Cap QS reward statement credit wont count as payment?

[Anonymous]

So when I look at my reward options it says the following: "an account credit does not take the place of your regular monthly payment; however, the account credit does decrease your account balance."

I get that its not a payment but that its a credit however if it doesnt take the place of my payment or at the least reduce the amount I have to pay what do I need credit for lol?

like if my balance is 100.00 and I got a 100.00 worth of rewards I can redeem. Why cant I apply that to my balance making it zero? And if my balance is zero why do I need to make a payment? Like what does that statement even mean. I can understand if my balance is 150 and my statement credit is 100.00 that I need to pay 50 because I owe a balance. so qs holders or any credit card with these same conditions please shed light on wth does that mean. thank you in advance. 

[Anonymous]

I just noticed that too after reading your post. I applied cashback toward my QS bill yesterday, which has posted, but my full min payment is still due. Kinda crappy - my Discover cashback can be applied as a statement credit and does reduce the amount due.

[pizza1]

Ive never known in my many years of credit knowledge for a lender to ever use a cash back as a payment. Its never been considered a "payment". It can be applied to the overall bill, but is not considered your actual payment on the account.

[Anonymous]

It actually does on Discover - I applied my cashback match this month and my min was reduced accordingly.

[pizza1]

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@Anonymous wrote:
It actually does on Discover - I applied my cashback match this month and my min was reduced accordingly.

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really? I guess Ive never used the cashback applied to my balance, Ive always saved it up and either bought GC or sent check. Thats good to know for other folks, thanks!!

[Brian_Earl_Spilner]

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@pizza1 wrote:
Ive never known in my many years of credit knowledge for a lender to ever use a cash back as a payment. Its never been considered a "payment". It can be applied to the overall bill, but is not considered your actual payment on the account.

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This is new because you used to be able to do it with cap1. I've done it to skip a payment.

[Anonymous]

I’ve only had QS for a few months so I don’t have any history with it in any other way of using the cashback. I just throw my Disco cashback at my balance as a “free” extra payment amount in addition to what I pay against the card myself.

[Anonymous]

I have had my QS for a year and a half and it has always been that way, Amex is also the same way, I have had this same conversation with both lenders. Don't know about Discover or others because I always deposit cashback into one of my external accounts, CapOne and Amex are the only 2 that I apply to statement credit due to lack of redemption options.

[MakingProgress]

If you want to use it as a payment all you need to do is have your cashback direct deposited into your checking account then use that cash to make a payment. 

The statement credit is simply that a credit just like if you return an item to a store you get a credit to your account but you still need to make your minimum payment. 

OP...This is my opinion as I have never tried it but I Would think that in your example of having a $100 balance and  then getting a $100 credit you would not have to make a payment.  This should be true as long as your balance is zero after the credit.   If your statement cuts with a $100 balance and then you charge another $50  I would assume that the minimum payment would still be due. 

[UpperNwGuy]

Most banks and credit unions do it like Capital One.  They want the borrower to make their minimum payment each month, even if other (perhaps larger) credits post to the account.  It's a risk-reduction technique.

I'm surprised that Discover does not follow the standard practice.