How can I use my CC to pay off student loans?

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They say it would be to pay off debts resulting from the debt. But why can not I use my CC to carry a mortgage or car? I wish I could use your CC to get miles or cash back ƵppelaenuMul pay my money to make payments in cash, but I want to make these benefits available by credit card. I can do something using your bank account

  1. Reply
    Eric B
    February 13, 2011 at 6:23 am

    Most credit card companies will either take risk action or review your account to take risk action if you use your credit card to pay off auto loans or mortgages simply because those are considered “secure” debts vs “unsecured” debts (meaning there is no collateral behind the unsecured; you don’t pay your mortgage, the bank has your house, your car the same) and do lump student loans into this as well. The reason behind it is that most student loans are at a lower APR than the CC companies can offer and are also able to be claimed come tax season. So, the credit card company will immediately ask itself, why would you need to pay this off with their product? and come to the conclusion that you are experiencing financial difficulty.

    Open a checking account that offers points if this is what you are after. I know that Wachovia has a program. Best of luck!

  2. Reply
    The Judge
    February 13, 2011 at 7:19 am

    You mean when you pay for food at the supermarket you can’t get any cash back? I can.
    I can also get cash from the ATM machine. It costs me interests but it can be done and I did.

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