Transferred Student Loan to Credit Card

by Andy Hough on November 15, 2007

One of my credit cards sent me a balance transfer offer for 6.99% with no transaction fee.  Since my private student loan is at 11.75% I decided to go ahead and transfer it to the credit card.  The loan balance is just a little over $1000 right now and I hope to pay it off by the end of the year.  If I do pay it off that quick the lower interest rate won’t make much difference but since it didn’t cost anything to transfer I figured I might as well save whatever little bit of interest I can.

{ 1 comment… read it below or add one }

1 chitown November 15, 2007 at 4:03 pm

Sounds like a smart move considering the low balance amount. The savings on the interest will allow you to pay it off sooner and it will probably be better than the interest write-off on your taxes.

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