Is there a problem with transferring car loan to a lower interest credit card?
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I have a 1.99% till the blanace is paid off offer from Citibank. We get these offers all the time (not usually this low), but always ignore them. We do not carry a balance on our credit cards and besides our mortgage and car loan have no outstanding debt. Our car loan is 5.75%. I talked to Citibank and asked if we could use the "balance transfer checks" for anything including paying off a car loan. They said regardless what the check was written for, even if we just kept the cash it would have the 1.99 rate until paid in full. We will not put anything else on the credit card to avoid paying different rates for different things. We also have no problem paying AT LEAST the loan payment amount we pay now towards the credit card each month. I calculated the savings, we would end up saving almost $3000 by shortening the length of time to pay off by 7 months.Can anyone see a problem with this? I'm just wondering if this works, how come nobody else ever does it?
Is there a problem with transferring car loan to a lower interest credit card?I think it will work. And you'll get your title now, rather than later. Most people don't have the discipline to avoid putting other charges on the card. You'll have to be careful to pay at least the minimum payment by the due date every month, or the interest and penalties will kick in. But overall it seems like a good idea.
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