So, I have a Wells Fargo Visa credit card that has 0% interest for 15 months and a $5,000 credit limit. I have $0 balance on it as I have not used it yet. I have a loan through a local credit union that I took out a year and a half ago to consolidate some stupid credit card debt on high interest cards. The current balance of the loan is $6,500 and has an interest rate of 10.95% which is high, but lower than the cards were. Does anyone know if it would be possible to pay off $5k of the loan using the Visa credit card and pay off the remaining $1,500 with cash? I am on track to pay off the loan by October by funneling all extra money each month to paying this off since I just got my other debts all paid off, so I had already planned on making big payments the next 5-6 months, but if I could use the Visa card to pay $5,000 of it and then pay the Visa off over the next few months I'd save the money in interest I would have paid the credit union over the next 6 months since the Visa has 0% for 15 months, right?
I just didn't know if it would be considered a cash advance though, which does not qualify for 0% interest. I can't seem to get a straight answer from the credit union over the phone if they'll even accept this form of payment, and I haven't found much info on Wells Fargo's website about if it would be considered a cash advance or a purchase. Just thought I'd see if anyone has any idea? Thanks!