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re: What are the benefits of 0% APR?
Posted on 1/19/13 at 11:38 pm to rpg37
Posted on 1/19/13 at 11:38 pm to rpg37
quote:
The Chase Freedom Card does not allow Federal money to be added to their accounts. This includes all student loans.
They can't stop you from using the card to pay for normal expenses though, paying the minimum and then using the different to pay off the student loan. So you really need a card with 0% APR on purchases, not balance transfer.
The idea about using Square should work too, the fee is 2.75%.
ETA: Like I noted above though, the money you save may not be worth the trouble.
This post was edited on 1/19/13 at 11:42 pm
2
Posted on 1/19/13 at 11:49 pm to foshizzle
I definitely see your point! I have my AMEX which is 0% APR for the next 12 months. I save about $1,500 a month which goes straight to loans. So I'll be well under the 12 month deadline...if I could do that. Dang, guess I'll just pay the extra few hundred dollars.
Posted on 1/19/13 at 11:57 pm to foshizzle
quote:
They can't stop you from using the card to pay for normal expenses though, paying the minimum and then using the different to pay off the student loan. So you really need a card with 0% APR on purchases, not balance transfer.
Now this is true. Theoretically, whatever things I need to purchase (i.e. gas, utilities, food, etc.) I could put on this card and reap the benefits of the card itself. Would this hurt my credit score, though, if these are not paid off monthly?
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