Amex Reward Dollars

[Mailak]

To report on my test:

I had $75 total due for the last month, all of which came from the annual fee. I selected to take $75 statement credit from my available Reward Dollars cashback account. It was applied today to my BCP account. The minimum payment is now updated to be showing zero. The account balance now says zero. So the statement credit did apply to the minimum payment and the fees.

[SnackTrader]

Very good to know! That is different than some of my other cards, sorry for any misinformation!

Thanks for testing, and thanks to CreditAddict for pointing it out!

[frugalQ]

I think Mailak's situation is different. The cashback totaled the statement balance. Once applied, there was no balance to post any payment against... Which would make the minimum payment $0.

From what I understand, if you have a payment due, the payment goes against the previous statement balance. If you apply a credit, that credit posts against the current balance (previous month statement + current charges). As long as there is still a balance after the statement credit posts (and it's more than the payment amount), the payment is still due.

It's just like any other credit that's applied (credit for AF, returned merchandise after statement cut)...it doesn't go against payment unless the credit reduces the balance below the payment due.

Amex may be different (I haven't used my rewards dollars yet), but my other cards work in this manner.

[frugalQ]

FYI...This is the Amex statement regarding statement credits that's on my account...

"Pay yourself back by redeeming rewards dollars for credit on your NEXT statement."