as a payment... but it would be much smaller than my typical payments. As I know some lenders look closely at the size of your payment.

[Anonymous]

I know on my Chase Freedom you can't use rewards towards your minimum payment.

[Imperfectfuture]

I know almost all of them say that. OP still has statement credit, but can it be considered purchase eraser? Do those need to be redeemed prior to statement cut?

Interesting to find out if OP zeros out balance, AND has to make minimum payment, because cap one won't let you pay more than 10% of what is showing as owing.

[taxi818]

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@SunriseEarth wrote:

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@Marcos8 wrote:

What happens with a card when you decide to redeem a cash back statement credit that exceeds what the minimum payment is on the statement? Does it just register as a payment or are you still expected to make the payment anyway? Thanks

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Check your T&C, but typically you can't use rewards in lieu of a minimum payment.

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Yes. You can't  use as minimum  but if you got extra. It will be credit to your  account.  

[Anonymous]

Well I did that with my Amex BCE, I had a balance of 35 left my min payment was 25 and I redeemed 40 cash back and it put my account as -5 and said 0 min payment due.  So from my experience YES, but that was 3 months ago if they changed it since then I dont know or maybe I got away with it and they didnt realize lol

[Anonymous]

Discover applies it to my minimum payment but Amex doesn't for me.  Seems like a YMMV situation?