 Are credit cards allowed to increase your APR if you pay ON TIME with them but LATE to other cards? |
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| I was given 10 days to respond to the petition. They are asking for 1500.00, I believe this is an old credit card that went to collection that the available limit was about 500. I need to write a ... |
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| Mom mom is in bad health and can not work, but Sears calls her daily harrasing her to pay a debt she is truly unable to pay. She has no real assest, so she is judgememnt proof. Would telling them ... |
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 Paypal and Ebay? |
HI,
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Dom | Can you pay off a car loan with your credit card? |
YES, I KNOW THE HORRIBLE EVILS OF CREDIT CARDS!
Okay. Right now I have a 10 year car loan and I owe $30,000 on and we pay almost 10% interest on. I have enough credit to put my entire car loan on my credit card that is offering a 2.99% (plus a fee of course) until paid off deal. Can I do this?
Additional Details
-Not a 10 year loan, a 7 year loan. I made a mistake.
-The deal that I am given is that it is 2.99% until paid off. After I transfer the balance, can they actually raise the rates?
-How do I actually do this transfer?
-Does this really ruin my credit? I have a loan on my credit for $30,000. Transferring it doesn't increase my debt balance, it just moves it into a different category. |
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SPIFIMAN1
 |
Don't see why not, people make their car payments all the time with credit cards.
I actually had a customer buy a car using his credit card once. |
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my16paws
 |
Depends on were your car loan is. Most finance companies will not take a credit card payment due to fees charged by the credit card company.
If your Card has this special 2.99 until it's paid, explain to them the situation, they may allow you to take a cash advance to pay the loan off and still give you the special rate.
IMPORTANT
Read the fine print of the credit card company, there are usually clauses that state
If you miss ONE payment or are late with ONE payment the rate goes back to 18.99% retroactively to the start of the special. |
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Ian M
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You can but it might not be a good idea.
If you use the card after the transfer all other debts will be paid off first so you will be paying interest for ever on the car loan.
If you make the switch get yourself a new card from a different bank for your everyday needs.
Ian M |
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K.C.
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Yes |
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candi h
 |
You can, but maxing out or carrying a balance on a cc over 30% of the limit will hurt your score. Also the rate is variable so make sure that if you decide to do it that you never miss a payment b/c the promotion could expire and your rate will skyrocket. You would do the transfer by giving the cc company your account number to the car and then they will charge a fee ranging from 3%+. Also remember and keep track of the expiration of the promotion and pay more if you can every month. |
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BellBelle
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Sure can! |
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karkee07
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Yes.
At least you know the evils....I'm 19 and had great credit until I moved out and now I sometimes I cant't afford to pay the bills. |
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Jeff
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The fee will eat up any savings on interest.
And who's to say the credit card can't raise your rates up to 30%, just because they're broke and need money? |
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Peilthetraveler
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you do know that the 2.99% interest rate usually goes up in 6 months to a year and it will most likely be higher than 10% plus you will now have a maxed out credit card which will severly drop your credit score if you do that. Read your fine print in the credit card...I guarentee they have some small print that lets them bump that interest rate up to 20%+ if something happens. They usually do something sneaky like if your credit score drops a certain amount, they can raise the interest rate and since you will have a maxed out (or close to maxed out card, your fico score will go down and give them reason to raise that 2.99% interest rate.
on another note.....10 year car loan? really? Thats just crazy. |
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