Believe it or not, it is very well possible, tried and true. Tested in my kitchen.
Here’s how this worked for me.
First off, I am usually paying my credit card bills by the due date. Aside of that, some places such as Bank of America have a point system, meaning you get more points as you spend more. The points can eventually expire, in about 3 years I think, so they have to be redeemed rather sooner than later. 3,500 points can get you a gift card that I did once and didn’t like it. I had a $15 gift card for 3,500 points which is 42% ratio. No thanks.
And then I found out that I can actually consolidate points from a few BOA credit cards into one of them which I did earlier this morning. At least 5,000 points can be applied as a statement credit so I had requested just that. $55 with small change will be applied as a statement credit in 3 business days. For me, it’s like getting a free month of High Speed Internet, courtesy of BOA. Love it!
Discover card has a similar program. It allows you to apply ANY amount of points as a statement credit. If you carry a balance, this will definitely help to pay it off.