Prepay Credit & Collect Points?

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Jul 7th, 2021 9:13 am

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Jul 4th, 2021 6:36 pm

iamphouse [OP]: Newbie; Dec 12, 2020; 17 posts; 27 upvotes

Jul 4th, 2021 6:36 pm

Prepay Credit & Collect Points?

Hey all,

I was wondering if its possible to prepay a credit card, carry a negative balance, make a purchase ABOVE the credit limit, and collect rewards on the FULL purchase amount?

For example, if I have a credit limit of $1500, can I prepay and carry a $5000 negative balance? Then in theory my limit should be $1500 + the $5000 I prepaid for a $6500 total. Can I then go to a store and make one large purchase of $6000? And would the rewards be applied to the full $6000 purchase?

Thanks for your input.

3 replies

Jul 4th, 2021 8:01 pm

ml88888888: Deal Fanatic; Jan 19, 2017; 9066 posts; 5405 upvotes

Jul 4th, 2021 8:01 pm

iamphouse wrote: ↑ Hey all,

I was wondering if its possible to prepay a credit card, carry a negative balance, make a purchase ABOVE the credit limit, and collect rewards on the FULL purchase amount?

For example, if I have a credit limit of $1500, can I prepay and carry a $5000 negative balance? Then in theory my limit should be $1500 + the $5000 I prepaid for a $6500 total. Can I then go to a store and make one large purchase of $6000? And would the rewards be applied to the full $6000 purchase?

Thanks for your input.

Not all ccs allowed that. You can call your cc to find out. Which store you want to buy?
if your store has gift cards for sale, you can buy $1500 gcs at a time and pay off the balance, then repeat the process for a few times until you have enough gcs to pay for your purchase.

+1

Jul 6th, 2021 10:31 pm

badmus: Deal Fanatic; Jul 12, 2008; 5898 posts; 1921 upvotes; GTA

Jul 6th, 2021 10:31 pm

ml88888888 wrote: ↑ Not all ccs allowed that. You can call your cc to find out. Which store you want to buy?
if your store has gift cards for sale, you can buy $1500 gcs at a time and pay off the balance, then repeat the process for a few times until you have enough gcs to pay for your purchase.

Would be easier to get a credit card with a higher limit, most cards will allow overpayment but I have never done anything above $500.

There are cash back websites like Rakuten and Great Canadian rebates to be aware to ensure you maximize your points on purchases.

Jul 7th, 2021 9:13 am

robsaw: Deal Addict; May 16, 2017; 2645 posts; 3482 upvotes

Jul 7th, 2021 9:13 am

iamphouse wrote: ↑ Hey all,

I was wondering if its possible to prepay a credit card, carry a negative balance, make a purchase ABOVE the credit limit, and collect rewards on the FULL purchase amount?

For example, if I have a credit limit of $1500, can I prepay and carry a $5000 negative balance? Then in theory my limit should be $1500 + the $5000 I prepaid for a $6500 total. Can I then go to a store and make one large purchase of $6000? And would the rewards be applied to the full $6000 purchase?

Thanks for your input.

Seems no one has answered the core question - the points. Points are based on PURCHASES, so any pre-pay, balance, is generally irrelevant. EXCEPT - some cards won't authorize a purchase overlimit even if there is a negative balance. Only other exception I know of is points aren't awarded if the card is in default of some sort.

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