Financial Channel

Hey,

I recently got a ScotiaBank Moneyback Student VISA which gives me a credit limit of $500. I gotta pay tuition fees in a couple weeks which seem to be $2400 (might be half if I can just pay for one semester). I have enough "cash" in my savings account to pay for tuition but would like to pay by VISA as I get moneyback. I am wondering if it would be possible to make a payment to VISA (transfer from savings to VISA) of $2400 and then paying my tuition with my VISA as I would effectively have an "available credit" of $2400 (+ whatever I have left of actual "credit") or would that cause issues with VISA? I'm not in the mood to call them right now, but will probably do so later tomorrow just wondering if anyone had insight into this.

Thanks.

Should be no problems.... I've did something similar a long time ago with MC. Otherwise you can break it up into $500 payments, ie. charge $500 tuition, make a VISA payment of $500, then repeat until tuition is paid off. It's more hassles as it will take a few days to get the entire thing done. Or depending on how long you've had the card and your credit history, you could ask for a credit limit increase.

Yes - just transfer extra money into your CC ... that'll give you a postive balance.

Works great for large purchases

You still might want to give your Scotia call to ensure the large transaction goes through. Depending on your spending profile, large purchases might be blocked (tho I doubt universities are typically flagged).

Grr... can't up credit limit cuz it's a student VISA, but I am able to "overpay" it and use it, no limit on that