Ask Money

Prepay Credit Card?

Chris Farrell Jul 25, 2008

Question: Is there such a thing as receiving interest for pre-paying a credit card? In other words, I could send in (say) $500 to my credit card company and they would give me small interest on it while I have that balance with them. They credit my account with a small amount of interest until I need to use that balance to pay down my credit card bill. Savannah, Three Rivers, CA.

Answer: Not that I am aware of. I’d just put the money into a savings account or a money market mutual fund. And don’t carry a balance on your credit card.

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