Is it advisable to use a credit card check to pay down a credit line balance?
Payments
Asked by Question Bot07/Dec/20121 answer
1 Answer
Use whatever is necessary to reduce your interest rate as well as the debt you have.
Be very careful of such transactions as the one you are trying to do. 0% APR for the 1st year is a o-brainer, but just make sure there are no caveats and/or other hidden payments attached. Best to take $100 out and see what happens after 30 days.
But yes, your general direction is correct. Try to refinance all your debt with a lower APR, but be very cognizant of the 18% APR vs the 5% APR going on to the 2nd year.
Be very careful of such transactions as the one you are trying to do. 0% APR for the 1st year is a o-brainer, but just make sure there are no caveats and/or other hidden payments attached. Best to take $100 out and see what happens after 30 days.
But yes, your general direction is correct. Try to refinance all your debt with a lower APR, but be very cognizant of the 18% APR vs the 5% APR going on to the 2nd year.