Jul
17
2007
i need a help with some tricks for getting money from credit card?
Posted by: dmin in Credit, tags: Charge Card, Checking Account, Credit Card Payment Processing
david s asked:
i just got approved for $17000 on mastercard credit card 0%APR for 12months but i need to cash out $16000 to pay-off my car loan .Are there any tricks or ways to get that money and deposit into my checking account without paying any cash advance fee balance transfer fee or anyother fees.I was thinking of getting my own credit card payment processing machine and charge the credit card what do you think???
i just got approved for $17000 on mastercard credit card 0%APR for 12months but i need to cash out $16000 to pay-off my car loan .Are there any tricks or ways to get that money and deposit into my checking account without paying any cash advance fee balance transfer fee or anyother fees.I was thinking of getting my own credit card payment processing machine and charge the credit card what do you think???
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you can roll funds your funds from account to account but this is very risky, if you dont have a stable job or can pull funds from somewhere can lead to bankcruptcy.
Basically you have you account at the moment and use that money to invest in something that is your car loan for the year. effectively what you do is earn the interest repayments on the loan. But when the time comes to pay the money back you need to be able to find the 17,000 from somewhere. If you can get another credit that will do a funds transfer then you can do that and hopefully you have an interest free term on that also, you repeat the process till you car loan principal is paid off. make sure you close your previous accounts and remember your credit has to be reasonably good or people wont be willing to grant you credit cards.
make sure you contribute some additional capital to the car loan account so that you are regularly reducing the principal of the car.
If done properly then the cost of the loan is simply just the principal and you should save all your interest.
Again i stress that it is very risky and should be done witha clear plan etc.
Good luck
You could set-up your on credit card processing and pay yourself, but remember you will have to pay a fee of about 2-3%. Or you could use the card to make all your normal purchases like gas, groceries, even offer to do this for family and friends and they give you the cash. Then use that money to pay down your car loan.
But remember the quickest way to lower your cresit score is to carry high balances on relvolving dept (aka credit cards). So you may pay for this later with higher interest rates.
why not just call the place that has your car loan and see if they take credit cards?
Indeed, can you not make your car payment with a credit card?
Also, likely your 0% interest rate is only good for 6 months, then will jump to around 18%. This is probably a LOT higher than your auto loan. Have you thought this through? What will you do then?
And do you have the self discipline to pay down that credit card at the same payments as you already are? You do NOT want to carry that debt on a credit card, as I already said, they’ll get you when the interest kicks in.
Just be careful.
may be u can do
here is the tips to use credit carrds>>>>>>>>>try this source
i hope this will help u…
Not sure about that one. I know Ford credit doesn’t take credit cards as I have tried. Did they give you checks with the new line of credit. Maybe you can write a check to the car place but I think you will still have to pay a fee for that..