Can I use my entire balance on my credit card to pay off a loan. (loans, union)

[fantasy09]

I have the Visa Regions Cash Reward Platinum Credit Card.

The credit limit is $2000.

That's the exact amount I need for this purchase.

I was going to go to a credit union at first,but I forgot that this card is available.

APR is 0% right now.

However it will go to 23.49% after this 12 month trial period.

Part of that 12 months has already happened since this card was gotten in December of last year.

Also the card isn't in my name if that matters.


I wanted to know does a card work like a regular personal loan in that I can pay back a fix amount every month?

$167 is what I wanted to pay every month for a year and three months.

The personal loan calculator said this is what I would have had to do through a credit union,but does that same rate apply to credit cards?


I know it's better to pay off a credit card balance in full,but obviously I can't.

What would even be the minimum payment for this scenario?

Is what I want to pay every month($167) two much or to little?

[LLCNYC]

The card isnt in your name?????

Then its not your card.

[ChessieMom]

Originally Posted by fantasy09

Also the card isn't in my name if that matters.

So you are a thief.


If it matters...

[fantasy09]

Um what.

The cards is my mother's.

She's letting me use her limit since I don't have card.

I also will be paying the bill on it.

[Elliott_CA]

Originally Posted by fantasy09

APR is 0% right now.

Usually 0% APR on credit cards are for purchases only. If you want to transfer a loan balance to a credit card, the card issuer will typically charge you a 3% to 5% balance transfer fee. It should all be spelled out in the credit card's agreement.

[1ondoner]

First, you don't seem to understand how credit cards work. Second, it's your mum's card and she will be on the hook for your financial obligations.

So please don't mess up your mum's trust in you. I hope you value the relationship more than your financial obligations. If you really want to use balance transfer 0% introductory rate to pay off your loans, please get your own credit card so that only you can be on the hook.

[PAhippo]

I'd recommend taking out the loan in your name. It will help establish your own credit rating so you can get your own card.


Whatever you're buying I hope it's worth the debt. It's easy to get in debt, not so easy to get out of.

[marc3565]

Another option...
Put aside $167 a month for the next fifteen months.
Then pay cash...

[stanley-88888888]

this would probably be considered a cash advance which would probably have no grace period and higher interest rate.

Originally Posted by LLCNYC

The card isnt in your name?????

Then its not your card.

doesnt really matter. a friend can make the purchase.

[galaxyhi]

Originally Posted by stanley-88888888

this would probably be considered a cash advance which would probably have no grave period and higher interest rate.
doesnt really matter. a friend can make the purchase.

Grave period??

And, um NO, a friend CANNOT use someone s card..UNLESS they are "authorized user", and that is not the case.

OP, this is a BAD idea all around.