Can I use a 0% APR credit card offer to lower my student loans? The short answer is yes but you need to really pay attention and take into consideration the one time balance transfer fee. Many credit cards offer balance transfers and one of those options is to balance transfer directly into your bank account. This allows you to use that money however you see fit. This option with a 0% into APR can allow you to save on interest by paying a chunk of student debt up front so it doesn’t accrue interest.  Most of the time there is a transfer Fee of 5% of the transfer amount,…
-
-
How To Save Money: Pay Less Interest On Student Loans
A lot of people nowadays are carrying and working to pay off student loans. Here is the crazy thing, most people have paid and will continue to pay way more than need be because they haven’t read this article. You may know this already, or like most people, you may not. Big concept: when you make a required loan payment, it is divided equally between all of your loans. Now Lets Break This Down I want to start with the different types of student loan pay-back structures. Here is the government website which explain in detail the plans: https://studentaid.ed.gov/sa/repay-loans/understand/plans First there is the standard plan which are fixed payments over…
-
Credit Card Debt, Car Loans, Student Loans? How To Use A Balance Transfer.
But only if it is a good deal. How to use a balance transfer. So, I recently learned about balance transfers when I received an offer from my Aviator Red Barclay card. The terms were, 0% APR (annual percentage rate) for 14 months, with a 1% one-time transfer fee or $5 whichever is greater. Normally, I see these deals and throw them out because they are rip offs, usually with a 5% transfer fee and 22% APR. But I noticed that occasionally, a good offer comes through and I should start paying attention. I started calling all my credit card companies to see what this balance transfer is all about. …
-
How to Get Lower Interest Rates on Loans
I recently went to go buy a car, and after walking around the lot for a bit, I ended up picking a Toyota highlander which was $15,000. Before I went shopping I told myself that I was not going to buy a car unless I could get a very low interest rate like between 1-3%. When the salesperson and I went in side to haggle over the price, I told him about the interest rate I wanted. He just blew it off and focused on how much of a monthly payment I would have (they always do this) and that the interest rate would be 11%. I told him, “I…
