Is it worted to payoff the student loan at 8.5 persent with credit card at 3.99%.?

If it is a %26quot;ballance transfer%26quot; offer, and the 3.99% is FIXED until you pay it off, they yes...

BUT

DO NOT EVER PAY LATE. If you make even 1 late payment, that rate could go up to 30%. The minute that bill is printed, you need to pay it.

Is it worted to payoff the student loan at 8.5 persent with credit card at 3.99%.?

That's almost certainly an introductory rate and may not apply to cash advances which is how you'd actually pay the bill. I believe that credit cards are only valuable when you don't pay interest, so I vote no.

Is it worted to payoff the student loan at 8.5 persent with credit card at 3.99%.?

Well, there are a couple of things to consider here. First, you have to consider that one may be tax deductible while the other may not (you should check with a tax professional on this). Second, you need to know the terms (duration of repayment). All things equal, paying off the loan at 8.5% in one year would cost lest gross interest than paying off the loan in 3 years at 3.99%.

Also, cashflow should be considered. Unfortunately, we live our lives based on monthly income/expenses. You should also consider this when making decisions of this type. While it may be a better overall financial decision to choose the option that charges the lease interest over the period of the loan, it may not be feasible. For instance, if choosing that option meant that you had no expendible monthly cash, it may not be a good option for you. If some type of emergency came up, like needing a new car, you may not be able to accommodate that. If your debt to income ratio is too high, you either may not be able to qualify for the loan or would pay a very high interest rate to obtain one. This could result in paying much more interest on the car than you are saving with the other loan.

Is it worted to payoff the student loan at 8.5 persent with credit card at 3.99%.?

Something I haven't seen mentioned yet: Many student loans have to have student -friendly provisions for repayment, deferral of payments if you lose your job, and similar conditions that limit their ability to penalize student borrowers when bad things happen.

Also, many loans are affiliated with a college. These lenders are generally more open to having an actual discussion with a student alumni borrower who's got a cash flow problem. That's because they need to keep the college happy otherwise the college will take them off their preferred list. Colleges get unhappy with lenders who are nasty to their alumni, because they hope that someday, after you've paid off your loan, you'll remember them fondly and donate.

Credit card companies don't have any such restrictions and will generally act to extract as much money from you as they can.

So, be honest with yourself, and if you have any doubt at all about your ability to pay off the money transferred in the time you have, then you should probably stay where you are.

Some other factors to consider:

(1) Is there any fee to transfer the balance to the credit card? Many credit card companies now charge a 2-3% fee for a balance transfer.

(2) Is there a fee or different rate that applies to balances from using a convenience check to pay the student loan? Read the fine print if you're planning to use the convenience check. Many credit card companies advertise one teaser rate for purchases made using the new card, but have totally different rates for other things.

(3) Is there a better rate out there? If you qualify for a 3.99% rate, you might qualify for a better rate with a different credit card company. (But make sure you look at points (1) and (2) for that credit card too!)