Would you rather have extra cash in hand than a high credit limit? If so, then credit card companies might just have a new plan to interest you. These plans are designed to give you substantial cash back, at a cost. What is the cost of these programs? How can a payday loan help you get more money in your pocket? If this sounds like a confusing prospect, you’re not alone.

First, you must understand that credit card companies are taking steps to ensure their riskiest customers pay up - and they’re willing to pay out to do so. For example, Citibank has started a program that offers you up to $550 dollars cash back, provided you pay at least $2,750 on your owed debt, on time, during enrollment. Of course, this actually comes in the form of a debt credit - the company will cut your debt owed by up to $550 if you pay up.

If that sounds appealing, you’ll need help ensuring you make those payments. If you fail to make the payments, you’re out of luck - the program cancels immediately. A payday loan can give you the money you need to make those payments and ensure you remain part of the program and earn that $550.

However, the situation might not be as rosy as it sounds. In exchange for cutting your debt by $550, Citibank requires that you not use your credit card for up to 11 months and that you take a credit limit cut. In short, you can’t use your card for a time and you will have less spending power than you once did. Of course, if you are drowning in credit card debt, this can be a powerful tool. If this sounds like a great deal (and it can be more than useful), consider the use of a payday loan to help you make those over-the-minimum payments.