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VanillaIce | Is it smart to pay off student loans with a credit card? |
lets assume i can find a way to have my credit card pay for my direct loans. credit card is 0% apr for 12 months and loans is 3.5% fixed. Assuming i can pay off everything in 12 months, should i do it? does it look bad on my credit report since students loans are "legit" while credit cards are "debt"? |
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Robin A.
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That is one of the worst things you can do. Student loan rates are very low compared with consumer credit rates. Even if you have an introductory rate of 0%, the rate will go up and at that point, you have no way to convert that debt back to student loan debt. Also, student loans don't affect your credit score the way that credit card debt does. Don't do it. |
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peacemaker
 |
Remember that you will have to PAY it off in the next 12 months. I believe you are better off with staying with paying the loan as agreed per month. You cannot look that far into your financial future. You never know the obstacles that will be introduced and whether you will be in shape to pay it off to the credit card. Then you will wind up paying fees you didn't need to pay. |
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KL
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Only if you're planning on putting your credit cards into a bankruptcy.
Student Loans: Tax deductible, simple interest (you only pay interest on the principle balance that's owed,) and you have a long-term fixed low rate.
Credit card: Not tax deductible, compound interest, and you only have the 0% rate for 12 months, and odds are you won't have it paid off by the time that ends...
Leave your student loan the way it is. |
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bella_4624_19
 |
you can do it but you'll be screwed if you can't pay it off in 12 months. |
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Steve R
 |
If you can pay it in 12 months, then yes. Otherwise,no. |
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Blue Eyes
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Absolutely not. Stay with your student loan. The credit card rate will change to a much higher interest rate after 12 months. We all try to pay something off but you might not pay off in 12 month. |
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xie18
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I don't think it's a bad idea if you are sure you can pay it off in the next 12 months. I actually think it would look better on your credit since the loan is paid. Good luck. |
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Lianne
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ONLY do it if you can pay it off in a year and no longer because 0% turns into 15% or more down the road and you don't want to be paying that on your loans. It doesn't look GOOD if you max out your card because part of your score is the amount of credit available in use and the closer you are to your limit, the worse it reflects on your credit worthiness. However, depending on the amount of money we are talking about saving 3.5% can spell big bucks and it may be worth it to save the money despite the poor reflection on your score especially if your other accounts are in good standing. Check out "Fico Breakdown: How Your Credit Score Is Calculated" at http://finance-girl.blogspot.com/2006/09...
For a better understanding of the factors involved in calculating your credit score. |
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Allison
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I agree with Robin A. Very good advice. There is no guarantee that you will pay off the credit card before the introductory rate of 0% goes up. Play it safe! Good Luck! |
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dbrhee
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In general, no... Because the APR for the credit after the 0 % APR is going to be higher. Also, your student loan interest rate is fixed and low as it is... I am not certain if you could use a credit card to pay back a student loan because you are paying a balance with another balance and it is stopped after the early 80s (but again, that could be difference on the creditors)
But if you could pay it all off before it goe to its normal APR, great. I would do is check out your balance in full (not current balance) and see if you could do it in 12 months.
1) If you credit card gives your rewards (like cash back)
2) Check if you could play by credit card
3) Check the APR on your credit card after the intro APR
4) Check your income and see if you are able to pay it off (and you have to consider emergencies during the time period)
5) How much tax credit you get for paying your student loan (all money paid in interest for your student loan is tax credit)
Those mixed in should give you an answer to yes or not. My gut feeling is still no.. Either case both will affect your credit score and usually, the account that you have open longer has more weight on credit. So closing out your student loan and place all the debt onto your credit card will make you look bad in the creditors. |
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stuckanswers
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Credit cards offering 0% for 12 months usually have some fine print tacked on that make it not such a sweet deal. Read the entire agreement and make sure you understand all the details before you dive in. If you can pay it off in 12 months, 3.5% fixed is your best bet. |
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Mindy
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NOOOOOOOOOOO!!! You'd be better off consolidating your loans, because if you can't pay off the credit at 0% then all then interest that accrued during that 12 month period will be applied at whatever the regular interest rate is. At least if you consolidate them the interest rate is locked in until the loan is paid off. |
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jaysweep
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no' you will be in more debt! |
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William T
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NO! The interest rate is much higher. |
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