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Posted in Credit Cards
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Question By
cmptrgydv

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0 People Helped
paying off car loan with credit card
Hi I have a capital one credit card with a 2,000 limit, and have 0% interest until next may, what I would like to know is how is the best way
for me to pay off a car loan with this credit card, the loan company uses western union on line to make extra payments, the normal payments are taken from my checking account each week,
so will capital one see this as a cash payment or credit payment to western union?

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Top Contributor
1776 Contributions
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Don't do it,  Bad Idea.

You need to do a Cash Advance on the CC  that will cost you.

Read the paper work on the Credit Card on how Cash Advances work and the Cost compared to just a credit transaction.

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that's what I don't want to have it do, a cash advance, and looking at western union website it has a disclaimer that says if you use a credit card to pay, it may be used as a cash advance, and to check with credit card company,

I only owe $1600 on the car loan, and was going to pay $1300 of it and let the loan company take the last 3 payments out to finnish off the loan, I did not want to use more then 30% of the credit card, I have the cash for the rest, so was only looking at using maybe $600 on the credit card to pay it off,

so now I think i'll just pay it all in cash, and use the credit card for bills and grocery's and such for a month, to pay it off,

Top Contributor

Reply by
jwsister

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That sounds like a wiser choice, so you can avoid the cash advance fees.  And it would have happened that ways since I used a credit card to send money to a friend and got hit with a $10 cash advance fee.

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