Hmmm, about to refinance my S4 loan onto my *credit card*
10-16-2002, 06:54 PM
#1
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Hmmm, about to refinance my S4 loan onto my *credit card*
24 payments at 7.34% left, but I can get a cash advance at 5.99% for the life of my CC balance -- only a $50 transfer fee. Talk about flexible repayment now -- so long as I pay the 2% or 3% minimum monthly payment I'm covered -- it may also be easier to pay it off faster since I don't feel merely obligated to only pay $758 each month. It's a Bank One/First USA card BTW.
10-16-2002, 07:06 PM
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As long as you don't use that card for anything else.
Usually, when I get offers like that, they stipulate that any payments I make will be applied to the principle on my account with the lowest interest rate (which would be the cash advance). That means, if I use the card to make any purchases, those purchases linger on my account, with an 8-12% interest rate (depending on which card we're talking about).
Of course, you can use a different card, until that low interest loan is paid off.
Of course, you can use a different card, until that low interest loan is paid off.
10-16-2002, 07:07 PM
#7
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Bummer, I'd do either an HEL or a HELOC if I were you. Might as well write off the interest...
if you can. When my house is paid off thats my plan, buy a 911TT with an HEL and write all the interest off. 
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10-16-2002, 07:08 PM
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Just an FYI, be sure to check the fine print...
If you charge additional items on this credit card, they might deduct your next payment from the cash advance, which is at 5.99%. This could leave you paying the normal (as in very high!) interest rate on any new purchases until you pay off the balance in full.
10-16-2002, 07:08 PM
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well, technically they are all APR's
Yearly APR (interest compounded annually)
Monthly APR (---------- monthly)
Daily APR (------------ daily)
But if your deal is same as car loan - that's great.
BTW, why can't you overpay monthly on your existing loan?
Monthly APR (---------- monthly)
Daily APR (------------ daily)
But if your deal is same as car loan - that's great.
BTW, why can't you overpay monthly on your existing loan?
