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How credit cards can save you money on car loans – and other debt

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Shannon Stapleton/Reuters/File

(Read caption) Car dealerships are seen along Northern Blvd in New York in 2010. By taking advantage of credit-card balance transfers, you may be able to lower the interest rate on your auto loan.

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With the average consumer thousands of dollars in debt, it's easy to assume that very little short of a turbo-charged economic recovery will significantly improve someone's financial situation. But help could be available from an unlikely source:  a credit card.

Eight of the largest credit card issuers allow you to transfer your auto loan balance to a credit card in order to score a lower interest rate. Seven of them enable transfers from mortgages, student loans, small business loans, home equity lines of credit, and more, according to a recent CardHub.com study. We’re not just talking about a marginally lower rate.

 A number of cards offer interest-free introductory periods that last a year or more. If used strategically, these zero-percent balance transfer promotions?? could save you as much as $1,000 while expediting debt freedom. (Compare balance transfer credit cards at Card Hub.)

 
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