using 0% APR

[Anonymous]

I have a loan with a grace period that will end in may 2015, and I was wondering if it's a good idea to use my citi double cash to pay it off entirely and then slowly pay down my credit card, which has a 0% APR until 2016. I know I will be able to pay off the credit card entirely without carrying a balance for more than 6 months. Thoughts?

[Anonymous]

Are you allowed to pay your loan with a CC?

[Anonymous]

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@Anonymous wrote:

Are you allowed to pay your loan with a CC?

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yeah, but they charge a fee, but I think it'll still be better to have charged the fee than have interest charged at 5%.

[takeshi74]

Depending on the loan, paying it off may adversely affect mix of credit but I'm not sure it makes sense to pay interest to avoid that.  You really have to decide using your priorities.

[Anonymous]

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@takeshi74 wrote:

Depending on the loan, paying it off may adversely affect mix of credit but I'm not sure it makes sense to pay interest to avoid that.  You really have to decide using your priorities.

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I have 8 loans. How many loans do you think I should pay off to have highest scoring potential?

And I always pay off my balances each month, so I'm not sure how 0% APR works. Am I just not charged interest for carrying the balance, but I'll still have to pay the minimum each month?

[onstar]

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@Anonymous wrote:

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@takeshi74 wrote:

Depending on the loan, paying it off may adversely affect mix of credit but I'm not sure it makes sense to pay interest to avoid that.  You really have to decide using your priorities.

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I have 8 loans. How many loans do you think I should pay off to have highest scoring potential?

And I always pay off my balances each month, so I'm not sure how 0% APR works. Am I just not charged interest for carrying the balance, but I'll still have to pay the minimum each month?

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As long as you pay the minimum by the due date, then your interest rate will be 0% during the first 15 months. Per fine print, if you make even one late payment, they can take away the 0% introductory rate.

[Anonymous]

if the rewards offset the charge fee then go for it.