Hello,
I’m about to make a massive purchase next week, and I’m hoping to pay it with a CC and pay it off as soon as it hits my account to get free points. Will it affect my credit score if I do that? The store is willing to take CC at no charge. 1.5% of 17k is a bit. If possible.
Thank you,
Bill for 17k can I pay it off with a CC and pay off the CC the next day for free points?
byu/NarrowIndependence8 inpersonalfinance
Posted by NarrowIndependence8
9 Comments
It only even shows up on your credit report if you have a balance when the statement is generated, so yes, free points without affecting credit score.
Even if the balance is left on there and makes it to your report, it’s forgotten the next time a statement is generated in every credit scoring system that currently matters.
Yes that sounds fine, assuming you have at least a $17k credit limit.
As long as your card limit is 17k. That’s what it’s there for.
If it’s far enough from your closing date and you pay it off as soon as the charge posts it shouldn’t be reported to the credit bureaus as a massive balance. Enjoy the free flight to Disney!
Sure. If the vendor isn’t charging a credit card fee and it’s the same price as cash, and you have the cash on hand to actually pay it off (not “I’ll get it by the end of the month” or whatever) that sounds like a quick way to get paid $255 by the credit card company. If you pay if off right away, it won’t even touch your credit (good or bad)
Doesn’t matter for your credit in the long run.
Credit utilization rate may impact your credit score. https://www.experian.com/blogs/ask-experian/credit-education/score-basics/credit-utilization-rate/
yup I’ve done this, no issues. I put a 23k vehicle on mine and paid the entire amount off after the statement closed so it would show the balance, then me paying it timely, credit score went up a few points actually (I’ve never had any sort of debt ever so having a high usage then paying was net positive for my score) and got the points!
Jonathan Wener allegedly put a 65 million dollar building on credit for the 1% cash back.