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rated:
Received a credit card bonus promotion which I cashed out already and applied to my balance.

Can I just pay the difference between statement balance and bonus credit to avoid paying interest?  Or do I still need to pay the total statement balance on the initial bill?

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rated:
"Can I just pay the difference between statement balance and bonus credit to avoid paying interest?"

Yes.

rated:
Yes if you have no charges after statement. If you have new charges you should pay the lesser of [statement balance] or [statement balance plus any expected New charges in next statement minus credit] to be safe. They disallow credits as counting for minimum payment and also will likely not apply it as paying the statement balance within grace period too.

A reasonable reason for this is to prevent someone from buying and returning something during the next billing cycle (creating a "credit", and intentionally getting it not processed as a refund) to "pay" the previous month's bill.

rated:
As long as the difference is more than the minimum statement amount -- statement credits usually don't cover minimum amount like a regular payment would

Ex 1:
$120 Statement balance
$25 Min amount due
$100 Bonus credit
== You would still want to pay $25 min

Ex 2:
$150 Statement balance
$25 min amount due
$100 Bonus credit
== You can just pay $50 to zero out the balance since its more than the $25 min

rated:
jatan1986 said:   As long as the difference is more than the minimum statement amount -- statement credits usually don't cover minimum amount like a regular payment would

Ex 1:
$120 Statement balance
$25 Min amount due
$100 Bonus credit
== You would still want to pay $25 min
 

You are leaving $5 credit on the account that you may no longer use. Can you show the language in Cardmember Agreement (any card) that requires this?

What you stated here contradicts what others stated.

rated:
Powza said:   
jatan1986 said:   As long as the difference is more than the minimum statement amount -- statement credits usually don't cover minimum amount like a regular payment would

Ex 1:
$120 Statement balance
$25 Min amount due
$100 Bonus credit
== You would still want to pay $25 min

You are leaving $5 credit on the account that you may no longer use. Can you show the language in Cardmember Agreement (any card) that requires this?

What you stated here contradicts what others stated.

 
Make another purchase in the future or ask for credit balance refund check (they might automatically refund overpayment after 2-3 cycles if you let it sit) 

Chase Ultimate Rewards:
How cash back works
•When you redeem for cash back, you can direct deposit it into most U.S. checking and savings accounts or you can choose to redeem for a statement credit
•Statement credits will reduce your balance but you are still required to make at least your minimum payment
•The amount available to redeem is based on your rewards points balance starting at 1 penny
•Cash back redemptions may take up to 3 business days for your cash back to post to your account



Bank of America Cash Redemption:
Can I use cash rewards to make a credit card payment? 
No, you cannot use your cash back as payment and receipt of your cash back as a statement credit does not affect your responsibility to pay your Total Minimum Payment shown on each statement you receive from us.



American Express Cash Back Redemptions
•Cash back redemptions will be in the form of a statement credit in increments of 25.00. Cash back cannot be used to pay your Minimum Due and you are still responsible for your Minimum Payment Due. You can redeem Reward Dollars whenever your Reward Dollar balance is 25.00 or more. Most statement credits will be applied to your account and reflected in your balance within 2-3 days.
•There is no option to expedite a redemption for cash back.
•Cash back redemptions are not reversible once redeemed.

rated:
jatan1986 said:   Cash back cannot be used to pay your Minimum Due and you are still responsible for your Minimum Payment Due.
 

  
Green because that's my understanding, too, but why wouldn't there be an exception for situations where there's zero account balance?

rated:
I would think that if there were no further activity, and the reward redemption plus any payment you made were to bring the closing balance on the next statement to zero, that the minimum payment would not actually be necessary.  I would advise applying the reward redemption, waiting a few days, and then going online to see your payment options.  If there is a "pay entire balance" option (presumably less than the so-called minimum payment), choose that option, and I think you would be good.

rated:
doveroftke said:   
jatan1986 said:   Cash back cannot be used to pay your Minimum Due and you are still responsible for your Minimum Payment Due.
  
Green because that's my understanding, too, but why wouldn't there be an exception for situations where there's zero account balance?

 You still have to pay statement min amount as a regular payment to keep CC in good standing -- there's probably some legal/government thing about payment vs credit

You just have to time it better if you want to use statement credit to zero out balance

Make $100 in purchases and apply $100 statement credit before statement cycle ends -- statement will generate with zero balance and nothing due

Make $100 in purchases, statement generates and then you apply $100 statement credit -- statement will have $100 balance w/ $25 min due, your statement credit will zero the balance, but you'll still want to pay $25 min amount by the due date to keep account in good standing

Make $150 in purchases, statement generates and then you apply $100 statement credit -- statement will have $150 balance w/ $25 min due, your statement credit will bring the balance to $50 so you can just pay $50 (which is more than the $25 min) to zero things out

rated:
doveroftke said:   
jatan1986 said:   Cash back cannot be used to pay your Minimum Due and you are still responsible for your Minimum Payment Due.
  
Green because that's my understanding, too, but why wouldn't there be an exception for situations where there's zero account balance?

  There usually is.  OP did not specify the account balance would be zero though.  If OP made new transactions after the statement cuts then the balance does not go to zero with the [payment+credit= last statement balance].  The quoted terms about not applying to minimum payment doesn't say specifically if it's applied to past statement or future portion of the balance, which is why I was also recommending to assume they apply it to new purchases first -- meaning you might need a larger payment to remain in "paid in full"/"no interest grace period" for the next statement.

Example:
$120 Statement balance
$25 Min amount due
$100 Bonus credit
$150 in New purchases

If you just paid $20, you would receive late charge because you did not satisfy minimum payment.

If you pay only $25, one of two things might happen:
1)prior statement paid in full, remain with a grace period for new purchases.  -or-
2)no late fee as you paid the minimum payment.  No interest on THAT statement.  $25 applied to pay past statement balance, $100 bonus applied with/against $150 new purchases.  Interest starts accruing for $95 in purchases from past statement and will be charged for all the other purchases (except $100) on next statement. 

1) makes the most sense but I would not count on it myself.  If you pay $120 it avoids any possibility of being processed like 2).

rated:
Bend3r said:   
doveroftke said:   
jatan1986 said:   Cash back cannot be used to pay your Minimum Due and you are still responsible for your Minimum Payment Due.
  
Green because that's my understanding, too, but why wouldn't there be an exception for situations where there's zero account balance?

  There usually is.  OP did not specify the account balance would be zero though.
 

  
I was referring to jatan1986's first example.

rated:
Really - you people worry about stuff like this? I just tell the credit card company to withdraw the full payment from my checking account automagically and they will adjust for credits for which they are supposed to. Or even if they take the full payment, who cares - the 5cents of lost interest is not worth the hassle of worrying about this crap.

As somebody else said:
Cash back cannot be used to pay your Minimum Due and you are still responsible for your Minimum Payment Due.

That is the kind of reason you don't want to take chances. One bad slap on the account and would have paid that 5cents of saved interest for the next 10 years.

rated:
Some credit card websites don't let you pay more than your current balance.

rated:
larrymoencurly said:   Some credit card websites don't let you pay more than your current balance.
  If their website wont let you do it, all the more reason paying off (including via credits) the entire balance should take care your obligation and incur no fees.
Secondly, you can always use a billpay from an external account (or write an old-fashioned check and drop in snail mail) to make a payment in excess (within reason) of your current balance.

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