hello all. I have an interesting delema. I have a large credit card payment ~ 2k. Could I use Coles prepaid cards ($100) to pay the statement off. I know there is a $5 charge per card to activate. Is the trade off for points better than losing $100 in fees? It works out roughly 0.35 cents per ff point. Sorry newbie here.
It will depend on your bank, but I doubt you can use prepaid cards to pay off your bill.
Also double check your calculations - you’d pay $5 to earn 100 points on your credit card on a 1 point per $ card, or max 300 points with the Platinum Edge.
Assuming 1:1 card that’s 5 cents per point, or with the Edge that’s 1.66c per point. The former is too high to consider IMO, the latter is also fairly high but more tenable.
Either way, test first with one card before you go any further!