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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?
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.
Might cost you big money if it counts as a cash advance and there is a fee for cash advances.
+! 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 $$ on interest
$5000 left on the loan - You would still have the loan to help scores
I would leave it alone, but an option is there.
I guess the answer is 'it depends'.
What is the interest rate on your auto loan? Would it save you a lot per month?
If the rate is high you could try out making a small payment on the CC. Ensure there is no cash advance fee or fee for using a CC.
Finally, you would like to keep your CC utilization below 30% (better yet 9%) to help keep your score intact.
So if the interest rate on the car is 18% and no fees, I would consider using the 0% offer...
Many people in this forum have had issues in the past by moving debt around 0% balance cards. I would would just stay on course and continue to pay the autoloan off.
You generally can't BT to the same creditor
@Anonymous wrote:I recently opened a credit card with a $7000 limit and 0% interest for the first 12 months through BB&T. I also have my car loan through BB&T with a balance of about $3000. I noticed when making my most recent car payment that the credit card was listed as a payment option. I am confident that I would be able to pay the car balance off within the next 5 months. Moving that debt to the credit card would save me a little on interest. Would that be a good option?
The interest is so minimal at this point that I'd just throw extra $$ at it where it lies and pay it off in 5 months there.