Can I use USAA Credit Card Checks for Car Payment?

[Anonymous]

The paperwork with the checks and your contract paperwork for the cc should tell you how the checks will be applied. Does it say 0% checks till a certain date on the paperwork with the checks?

If you're planning on paying it off this way... it might just work in your favor as long as the checks are going to be 0 percent interest even with the 3 percent charge for using the checks.

Just make sure you can( and are disciplined enough to pay off the cc) in 12 months.

[SouthJamaica]

Paying $20.36 on $678 isn't chicken feed.

If you pay it back in 6 months, and have an average balance of $339, it's like you paid

12% interest or so on an annual basis.

[Anonymous]

Sing, does USAA allow to combine limits? Might need another post for this one.

[FinStar]

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@Anonymous wrote:
Sing, does USAA allow to combine limits? Might need another post for this one.

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No.  No PCs no CL reallocations or combos. 

[Anonymous]

Thanks Fin - that is perfect. What an amazing lender! 😂

[Anonymous]

South Jamaica, I'm confused. OP has a 0% interest card. If they only pay the 3% to do the transfer but have say 6% on their car loan... as long as they pay off the balance before the 0% ends then they only paid half the amount of interest.

Brandon, if your plan is to make the actual payment of the car (principal and interest) with the check then you're paying more interest that way. The only way this works in your favor is if your car loan is more than 3% interest and you use the check to pay principle down and pay the cc off before promo ends.

[Anonymous]

Yes 3.99% on auto loan. 

Yeah I'm not sure what SJ is talking about! lol 

[Kforce]

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@Anonymous wrote:

Yes 3.99% on auto loan. 

Yeah I'm not sure what SJ is talking about! lol 

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I have never taken a zero balance transfer so someone correct me if i am wrong.

As I understand it, if you need 10,000 for a car, another card, money to invest, etc.

You get the interest/fee of 3% added to the needed funds and the payment calculated from the sum divided by the number of payments

In this example (10,000+3%) = (10000+300) = 10300/11-months = 936.36 per month payments.

This 11 month loan of 10,000 cost 300 and is equivalent to a 10,000 loan at 5.951% interest rate

Keeping existing loan at 3.99% and making the same monthly payments only cost $199, a savings of 101 dollars

[Anonymous]

I'm only looking to accelerate the payoff. Not save money. For me the 3% I have to borrow is peanuts. But I really like the analytics you've given and I believe you are correct with your math. Thanks man! 

[Anonymous]

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@Anonymous wrote:

I'm only looking to accelerate the payoff. Not save money. For me the 3% I have to borrow is peanuts. But I really like the analytics you've given and I believe you are correct with your math. Thanks man! 

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Um but what is the value of accelerating payoff if you roll into another loan?