How would I do this?
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Hotshot
Joined: Apr 2004
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From: NW burbs of chicago
How would I do this?
I've got money in the bank to pay off roughly a 10k student loan through Sallie Mae. I would however like to pay off the loan using a rewards visa (I'd get 2%) then immediately pay off the CC, BUT SM doesn't take credit cards...
Ideas?
Ideas?
Postmaster
Joined: Dec 2008
Posts: 3,940
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From: Southern Oregon Coast
Having been through a couple of bankruptcies and dealt with student loans and CC bills - in my opinion - the safest thing to do is put the credit card down and just pay off the loan normally...
Besides, 2% is what - $200?
Having that money would probably be nice - I just don't see any way to use the CC for this purpose... Cashier's check, bank draft - not sure if anything like this can be purchased with a CC...
Besides, 2% is what - $200?
Having that money would probably be nice - I just don't see any way to use the CC for this purpose... Cashier's check, bank draft - not sure if anything like this can be purchased with a CC...
Moderator
Joined: May 2007
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From: Greenfield, MA
Does your credit card have a special going for a no charge cash advance??? That could be one way to work around the issue and get your $200!!!
If that doesn't work out...I'd go ahead and pay off the loans...I'm sure your savings is getting nowhere the interest that you're being charged!!!
If that doesn't work out...I'd go ahead and pay off the loans...I'm sure your savings is getting nowhere the interest that you're being charged!!!
Government Teat-sucker
Joined: Oct 2003
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From: Virginia Beach
Pay off the student loan, cut up the credit card and in about two weeks you'll have $200 (could be longer, depends on when you get paid again.)
Moderator
Joined: May 2007
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From: Greenfield, MA
Good point Stu...I've never taken a cash advance...makes it too easy to get money. I don't even have a PIN so I can use my credit card at the ATM!!!
What ever way it works...I still recommend getting rid of the student loans...the carrying costs are a killer.
What ever way it works...I still recommend getting rid of the student loans...the carrying costs are a killer.
Postmaster
Joined: Aug 2004
Posts: 4,004
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From: North of Boston MA
What is the interest rate on the student loans? I paid mine off quick even though they were lower interest than my mortgage at the time.....couldn't write off student loan interest then.
Why is the consensus that credit cards are so bad? Handled correctly, they are a great way to use someone else's money interest free for a month. I charge almost everything and pay the bill off every month. I got four round trip tickets this year on reward points. I don't pay a dime in interest and no annual fees.
Back on topic - I think you are SOL on the rewards in this case Jake. But, you may want to consider holding onto your cash as a reserve fund if the interest on the student loans isn't too bad.
Why is the consensus that credit cards are so bad? Handled correctly, they are a great way to use someone else's money interest free for a month. I charge almost everything and pay the bill off every month. I got four round trip tickets this year on reward points. I don't pay a dime in interest and no annual fees.
Back on topic - I think you are SOL on the rewards in this case Jake. But, you may want to consider holding onto your cash as a reserve fund if the interest on the student loans isn't too bad.
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Joined: Apr 2004
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From: NW burbs of chicago
Why is the consensus that credit cards are so bad? Handled correctly, they are a great way to use someone else's money interest free for a month. I charge almost everything and pay the bill off every month. I got four round trip tickets this year on reward points. I don't pay a dime in interest and no annual fees.
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I never carry a balance and scoop up rewards wherever I can :
I don't think the cash advance thing will work, BUT Sallie Mae takes pay pal So that might be the route I go.
Interest rate is 3.8%
After paying off the loan, I'll have some cash left over....
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Government Teat-sucker
Joined: Oct 2003
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From: Virginia Beach
If you are able to pay off the balance every month and have the discipline to do so, I guess it's hard to argue against free stuff. I have never been able to do it- my intentions were always to pay them off, but someting always seems to happen and I need to pay the minimum "Just this once." Actually, I never pay the minimum, but you get my point. I think the vast majority of people are incapable of paying off the balance every month, I know I am.
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Joined: May 2007
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From: Greenfield, MA
Good point Ray...I use my credit card as cash where ever I go....pay off the balance when the bill arrives. No fees...and as you stated...no interest. When I bought my tv a few years back...about $1300...I had a 52 day free loan courtesy of VISA. My card is an LL BEAN one...free shipping...free monogramming...and...credit on all purchases.
Cargo Master
Joined: Jan 2008
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From: The Great White North!
Plus, most credit cards also extend warranties on purchased items.
Like others, I enjoy the benefits of cc paying me to use their card every month. 90% plus of purchases go on it and are payed every month at bill time.
Back to regular programming. I did find out that cheque advances on cc do not qualify for rewards program, so the cash advance will not.
Like others, I enjoy the benefits of cc paying me to use their card every month. 90% plus of purchases go on it and are payed every month at bill time.
Back to regular programming. I did find out that cheque advances on cc do not qualify for rewards program, so the cash advance will not.
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