Credit and Debit Cards
Credit
Is it smart to pay off a car with a credit card that has lower interest rate?
Wiki User
2005-05-16 17:19:17
In most car loans, a fixed rate and monthly payment will apply.
You may have a credit card with a lower rate but if you make only
the minimum monthly payment, you will most likely be in debt longer
so the lower rate won't help you. It also depends on if your credit
card interest is calculated on a daily average balance or
compounded. Make extra payments to your car loan to pay less
interest. [A average creditcard balance of $11,000.00 at 19.99%
with a $100.00 monthly payment can keep you in debt for 29
years].
Related Questions
Asked in Mental Health, Credit and Debit Cards, Credit
Why does a person keep transfer credit card balance to another before it catches up with him?
To transfer from a high interest credit card to a lower interest
credit card
Asked in Interest Rates
Where can one find information on the average credit card interest rate?
You can find information about the average credit card interest
rate online at websites such as Bankrate and My Credit Union. You
can find information on how to lower your current credit card
interest rates at the Daily Finance website.
Asked in Credit and Debit Cards, Credit
How can you lower your interest rate on credit card?
Your credit score plays a huge role in determining the interest
rate that credit card companies are willing to offer you.
Generally, the better your credit score, the lower the interest
rate you can expect to pay. You may want to get a copy of your
credit score, and see if there are any discrepancies or outstanding
debts that you didn't know about. If you can fix these problems,
your credit score will generally improve over time, and then you
can reapply for a credit card with a lower interest rate, or call
your credit card company and see if they can give you a better deal
with your improved credit score.
Asked in Accepting Credit Cards, Credit and Debit Cards, Credit Reports
What is the difference between a credit card and smart card?
Credit cards are an application of smart card.
Credit cards are either smart card or magnetic strip card.
A smart card is a card which have an IC chip to process the data/
Smart card have the capability to process the data.
Asked in Credit and Debit Cards, Credit
How would you go about converting over from a high interest credit card to low interest credit cards?
First you should run a check of your credit score to see if you
qualify for a lower interest rate. If your credit is in good shape
many companies are willing to let you put existing debts on a new
card with a lower interest rate.
Asked in Credit and Debit Cards
Where can I apply for the lowest interest credit cards?
The lowest interest rates on a credit card are made when the
person has a good credit rating. The higher the limit, the lower
the interest rate also.
Asked in The Difference Between
What is the difference between a Platinum card and a regular credit card?
The major difference between a Platinum credit card and a
standard credit card is that with a standard credit card credit
limits are lower than what they would be with a Platinum credit
card. Interest rates will differ as well.
Asked in Personal Finance, Credit and Debit Cards, Improving Your Credit Rating, Money Management, Credit
How is credit card interest calculated?
Credit card interest in calculated daily. For example, if you
have a credit card with 12% apr, you would divide the interest by
12 months. You should always check with your credit card company on
how they calculate your credit card interest.
Asked in Credit and Debit Cards
What are some advantages of a 0 balance transfer?
When you have a balance on your credit card, you are paying
interest. If you can find a credit card with a lower interest rate
and a 0% balance transfer, you will be saving money.
Asked in Credit and Debit Cards
How can one consolidate credit card debt?
One can consolidate credit card debts by rolling them into one
lower interest credit card. Many companies offer this service such
as such as 'Credit Guard' offer this service.
Asked in Accepting Credit Cards, Credit and Debit Cards, Debt Collection, Credit
What practices by a credit card company results in lower interest charges to the cardholder?
The card company allows a grace period before interest is
accrued.
Asked in Credit and Debit Cards
What company has the lowest interest credit cards?
Interest fees vary depending on the credit card company. Most
companies apply interest based on your credit score and credit
history. To obtain a lower interest rate, increase your monthly
payments or make payments more frequently. The more payments you
make the lower your interest will be.
Asked in Credit and Debit Cards, Taxes and Tax Preparation, Debt Consolidation
Can you write off credit card interest on your taxes?
Is there a way to write off credit card interest on corparation
credit card?
Asked in Credit and Debit Cards
What are the advantages of credit card consolidation?
Credit card consolidation consolidates all of ones debt. Credit
consolidation makes it easier to pay off ones credit card debt with
a lower interest rate than most credit card companies.
Asked in Credit and Debit Cards
What is the difference between smart cards and stored-value cards?
The stored value credit card has the credit card information on
the magnetic strip. The smart card credit card has the information
in the smart card computer-chip.
Asked in Credit and Debit Cards
What is a consolidation credit card?
A consolidation credit card is a credit card someone will pick
to use as their sole credit card for everyday expenses which
typically has the lowest interest rate or the best benefits such as
cash back or miles rewards programs. Also, if someone has other
credit cards with higher interest rates, they can often transfer
balances and "consolidate" them onto a single credit card with a
lower interest rate, therefore lowering their monthly payment,
costs and in essence, making the card a "consolidation credit
card".
Asked in Accepting Credit Cards, Credit and Debit Cards
Where can a low interest credit card offer be found?
I have had great luck with credit karma but often the better
your credit score is the lower your interest rate offers will be.
If you re perceived as high credit risk your not going to get a low
interest rate.
Asked in Accepting Credit Cards, Credit and Debit Cards, Credit
Where are the best credit card rates in the nation?
Credit card rates are not based on geographical location,but are
based on individuals credit rating. The higher the rating, the
better(lower) the interest rate.
Asked in Credit and Debit Cards
What is an advantage of having an interest rate credit card?
The advantages of having a credit card with an interest rate is
it helps build one's credit faster. The higher the interest rate of
the credit card, the higher the credit score.
Asked in Credit and Debit Cards
What is a brief description of credit relief?
Credit relief is basically doing whatever one can to lower there
debt in credit cards. By choosing a lower interest credit card it
will assist in avoiding this issue to deal with.
Asked in Credit and Debit Cards, Credit
What is the interest on an express credit card?
The interest on an express credit card is 8.7%. They are not a
very good alternative to a regular credit card such as a visa or
mastercard because the interest is very high.
Asked in Credit and Debit Cards
Lowering A Credit Card Payment?
Lowering credit card payments can help save money every month.
This can be an important step in controlling expenses for a
household. One of the first steps in lowering credit card payments
is to call the issuing credit card company and ask for the interest
rates to be lowered. Lower interest rates can mean lower monthly
payments on accumulated credit card debt. Many times credit card
companies will lower interest rates after a number of payments have
been made on time to reward long term customers. Once rates have
been lowered it is important to not continue to accumulate new
debt.
Asked in Credit and Debit Cards
What is the Vanquish credit card terms of service?
The Vanquis credit card is a card for customers in the UK. Terms
of service is that you must pay back what you borrow on it, in
monthly payments and the interest rate on credit purchases is no
lower that 19.94%.
Asked in Personal Finance, Credit and Debit Cards, Loans, Money Management, Credit
Can you pay off a higher interest loan before lower interest one on your credit card?
Somewhere in the fine print of your agreement with a credit
card, they clearly specify that your payments will be always
applied to lower interest rate loans first, and anyone who has a
credit card must have agreed to these conditions. Unfortunately,
very few people read these lengthy and wordy agreements. Remember
that you must continue to pay the minimum on the lower rate loan
for your credit record to be in good standing. If possible, move
the higher interest debt to the a different, lower rate card. This
way, you may save a lot of money.
Asked in Credit and Debit Cards, Credit
Is it lawful for credit card companies to charge unfair high credit card rates?
There are legal limits to how much interest can be charged.
Usury rates are different in each state, most credit card companies
are smart enough not to break the law.