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Bat Signal for the credit card point gurus
Posted on 12/21/14 at 6:52 pm
Posted on 12/21/14 at 6:52 pm
I have a couple large student loans I've positioned myself to pay off. Does any one know of a method by which I can use my Chase Sapphire Preferred to pay the loans off so I can earn thousands of points in the process?
I spoke to a customer service reps for one of the lenders who told me I couldn't use a credit card to directly pay the loans, but could use my credit card to send a money order via Western Union, the latter of which they accept as a payment method.
Could I even earn CSP points on a Western Union order? There has to be any easier method here...
I spoke to a customer service reps for one of the lenders who told me I couldn't use a credit card to directly pay the loans, but could use my credit card to send a money order via Western Union, the latter of which they accept as a payment method.
Could I even earn CSP points on a Western Union order? There has to be any easier method here...
3
Posted on 12/21/14 at 7:16 pm to Jwodie
quote:
I spoke to a customer service reps for one of the lenders who told me I couldn't use a credit card to directly pay the loans, but could use my credit card to send a money order via Western Union, the latter of which they accept as a payment method.
I imagine the fees Western Union charges cost more than the benefit gained in points.
But yes, there are ways to pay off student loans and mortgages through roundabout methods.
Posted on 12/21/14 at 7:57 pm to Jwodie
In my experience rewards points are pretty insignificant
Posted on 12/21/14 at 8:12 pm to Powerman
quote:
In my experience rewards points are pretty insignificant
Ok. Many of us here would disagree including me with first class tickets to and from Italy next summer and four free nights in Rome.
Posted on 12/21/14 at 8:32 pm to Powerman
quote:
In my experience rewards points are pretty insignificant
Posted on 12/21/14 at 8:39 pm to VABuckeye
quote:
Ok. Many of us here would disagree including me with first class tickets to and from Italy next summer and four free nights in Rome.
Right. And how much did you have to spend to get that reward? 40,000?
Posted on 12/21/14 at 8:49 pm to Powerman
quote:
Right. And how much did you have to spend to get that reward? 40,000?
I'm not sure you understand how points work?
For instance
Chase Ink 70K bonus points for 5000K spent in first 3 months. Just bought house without any appliances. Bought appliances and paid balance next day. Roughly worth two free tickets to pretty much anywhere.
5x points for phone, electricity, office supply stores
Posted on 12/21/14 at 9:19 pm to Powerman
The money was going to get spent whether I earned rewards or not so I chose to earn rewards. Not sure you get how this thing works.
Posted on 12/21/14 at 9:24 pm to VABuckeye
quote:
The money was going to get spent whether I earned rewards or not so I chose to earn rewards. Not sure you get how this thing works.
I got challenged in the big thread and showed how I could get to Europe for less than $50. I deleted it but that was fun.
Once you really digest the info you wonder how you weren't doing this forever.
This post was edited on 12/21/14 at 9:28 pm
Posted on 12/21/14 at 9:48 pm to Teddy Ruxpin
Is the best route to do the Bluebird/gift card upload method discussed in the CC points thread? That would take forever if I'm trying to knock out this chunk of loan soon.
Posted on 12/21/14 at 9:51 pm to VABuckeye
quote:
The money was going to get spent whether I earned rewards or not so I chose to earn rewards. Not sure you get how this thing works.
I get it. I just don't try to chase rewards I guess. I use my amazon card as my main spending card so it's not like I don't use the rewards points ever.
I just can't imagine what type of spending you'd have to do to get anything substantial out of it. At that point it seems like you've proven you spend enough to where you could probably afford whatever the hell it is anyway.
Posted on 12/21/14 at 10:04 pm to Powerman
My question in the OP is the very reason the points are relevant. If I'm spending $40,000 to pay off a loan, why not figure out how I can get 40,000 cc points at the same time?
Posted on 12/21/14 at 10:10 pm to Jwodie
quote:
Is the best route to do the Bluebird/gift card upload method discussed in the CC points thread? That would take forever if I'm trying to knock out this chunk of loan soon.
If the payment is less than $1500* a month I would just use the direct CC load that Amex Serve allows and bill pay to loan servicer. Fees would be $0.
Sign up via Softcard app if you have Verizon, Tmobile or ATT. If not the payment needs to be less than 1,000 a month due to lower load limits
This post was edited on 12/21/14 at 10:12 pm
Posted on 12/22/14 at 12:09 pm to Jwodie
quote:
My question in the OP is the very reason the points are relevant. If I'm spending $40,000 to pay off a loan, why not figure out how I can get 40,000 cc points at the same time?
Well if you've got a 40K limit on a single credit card that will give you good rewards and you have the cash to pay it off immediately it makes sense
I'd imagine that's not the case for most people
Posted on 12/22/14 at 12:21 pm to Jwodie
Call chase and see if you get points for a balance transfer, and then if they will do a balance transfer for a conventional loan (they likely will).
You transfer the balance, the student loan gets a check to pay off that account, you get points.
I know capitalone used to do this but not sure about other CC companies and whether any still do.
You transfer the balance, the student loan gets a check to pay off that account, you get points.
I know capitalone used to do this but not sure about other CC companies and whether any still do.
Posted on 12/22/14 at 12:37 pm to VABuckeye
quote:
The money was going to get spent whether I earned rewards or not so I chose to earn rewards. Not sure you get how this thing works.
I get how it works
I suppose I'd have to know more about the details of this situation
If he has enough cash in the bank to pay off the card immediately it makes sense. If he doesn't then it's potentially a very stupid decision if the interest rates on the card is higher than the loan (very likely)
Posted on 12/22/14 at 2:13 pm to Powerman
I own a business. I spend a minimum of 20-30k a month for business. I might as well get free flights, rooms, etc. out of it. I understand that my spending is not normal and others can't benefit as much as I can without manufacturing their spending.
Posted on 12/22/14 at 2:25 pm to Powerman
quote:
I just can't imagine what type of spending you'd have to do to get anything substantial out of it. At that point it seems like you've proven you spend enough to where you could probably afford whatever the hell it is anyway.
Last summer, when staples portal bonus was open, I accrued through simple gift card process about 300,000 points for a cost of a touch over $1100 net. For those points I got 2 Biz class tickets to Dublin and stayed at the Shelbourne for several days.
If I had booked that trip retail it would have been way over $10K
Yeah it can be worth it if you do it right.
Posted on 12/22/14 at 2:34 pm to Hawkeye95
quote:
You transfer the balance, the student loan gets a check to pay off that account, you get points.
You don't get points for balance transfers
Posted on 12/22/14 at 9:38 pm to VABuckeye
quote:
I own a business. I spend a minimum of 20-30k a month for business. I might as well get free flights, rooms, etc. out of it. I understand that my spending is not normal and others can't benefit as much as I can without manufacturing their spending.
Makes perfect sense to do that
I do think that a lot of people needlessly chase points though to their financial demise.
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