Hi Xonlyyours
You can repay cash loan by means of credit card only if your creditor permits you to do so. Mostly cash loans cannot be repaid through credit cards and you need to go for a repayment plan with your creditor by which you may auto debit your checking account to repay off the loan. However, you can always take a cash advance on your credit cards to repay off the loan but for that you need to pay a cash advance fee.
No, credit cards can only be used to make purchases and take cash advance if needed. It can never be used to repay back a loan. However, if it is an outstanding credit card debt, you can go for balance transfer credit cards to pay it off. Most of the balance transfer credit cards come with an introductory zero APR for a period of 12 months and has no annual charges. However, there are some credit card companies that offer personal loans on your your existing credit cards which you need to repay on a monthly basis.
You could use your credit card to take out cash advances to pay the bill but then you will starta really bad cycle that would probaly catch up with you sooner or later. The interest rate on cash advances is alot higher too.
Yes. you are right fireyone. Not only interest rates are high on cash advances but also there are certain cash advances fees associated with it. So it is always better to make purchases on credit cards than to go for cash advance. Moreover, there are certain credit card companies which also offer loans based on your credit card spending and repayments on the card. But you cannot make repayments of your loan through credit cards.
Some of those loan transfer fees can be on the expensive side laos. I have seen this alot and the loan transfer fees being pretty expensive. It only cost me $35 to get the bak to take over a credit card loan my hubby and I had. This was pennies compared to the other routes there was to take.
Hi Xonlyyours
You can repay cash loan by means of credit card only if your creditor permits you to do so. Mostly cash loans cannot be repaid through credit cards and you need to go for a repayment plan with your creditor by which you may auto debit your checking account to repay off the loan. However, you can always take a cash advance on your credit cards to repay off the loan but for that you need to pay a cash advance fee.
No, credit cards can only be used to make purchases and take cash advance if needed. It can never be used to repay back a loan. However, if it is an outstanding credit card debt, you can go for balance transfer credit cards to pay it off. Most of the balance transfer credit cards come with an introductory zero APR for a period of 12 months and has no annual charges. However, there are some credit card companies that offer personal loans on your your existing credit cards which you need to repay on a monthly basis.
You could use your credit card to take out cash advances to pay the bill but then you will starta really bad cycle that would probaly catch up with you sooner or later. The interest rate on cash advances is alot higher too.
Yes. you are right fireyone. Not only interest rates are high on cash advances but also there are certain cash advances fees associated with it. So it is always better to make purchases on credit cards than to go for cash advance. Moreover, there are certain credit card companies which also offer loans based on your credit card spending and repayments on the card. But you cannot make repayments of your loan through credit cards.
Some of those loan transfer fees can be on the expensive side laos. I have seen this alot and the loan transfer fees being pretty expensive. It only cost me $35 to get the bak to take over a credit card loan my hubby and I had. This was pennies compared to the other routes there was to take.