Should I take advantage of a balance transfer offer to pay my student loans?

I graduated last year and have two student loans. One has about $12,700 @ 6.96% and the other is $12,500 @ 5%. Two of my credit cards have decent balance transfer offers. One has 3.99% for the life of the balance and the other has 4.99% for the life of the balance. I am aware of the 3% fee. What would the minimum payments look like and is this worth doing? I am also aware that any purchase on the credit card or missed payments will mess up this plan.

Should I take advantage of a balance transfer offer to pay my student loans?student loan

contact the credit card and ask them what the monthly payment would be based on the dollar amounts you want to transfer - the lower interest rate is appealing but make sure that putting those loans on your creidt card - if that amount exceeds your high limit - that will drop your FICO score %26amp; with high balances (from transfering the balances) then you most likely won%26#039;t want to put anything else on that card.

Should I take advantage of a balance transfer offer to pay my student loans? loan

A low guaranteed fix rate is pretty enticing.

If you do it, set it up on automatic payments so you don%26#039;t miss a payment. 1 late payment and you could default to the default rate, usually 25% or more.

Also ask the card company as to what your monthly payment will be?

Make sure you NEVER use those cards for anything else until the loan is paid off in full. What happens is that the way the card companies make money is that you charge something else on the low rate loan. The balance on the low rate must be paid off first before any new balances are paid. The new charges are not subject to the terms of the low interest loan and can be 10-17% or more and can fluctuate higher

Also try refinancing and consolidating your student loans with the lender. You might get a better rates now.

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