My wife has a 16k loan from College Ave at a 8.2% interest rate that I am a co-signer on. We’ve recently found new income and can afford to aggressively pay off this loan since it’s at such a high interest rate, we were thinking of paying off around 2k a month for the next 8 months.
I noticed College Ave provides an option to do one time payments with credit cards and doesn’t have any fees associated with it as far as I can see. So my thinking was if we are going to be able to comfortably pay off the loan in the next year, would it not make sense to get a 0% intro apr credit card and make a one time payment for the whole loan amount? Then I can easily pay off the card within the promotional rate and save money on interest. I don’t believe this will count as a balance transfer on the credit card since College Ave accepts Credit Card payments without fees. Is there anything wrong in my way of thinking?