HELP! Can you pay off a personal loan with a credit card?

[vwinkel]

I was going to take out a personal loan for my father (co-sign). He is supposed to get a commission check to pay it off within the next 6 months. But if he doesn't get that check, I was wondering if I could just pay off that personal loan with my credit card.

TIA!

[tlew12778]

You can pay anything you want with a credit card. Use a convenience check.

Now that I've said that, it might not necessarily be the wisest thing to do, but that's a whole other debate.

[Bbbethie]

I must agree with tlew12778. I'm sure you could do it one way or another, whether it be through one of those check or through Paypal. However, I teach a class on bank accounts and general financial management and we ALWAYS recommend not co-signing for anybody unless you are prepared to make the payments yourself. Should your father default on the payments it will be your credit on the line. I would hate to see your credit trashed because of somebody else's mistake.

[vwinkel]

Thanks! My father had a bit of an emergency yesterday and he needed money quickly. I plan on paying on the entire loan so I was trying to find the best interest rate. And, surprisingly the best interest rate was my balance transfer rate on my credit card.

Thanks again!

[Kimberland30]

Just a little quip here....if you use a convenience check, it counts as a cash advance, and it's generally a higher interest rate (at least it is on one of my CC's). It's better to do a balance transfer online or on the phone directly.