1.9 Fixed Balance Transfer Card

Would I save $ putting the balance of a car loan on a lower % CC ...

Hello all,

I am currently paying 6.49% on an auto loan fixed 5 years. I recently received an offer of credit card 1.9% for life of balance transfer. Now I have already contacted the credit card company and verified that it would be considered a balance transfer, but not credit cards and auto loans with interest compounded differently? Would it be smart to transfer the balance of credit card and continue making the same payments each month?

My first hypothesis is that the end I pay the car faster. But I do not know how interest works.

Thank you,

You should probably ask the company credit card how he made that interest rate of 1.9%. I also want to make sure I had the written agreement and read all the fine print. Maybe you have a friend in the area of ​​funding that can read too much or tell you what phrases to watch.

However, you may not be able to transfer a loan to a credit card. I know my car loan company takes no credit. Also, be aware of how many credit cards you've been opening a new account could hurt your credit score.

DO NOT transfer a fixed rate loan to a credit card.Credit cards have a turnover rate and may change without you even knowing it. I garuantee that if you call a credit card company that you and your interest rate has changed since you opened the card. Even if the fixed rate is higher, it is always better than a turnover. Credit cards are nothing but a scam and it's amazing how they are not illegal. The interest rates are sold on the changes if you miss a payment or send a late payment. It can be as high as 20-30%. If you send a payment late, it changes your rates. Credit cards are smooth in the fact that the time of the due date is normally 12 hours or 13 hours.So even if your payment arrives to the expiration date, if its after that when it considered late. They also double billing cycle. If your due date is March 10 and March 1 you pay, your payment is fast. But if you pay the bill next month, April 10, then it is late, because they count 30 days after the day you make your payment, not the date. In addition, legislation was passed to where if you are late a payment that has nothing to do with your card (like a utility bill), they can increase your interest rate. With a fixed rate you know a later date to be paid off.Credit cards are designed for you to pay for the rest of your life. That is why they have a minimum payment, and this is only the interest you pay. CEO of Capitol One killed over 200 million dollars last year because they take advantage of the fact that consumers of knowledge. PLEASE DO not make that mistake!