Using a credit card to pay a loan?

So my last car payment is due this month and with all the late fees I racked up it is almost $1500, which I do not have, I called and tried to put it on my moms credit card, with her permission, but they could not do it over the phone and the nearest bank to me that has my car payment is three hours. My bank said the only way they could pull money from the credit card into my bank account was if it was a Visa, which it is not. I was turned down for a loan, and my mother does not want something else on her debt income ratio right now. Is there anything else that I can do to pay it with my credit card?

Using a credit card to pay a loan?

Generally speaking, you can't pay loans with a credit card because the person who is accepting your credit card has to pay a fee. It's not fair to them. So, I have some suggestions for you:

1. Take a cash advance on your credit card. This can be done by using those checks the credit card company sends you in the mail OR by going to the bank and asking your banker to perform a cash advance for you. Keep in mind, there is generally a fee for this (such as 3% upfront) plus interest.

2. Get a loan from another person. If you don't know anybody, I can make the loan to you (or people like myself) on this website:

http://www.prosper.com/join/gkisystems

That is where a group of people who have money make loans to people who don't. It's done eBay style where people bid down the price of the loans. It's really interesting.

3. Sell the car and get something cheaper.

Using a credit card to pay a loan?

Do you have those convenience checks that all the credit card companies seem to keep sending out? You should be able to write one of those checks to the car dealer. Or you can go to the bank and get a cash advance off the card.

Sounds like you bought a lot more car than you can afford. Perhaps you should look at your budget and see where you can cut back. Putting a car payment on a credit card is a sign of very bad financial management. Maybe you should consider a second job to pay off some of that debt.

Using a credit card to pay a loan?

Since you only have $1500 left on the car don't bother getting a loan - it will only cost more money with bank fees, etc.

Pay what you can and avoid those late fees!

As the other responder mentioned, you could use a credit card check to mail in the final payment. Please avoid taking cash withdrawls from your cc because it is very expensive.

Using a credit card to pay a loan?

National surveys shows that in average American households carry a credit card balance of approximately $10,000. Many find that it hard to reduce their debts especially credit card debts due to it high financial charge, interest rolled from month to month because most of them just pay the minimum payment each month, causing their debt snowballing and at last they may trap into financial crisis.

While bankruptcy is a tempting option, it is important to explore other alternatives for eliminating debts. Debt settlement with a debt consolidation loan is a better option that bankruptcy. And if you own a home, you are at a much better position to get rid of your debt by consolidating your high interest credit card debt with a home equity loan.

Benefits of a Debt Consolidation Loan

Although a debt consolidation loan is not a magic way to eliminate your debts overnight, but it can help you to reduce your debt faster. As you know, credit card debts and other personal loans are high interest debts. In most cases, your minimum payment barely covers the interest incur by these high interest debts. Hence, you find it difficult to reduce these high interest debt's balance if your are paying just the minimum payment.

If you lump all your credit cards debts and other personal loans into a consolidation loan, you can take advantage of lower interest rates and lower monthly payments offered by a consolidation loan. This enables you to enjoy debt free with a few years. Read more from: http://www.credit-card-gallery.com/elimi...