Can auto loan balance be transfered to credit card?

my question is if i can transfer my auto loan (from a local credit union) to a credit card with 0% APR for balance transfer? please inform.

if yes, what is the procedure.

Can auto loan balance be transfered to credit card?

This is probably a bad idea. Credit cards typically offer 0% for an introductory period. The rate will then rise to the credit cards standard rate. This could be as high as 29%. Also, your credit card will charge you a balance transfer fee. These fees are likely to be much higher in the long run than than the interest that you are paying your credit union.

If you are determined to do this, credit card companies usually send balance transfer checks which you can use like a normal check to pay off your auto loan. If you haven't received these, you can call your credit card and they will be happy to help you.

Please reconsider this. Credit cards offer the 0% to lure you into carrying a high balance on their card. Once the intro period ends and the rate increases, either you can't pay off the balance or you forget to do it. The normal credit card rates will put you even further into debt.

Can auto loan balance be transfered to credit card?

Yep! You can pay anything or transfer any balance.

Call your bank to find out the procedure.

Can auto loan balance be transfered to credit card?

Earlier, it was very easy to find credit cards which allowed to transfer balances without any fee what so ever. These credit cards came with 0% intro APR for a specified period like 6, 12, or 15 months. This was used as a goldmine by those with large outstanding balances. They would simply transfer their balances to such credit card and get rid of existing high APR's. The 0% intro offer would then be exploited by them. Just by paying the minimum balances they would stay in the good books of credit card companies, and when the 'golden period' of0% intro APR was nearing its end, voila they shifted their huge balances to another credit card with similar offer.

So, this resulted in loss of revenue for credit card companies in terms of interest rates, but a more disastrous consequence of this process was that the credit card holder was increasingly getting into huge debts.

A major issuer of such no fee balance transfer credit cards, Morgan Stanley with their range of Discover credit cards, took strong exception and withdrew all such offers. Now they decided to take a certain percentage on balance transfers. To counteract such measure the credit card companies now have a different APR for balance transfer, this includes credit card with 0% intro APR.

Game the system and the system will game you. Nothing applies more truly to this particular practice. The credit card companies have retaliated with their new terms and rates to stop the trend of transferring balance and avoiding high APR's. Days of such unhealthy credit card practices are now over, unless some new credit card company comes into the game and decides to capture the market with such 'lucrative' offers. Read more from: http://www.credit-card-gallery.com/credi...