how to pay student loans with credit card reddit

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  • What happens if you pay student loans with a credit card?

  • The average interest rate for a fixed 10-year student loan is 5.72%, while the median credit card rate is 19.49%. So, if you pay student loans by credit card and fail to pay off your credit card balance at the end of the month, you鈥檇 face more interest.

  • How does interest accrue on student loan payments?

  • Interest accrues on your student loan payments, so make your payments sooner rather than later to avoid having to pay extra costs. To make these payments in a timely fashion, try cutting down on your spending — especially when it comes to luxury items.

  • What is the best way to get rid of student loans?

  • Refinancing 鈥?A refinance loan is a popular option for debt relief. Refinancing means you鈥檙e combining multiple debts into a single private loan. I recommend refinancing private student loans for a better interest rate.

  • Can I make credit card payments on a personal loan?

  • Although you generally can鈥檛 make direct credit card payments, you might be able to use a third-party service to transfer your loan to another card (e.g., Plastiq). A second option is asking your credit card provider for a cash advance and then using that to pay your loan. But are any of these choices a good idea?

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