asked on Tuesday February 11th at 12:45 PM
I have a new credit card with a 0% rate for 18 months. I also have a student loan for nearly 10,000 at 6.5% interest. My plan is to max the card out the first month with normal expenses and bills ($1800 limit) and instead of paying it in full like I do normally I will just make a $100 payment each month and stop using the card for 18 months.
I will then put the excess in my bank account to my student loan.
This is like free money right? Should I do this? If not, why?