MyPoints Is Offering a Huge Bonus for Student Loan Refinancing

If you've been thinking about refinancing your student loans, there's a pretty compelling reason to look into it right now. MyPoints, the popular cashback and rewards portal, is running a promotion that pays out a massive chunk of points for completing a refinance through Credible. We're talking about 44,000 points, which is no small thing. Let's break down what this offer entails, whether it makes sense for your situation, and what you need to watch out for so you don't miss out on the bonus.

What Are You Actually Getting?

First, let's talk value. 44,000 MyPoints can be redeemed for a variety of gift cards. While the exact cash value can fluctuate based on what you choose, it often translates to several hundred dollars worth of rewards. You could get gift cards to major retailers, restaurants, or even statement credits in some cases. It's a significant perk on top of any savings you might secure from refinancing your loan itself.

The action needed is straightforward: you need to refinance an existing student loan using Credible's platform. Credible isn't a direct lender; it's a marketplace that shows you offers from multiple vetted lenders after a soft credit check, which won't hurt your score. This means you can shop for a better interest rate without the commitment or the hard inquiry until you formally apply with a specific lender.

The Crucial Fine Print You Can't Ignore

This is where the devil is in the details, and missing a step could cost you the entire bonus. The most important rule is the email match. The email address you have on file with your MyPoints account must be identical to the one you use when you go through the Credible process. If you use a different email, the tracking will likely fail, and you won't get your points. Double-check this before you start.

Secondly, patience is required. MyPoints states it can take up to 45 days after your loan is refinanced for the points to land in your account. Don't panic if they aren't there in a week. Mark your calendar and follow up if it goes beyond that window. Also, remember this is a one-and-done deal—only one bonus per person.

• Email addresses must match exactly between MyPoints and Credible.
• Points post within 45 days, not instantly.
• The offer is limited to one redemption per user.

Should You Refinance Just for the Points?

This is the big question. The short answer is no. You should never refinance a student loan solely to earn a bonus. Refinancing is a major financial decision that can affect your interest rate, loan term, and, most importantly for federal loans, cause you to lose valuable benefits like income-driven repayment plans, forgiveness options, and generous forbearance.

Think of the MyPoints bonus as a nice cherry on top if refinancing already makes solid financial sense for you. Are you a professional with stable income and private loans (or federal loans you're sure you won't need protections for)? Could you qualify for a meaningfully lower interest rate that would save you thousands over the life of the loan? If the answer to those questions is 'yes,' then this promotion makes the move even sweeter. If you're unsure, focus on the math and the trade-offs of refinancing first. The points should be a secondary consideration.

Bottom Line

• The 44,000-point bonus is valuable, but never let it drive a refinancing decision.
• Matching your MyPoints email with your Credible application is non-negotiable for getting paid.
• Use Credible's soft-check feature to explore rates without harming your credit score.
• If you proceed, be prepared to wait up to 45 days for the points to be credited.

Common Questions