CSP Minimum Spend or Minimum Payments?

Anonymous · ‎10-12-2017

I have the CSP and I'm about $90 away from spending $4k in the first 90 days.

My question is do I need to also make $4,000 in payments? Or does $4k simply need to be charged to the account in 90 days?

I like to use this card to leave less than 9% of the balance after the cut date. That's why I'm asking.

iced · ‎10-12-2017

@Anonymous wrote:
I have the CSP and I'm about $90 away from spending $4k in the first 90 days.

My question is do I need to also make $4,000 in payments? Or does $4k simply need to be charged to the account in 90 days?

I like to use this card to leave less than 9% of the balance after the cut date. That's why I'm asking.

Spend only. If you think about it, even for the PIF crowd, the bonus cuts when the statement does, which has left nobody any time to actually pay that part of the balance back yet.

Anonymous · ‎10-12-2017

Purchase.

You can take as long as you want to pay it off, but that would totally defeat the purpose

Anonymous · ‎10-13-2017

@iced
Thank you. It definitely does make sense that it would only be a minimum spend. I just didn't want to miss out on the bonus because I misunderstood something.

@fi-fico-fum
I appreciate your concern, but I won't take as long as I want to pay any credit card off. I pay all my cards in full by the cut date except for one (right now that is my CSP), and I leave Less than a 9% balance on that one after the cut date. Then, of course, I pay that card in full by the due date.

Anonymous · ‎10-13-2017

Just be careful using a Chase credit card to be your only card to report a balance. Chase will report again when a balance is paid in full. I'm sure someone else can explain this better then me, but for this reason I don't use my Chase card as the account that reports a balance. I'm sure you know the deal, if you get caught with no cards reporting a balance you get a pretty severe fico penalty.

Anonymous · ‎10-13-2017

Oh snap, I wasn't aware of that about the CSP. Thanks for the warning. A few months ago I got hit with no cards reporting a balance and it dropped my score 15-20 points...all because I forgot I had an autowithdraw on a card.

It's still crazy to me that I got penalized for making sure my bills were paid.

simplynoir · ‎10-13-2017

@Anonymous wrote:
Just be careful using a Chase credit card to be your only card to report a balance. Chase will report again when a balance is paid in full. I'm sure someone else can explain this better then me, but for this reason I don't use my Chase card as the account that reports a balance. I'm sure you know the deal, if you get caught with no cards reporting a balance you get a pretty severe fico penalty.

Yep, Chase will report $0 balances to the credit bureaus mid-cycle if paid off even if the statement has not generated yet so keep that in mind.