Pay off car loan with 0% interest credit card?

[Anonymous]

I recently opened a credit card with a $7000 limit and 0% interest for the first 12 months through BB&T. I also have my car loan through BB&T with a balance of about $3000. I noticed when making my most recent car payment that the credit card was listed as a payment option. I am confident that I would be able to pay the car balance off within the next 5 months. Moving that debt to the credit card would save me a little on interest. Would that be a good option?

[Kree]

Might hurt you score if you don't have other installment loans. 

Might hurt your score until you pay down card due to high utilization.

[kilroy8]

Might cost you big money if it counts as a cash advance and there is a fee for cash advances.

[Anonymous]

+! above, i just wouldn't bother, but if you really want to do it...why don't you do less?

$2000 on the card - thte card would not have a high UTL compare to $3000 and you could still save some $$ on interest

$5000 left on the loan - You would still have the loan to help scores

I would leave it alone, but an option is there.

[Appleman]

I guess the answer is 'it depends'.

What is the interest rate on your auto loan? Would it save you a lot per month?

If the rate is high you could try out making a small payment on the CC. Ensure there is no cash advance fee or fee for using a CC.

Finally, you would like to keep your CC utilization below 30% (better yet 9%) to help keep your score intact.

So if the interest rate on the car is 18% and no fees, I would consider using the 0% offer...

[marty56]

Many people in this forum have had issues in the past by moving debt around 0% balance cards.  I would would just stay on course and continue to pay the autoloan off.

[fltireguy]

You generally can't BT to the same creditor

[Anonymous]

---

@Anonymous wrote:

I recently opened a credit card with a $7000 limit and 0% interest for the first 12 months through BB&T. I also have my car loan through BB&T with a balance of about $3000. I noticed when making my most recent car payment that the credit card was listed as a payment option. I am confident that I would be able to pay the car balance off within the next 5 months. Moving that debt to the credit card would save me a little on interest. Would that be a good option?

---

The interest is so minimal at this point that I'd just throw extra $$ at it where it lies and pay it off in 5 months there.