Will the credit cards that charge no interest for transfers pay off installment notes too?
Question by mydoghatesme: Will the credit cards that charge no interest for transfers pay off installment notes too?
I have an installment loan that I pay. The payment is$ 239/mo. Is there a credit card or another loan I can get with no interest or low interest if I have great credit? My current rate is 10%.
Best answer:
Answer by bdancer222
If you find a credit card offering 0$ or low interest with no transfer fee, you could use it to pay off an installment loan. However, such credit card offers are pretty much non-existent now. If you have stellar credit, you may get an offer for a low interest rate for a limited period (a year or less), but there will probably be a transfer fee of about 3%.
You also have to be very careful with those special offers. Any little slip up will result in a rate increase.
What do you think? Answer below!
No, not directly because installment loans are secured loans. What you can do is apply for the credit card and then do a balance transfer directly into your checking account and then pay the installment loan with that. Some companies do have restrictions on that, though, such as having to have the account open for 60-90 days before you can make the transfer into a checking account. Check with the company before applying so the inquiries don’t end up hurting your score.