Generally speaking, technically you can’t simply pay your credit card bill with another card as if you were paying your utility or phone bill.
Credit card companies don’t usually accept other credit cards as a regular form of payment. Why can’t you pay a credit card with a credit card?
There are several workarounds to this that involve using cash advance transactions, and balance transfers are two ways you can make this happen these are bad financial action for consumers and lead to your overall debt increasing. In several cases, doing this will result in your bills becoming harder to pay off. One good course of action that consumers have is to use something called a balance transfer.
This contains the shifting of your outstanding balance from one credit card to another and is a far more affordable option.
But that doesn’t mean you can’t use one credit card resource to pay off or make a payment on another’s balance.
Cash advances and balance transfer offers are two common different ways you can make this happen.
How to get rid of credit card debt
- Making a Balance Transfer
Conditional on the balance of the credit card that needs to be paid, the best option may be to perform a balance transfer, there are differences between paying for a card with another card and executing something called a balance transfer or Credit card to credit card payment charges. In this method, the balance from Card A is transferred to Card B, by eliminating its balance. (None extra rewards are provided either.)
The latter is a more official way of transferring your debt from one card to another. Moreover, there will be an interest-free period during which you don’t have to pay any interest on the loan amount.
Transfers of balance or Credit card to credit card payment charges are not eligible for any rewards points or cashback. Even if the credit card to which the balance is transferred offers rewards only on regular purchases.
The real demand for performing balance transfer is the potential to reduce the interest rate needed to pay on due balance.
Even though balance transfers come with an upfront fee, their lower interest rates make it worthwhile for the financial move. Distinct cash advances, the ongoing APR from a balance transfer tends to be more in use with standard purchase APRs, and not as high as the interest charges on cash advances. You can simply use tool to estimate your total savings from a hypothetical balance transfer. Basically enter your current credit card details, and how long of a 0% promotional APR can be availed.
In an ideal balance transfer, the rate of interest on the new credit card is significantly less than the interest rate of the first card.
Perhaps, the lower interest rate means lower the payments.
Indeed, the best balance transfer credit cards will actually do more than lessen your interest rate.
All of our top-rated picks of credit cards for a balance transfer offer introductory 0% APR periods, some up to 21 months, giving you more than a year and a half with an interest-free balance.
- Using a Cash Advance
Using a cash advance is the least suggested method to pay off credit card debt fast, but maybe a better substitute for not paying a bill at all.
The method is a bit twisting, which involves multiple steps and an account checking transitional. This special transaction follows altered rules than those on a regular purchase.
In the first step, check your cardholder agreement to find the cash credit line limit; this amount is the maximum cash amount that can be advanced with that credit card. The amount usually is around 10% to 30% of the card’s credit limit.
Now, to receive cash through an ATM, you shall need to contact the card issuer and set up an ATM pin.
If you are going ahead with this method, simply note that the credit card loans are the most expensive loans. So, it might take a huge charge on your pocket.
This can be done online for many credit cards company. Alternatively, you can go to the bank support of the credit card or for chase credit card need to go to the chase bank to receive funds.
Withdraw money from ATM for the credit card you want to make the payment with once having the cash advance, then next step is to deposit that cash into a checking account. Most banks will make a cash deposit visible within 24 hours. After this simply use the checking account to pay the credit card bill.
Technically, a cash advance is a loan to pay off my credit cards; really, really expensive loan.
If you are going ahead with this method, although note that the credit card loans are the most expensive loans to pay off credit card debt fast. So, it might take a huge charge in your pocket.
Naturally, this method has a catch not only hefty fee for the privilege of withdrawing cash with your credit card needs to be paid but the balance transfer amount will subject to high APR than the rest of your balance.
Be sure to define exactly how much of that cash advance is going to cost before going through with it directly.
- Redeeming Rewards
Probably this is not the most practical method for the majority of people, Pay credit card with another credit card to get points there is a way to use the rewards you earn on one credit card to pay some or all of the bill for another card. Similar to the cash advance method, it does involves a checking account.
The first step is to redeem your rewards. If you are redeeming a cashback reward, this is as easy as simply having the credit card issuer deposit the money into your checking account. Most rewards programs that use miles or points will also provide a cashback option.
Once deposited in a checking account, the cash rewards can be used to pay any bill or statement, including a credit card. The best part of this method is that you will not have to pay any additional fees and your interest won’t increase.
There are two different ways of efficiently paying your bill with another credit card: using a cash advance or relying on a convenience check. After exploration in all sections, neither solution is ideal. Most credit card issuers don’t allow their customers to simply enter another credit card’s number to pay their bills. Therefore, these all are indirect ways Pay credit card with another credit card to get points and to avoid more charges of due payment.
- Convenience Checks
You can request your credit card issuer to mail you a so-called convenience check, which can be used to pay off a credit card bill. These look like an ordinary check and need to be deposited into a checking or savings account. For all objectives and purposes, once the check clears the transaction is treated similarly just like a cash advance, so the mechanics are no different from those we described in the cash advance method. The only benefit of using a convenience check over a traditional cash advance process is that you skip paying any extra ATM fees as per the norms. However, all other cash advance fees and interest rates will still apply.
- Through e-wallet
One method of Loan to pay off my credit cards is to transfer the money to an e-wallet from the credit card you want to make the payment.
Then use the e-wallet in the payment option of my Credit card to pay the due bill amount of another credit
- Can I pay my credit card with the same credit card?
No, to resolve, Can I pay my credit card with the same credit card? There is none of the option which can be implied to make this work.
- Can you pay a credit card with a debit card?
This is the best resource to get rid of the due amount of the credit card by using the resource Can you pay a credit card with a debit card? Therefore debit card can be used to pay.