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1st-time-mommy | Can i transfer a student loan(private student loan) over to a 0% interest credit card? |
Additional Details
the reason i am asking is because
i have 6k in private student loans
they are charging me 10% interest
i have a credit card willing to give me 0% interest for 12 months with a 3%transfer fee, if i dont get is paid off in that 12 mos i will tranfer to another 0% card.
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alexa dion
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If you have such cards, contact their issuing agencies and ask them about balance transfer fees and other charges and are they willing to transfer balances from your existing high interest rate credit card. If you don't have any such low interest rate credit card, which offers balance transfer, by all means search for one that provides attractive balance transfer rates and a 0% Intro APR for the longest period. This will keep the interest rates on the lower side. Now, transfer your high interest rate balances to this credit card, and close the high interest credit card account. The money you will save on interest rates can be used for other things to improve your financial condition.
Remember, proactivity always pays, credit card companies don't lower interest rates on their own. They have to be told to do so, and if you have valid reasons and good credit history to support you, you can always get a bargain, otherwise there is always the option of balance transfer. Read more about credit card at: http://www.credit-card-gallery.com/article/260,3_step_proactive_approach_to_lower_the_high_interest_rates_on_your_credit_card |
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spartenslayer
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yes |
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MOM KNOWS EVERYTHING
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You can use the credit card to pay off the loan, but it would be a stupid thing to do. That 0% rate won't last forever; there will be a helfty service charge for transferring the balance, and eventually you will probably pay even more in interest than if you just kept the original loan and made regular payments. |
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Tiare
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I would do it but you better be sure you have a whole 12 months at 0% and never ever miss a payment or be late. And dont ever charge anything else on that card otherwise you may end up with interest. I made that mistake once and will never do it again. transfer and dont ever use the card until it is payed off |
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Richard F
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Wonderful idea. Do it. But I do not believe there is such a thing as a 0% interest credit card. To get 0% interest you would have to pay it all off at the end of the month (credit cycle). Maybe you do have a card with a lower carrying charge rate than your loan. Do it. But do not get burned by temporary rates that your card may have advertised. |
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smileytexas
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I don't think that you can transfer it, but call the credit card and tell them you want to pay off the debt using your cc account. |
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answergiver
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ya its done all the time |
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______
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That's usually offered as an incentive to open a new account.
Look around for a new credit card company. |
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CogWork
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You can transfer as much as your credit limit will allow. Just ask the credit card company for balance transfer checks. Then use one of them to pay off your student loans. However, I don't think doing this is a good idea. Credit card company's charge much higher interest rates then student loan companies. So you'll end up paying more in interest if you don't pay off the entire balance during the 0% interest period. |
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duker918
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Why would you do that? Is it 0% interest forever? I find that hard to believe. Will you have it completely paid off before the 0 interest period is over? Will you be paying interest retroactively from the initiation of debt on any balances left? Too much fine print to read before you even attempt it. |
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Johnny
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Why would you want to, (in UK) the interest is at the rate of inflation anyway. You can seriously trip up on 0% deals and you could end up in trouble.
You are better just paying the original debt off on the original terms. |
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Thinking
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Do you get the $ or does it go straight to the school? If it goes straight to the school, then no, of course.
If it goes to you, then you can put it wherever you like. |
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idgaf
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i bet you have one of those adjustable rate student loans huh?? i did the same thing.. except mine was for $30k.. now i am SO sorry that i ever did it!!!!
i am pretty sure that you can do what you are talking about.. just call your credit card company and ask them if it can be done and give them your student loan account info and they should be able to do it.. if you still feel uneasy about it, call your student loan comany and find out if they are going to charge you any fees or anything like that to do such a transfer.... good luck to you and wish me good luck too i am trying to get another loan right now to pay off my stupid $30k student loan aaaaaargh!!!!!!! and the worst part about it is that they charged me like a $2k origination fee.. ahhhhh i am such a dumb young person!!!!!!!!!!!! those adjustable rates should be ILLEGAL!!!!!!! people like us will NEVER get out from under them!!!!!!! okay i guess that's all my ranting and raving for now!! lol |
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I_Love_McRedneck
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I wouldn't suggest it. Even if you never miss or are late on a payment, they can raise the interest rate at any time. Who wants to pay 40% interest on student loans??
If you want to pay them off faster, just pay more money each month - if you paid 1 1/2 times the minimum payment, you'd be surprised at how much interest you save! |
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