Paying Off Student Loan With a CC?

Discussion in 'General Discussion | Credit Cards' started by sharris503, Nov 25, 2012.  |  Print Topic

  1. sharris503

    sharris503 Silver Member

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    I plan on paying off the balance of my wife's student loan in January (about 8K), unfortunately her lender does not take credit card payments. To make things even more challenging Chargesmart does not support her lender. One obvious option is bluebird but I can't find any vanilla cards in portland. Another option that comes to mind is AccountNow. Any other thoughts? I would hate to let this opportunity slip by.
     
  2. AJTrenkle

    AJTrenkle Active Member

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    Aren't there a few other ways to load funds onto Bluebird using a CC other than just Vanilla Reloads? I thought there was at least some scheme with a Suntrust Debit card or something like that, or loading it at 7/11. I am sure some of the blogs that covered Bluebird heavily have it laid out.

    Either way, congrats on paying off the student loan.
     
  3. NYBanker
    Original Member

    NYBanker Gold Member

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    Bluebird is your solution.
     
  4. servo

    servo Silver Member

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    You could buy Visa or MC Gift cards anywhere you'd get a nice points/mileage bonus (like 5x @ office stores with Ink) and then then use those to buy VR cards either at Walgreens or CVS, then load them to Bluebird. 8k would take you two months (as BB has a $5k monthly limit) to accrue, but it's easily doable. If you didn't want the hassle and don't mind the fee, you might even be able to pay it via chargesmart.com.
     
    rodeojones likes this.
  5. rodeojones

    rodeojones Silver Member

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    Great idea and one I have tried in Seattle. Thus far, I have yet to find a Walgreens (no CVS here) that will take a VR on anything other then cash.
     
  6. DTWBOB

    DTWBOB Silver Member

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    Do you have one of those credit cards that keeps sending you those checks you can use to pay other bills....?

    (the ones I get wind up in the shredder !)

    Also, will you wind up paying off a loan, only to pay higher interest somewhere else?

    DTWBOB
     
  7. sharris503

    sharris503 Silver Member

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    I have in the past, but I don't have any at the moment. Is that not treated as a cash advance? I suppose I could contact some of the CC companies and inquire.

    No, the balance will be paid in full. Instead of sending a check and not earning miles, I would like to use a card and meet a minimum spend. I'm probably going to get the SPG card in my January churn and it would be nice to use that card so I can meet the minimum spend real quick.
     
  8. servo

    servo Silver Member

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    Walgreens seems to be the pickier of the two. I've been asked for my ID on all but one of my VR purchases in Florida @ CVS, and that's really the only notable aspect of the transaction, as I've not had any trouble purchasing them with Ink, Hilton Amex, or United Explorer.

    I had zero luck at 5 different Walgreens locations in Orlando. All said the computers told them cash only.

    EDIT - I meant to add more to this:

    There is a quite inconvenient and more expensive way to fund VR cards with cash only. Buy gift cards, sell them online at a discount, and use that cash to buy a VR. The downside of that equation though is that the math ends up making chargesmart or WilliamPaid fees a better bargain.

    However, it seems like it's only a matter of time before Walmart starts carrying VR cards (first location listed on their website), so it might be possible that they'll allow CC purchase for those cards, although I wouldn't hold my breath knowing their history with Visa.
     
  9. Million Mile Secrets

    Million Mile Secrets Silver Member

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    You may be able to make the payment at the Wal-Mart Money Center using a miles-earning debit card (Suntrust Delta, BOA Alaska Air & UFB Direct American Airlines). The maximum I've paid via the Money Center is ~$1K, so don't know if a charge of $8K will raise any flags.
     
    BWIflyer likes this.
  10. AJTrenkle

    AJTrenkle Active Member

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    I wouldn't go this route as usually those are balance transfer offers and as such don't earn miles or points in my experience.
     
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  11. Mikus33

    Mikus33 Silver Member

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    I'm 90% certain those are treated as a cash advance and the interest rates are astronomical on them. They've always gone straight to the shredder with me as well.

    Sucks that there are not CVS's near you with VR cards. Any trips coming up in Jan (after you get your new card) where you might be near a CVS that might have them? As NYBanker said, seems like Bluebird is perfect for this.
     
  12. sharris503

    sharris503 Silver Member

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    Not in January. I am going to look into greendot and AccountNow. Greendot reloads are everywhere in Portland.
     

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