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Paying off loan with credit card?
hucnik
Posts: 3 Newbie
in Credit cards
Hi,
dont have a clue on something...
I have took loan in October 2009, interest rate 8.9%. Monthly payment is 164.34.
If I pay off my loan now, I would be paying off balance 3664.02. They also told me I would be saving 305.16 on interest.
There is another 24 months left on the loan.
I was looking on this website, saw that a credit card may be cheaper to pay off the loan? MBNA is offering 0% on money transfers for 20 months from the date your account is opened (4% handling fee). For this great rate your balance needs to be transferred within the first 60 days of your account opening..
so does it mean that I will be paying no interest on the borrowed money for 20 months? where do I find out how much they will borrow me? what would be the minimum payment each month?
I am sorry to ask all this questions, but just dont have a clue. Never had a credit card before. Had loan once, which was paid off, never missed payment on this one...
thank you
dont have a clue on something...
I have took loan in October 2009, interest rate 8.9%. Monthly payment is 164.34.
If I pay off my loan now, I would be paying off balance 3664.02. They also told me I would be saving 305.16 on interest.
There is another 24 months left on the loan.
I was looking on this website, saw that a credit card may be cheaper to pay off the loan? MBNA is offering 0% on money transfers for 20 months from the date your account is opened (4% handling fee). For this great rate your balance needs to be transferred within the first 60 days of your account opening..
so does it mean that I will be paying no interest on the borrowed money for 20 months? where do I find out how much they will borrow me? what would be the minimum payment each month?
I am sorry to ask all this questions, but just dont have a clue. Never had a credit card before. Had loan once, which was paid off, never missed payment on this one...
thank you
0
Comments
-
Yes correct 20 months you just make the minimum payment and no interest is charged then on month 20 you pay off in full0
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