I thinking of applying for a credit card with 0% for 15 months. My credit is pretty good. I'm going to transfer a balance from a high interest card over to it and I owe 3600$ on my car. Was wondering if you could transfer a car loan over to a card?
2007-11-04 16:34:13 · 7 answers · asked by BS 2008 1 in Business & Finance ➔ Personal Finance
You can pay off your car with a credit card, but that may not be the wisest choice. As you stated, you card is not on a fixed rate. It may be too high down the line. In order to keep you credit rate "pretty good" its best if you keep it as separate revolving accounts that you pay on time. Sure it may be easy payments right now, but in the future it may come back to bite you when you're hit with that 18% interest rate credit card.
It's never good to rob Peter to pay Paul. Take it from someone who knows
2007-11-04 16:46:04 · answer #1 · answered by C.O.G 2 · 0⤊ 0⤋
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2016-09-26 18:52:32 · answer #2 · answered by ? 3 · 0⤊ 0⤋
Credit card debt is an inevitable reality for most of us. Unless born with a silver spoon in the mouth, we find it pretty much difficult to keep up with the credit card repayment schedule, and the result is a good hefty credit card debt. Things go worse if the credit card debt is attracting high interest rates and causing further burden. Paying the monthly minimum is one of the options which we all find shelter in and this makes things even more disastrous. Is there a way out? Definitely yes. If you haven't already heard of credit card balance transfers, read on.
Credit card balance transfer is a process by which we can transfer our outstanding balances on a credit card (which are generally at high interest rates) to a low interest rate credit card.
Balance transfer has some good advantages let us look at a few of them.
Balance transfer is one of the best methods to get rid of that credit card debt. When you transfer balances all your outstanding balances are wiped out and transferred to new credit card.
Depending on what deal you get on the balance transfers the new interest rates on transferred balances could be 0% or a low rate for a particular period. The ideal situation should be to get all the balances cleared within this low interest rate period. Read more from: http://www.credit-card-gallery.com/article/374,Credit_card_balance_transfer_A_really_good_option_for_those_with_huge_credit_card_debt
2007-11-05 17:45:09 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Most likely, but why would you want to pay the higher interest rate of a credit card? You'd be better off to just go get a car loan.
Some credit cards are over 20% !
2007-11-04 16:43:21 · answer #4 · answered by Bobby Jim 7 · 0⤊ 0⤋
The zero rate probably wouldn't apply to a cash advance. Transfers are from other credit cards, not regular loans - and transfers usually incur fees for the transfer.
2007-11-04 16:58:16 · answer #5 · answered by Judy 7 · 0⤊ 0⤋
Sure, just get a cash advance and pay off your loan. If you're half way through paying the car though, you already paid about 70% of the interest on the car.
2007-11-04 16:48:29 · answer #6 · answered by Anonymous · 0⤊ 0⤋
You can but Id leave it. What most 0% interest deals are is no interest for that time. But if its not all paid off by the time interest is raised, they calculate and add in all the interest you would owe and tack that on.
2007-11-04 17:39:53 · answer #7 · answered by McKin 4 · 0⤊ 0⤋