should i do that or will the 7.99% be better ?
2007-08-07 09:21:21 · 9 answers · asked by jason 5 1 in Business & Finance ➔ Credit
Read the fine print.
As long as you are sure that there is no way that the rate can increase and that it applies to cash advances, go for it.
2007-08-07 09:49:07 · answer #1 · answered by ? 7 · 0⤊ 0⤋
Well, 5.99 is lower than 7.99. The trouble with a credit card is that it's too easy to just pay the minimum, and end up paying interest for a much longer time. Also, to pay off the car loan with the credit card, you'd have to get a cash advance - is that covered by the 5.99% also?
2007-08-07 16:25:00 · answer #2 · answered by Judy 7 · 0⤊ 0⤋
That credit card rate is too good. Are you sure this isn't a 6 month rate or something? Therre is some catch to that credit card rate - if you truly could get that rate forever, then sure switch over to it, but there is a catch so I'd stick to the 7.99% (until you figure out the real deal here).
2007-08-07 16:24:50 · answer #3 · answered by Slumlord 7 · 1⤊ 0⤋
Read the fine print on the credit card. Sometimes, they say that, but in the fine print it says that they have a right to change the interest rate if they wanted to. Also, if you are just one day late, some cards will raise your interest rate by alot. If I were you, i will either stick to the current car loan you have, or see your bank and look at your refinancing options.
2007-08-07 16:26:15 · answer #4 · answered by Betty 4 · 0⤊ 0⤋
before you leap -- get your credit card paperwork back out and read all of the find print -- i think i smell a rat in the wood work. 5.99 for life does not sound right
2007-08-07 16:28:34 · answer #5 · answered by mister ed 7 · 0⤊ 0⤋
Be warned! You are playing with fire.
You know what happens when you play with fire?
You get burned!!
Read the fine print on your credit cards.
They have the right to raise your interest on your credit cards.
"Something" could show up on your credit report and they could boost your rate to 29.99% if they want to.
I know what I'm talking about...it happened to me!
Read this blog post:
http://www.loansourcesforbadcredit.com/dont-close-your-credit-card-accounts/
JP
2007-08-08 01:54:47 · answer #6 · answered by JP 2 · 0⤊ 0⤋
Read the fine print of the credit card agreement. It may say they can raise it anytime, anytime your payment is late etc.
2007-08-07 16:31:44 · answer #7 · answered by hirebookkeeper 6 · 0⤊ 0⤋
Just be SURE it's for life and not an introductory rate...if that is the case...then you've got yourself a deal.
I'm like Ed M...I agree...it does sound like there is a catch.
2007-08-07 16:29:10 · answer #8 · answered by Expert8675309 7 · 0⤊ 0⤋
Not only will you reduce your interest 2%, you can also tell your insurance company that there is no longer a lien on your vehicle which will likely reduce your premium.
2007-08-07 16:24:46 · answer #9 · answered by Mystress L 4 · 0⤊ 0⤋