I have the money to pay off both credit cards, but before I do that I was wondering if I could pay off my lower balance one with my higher balance one and get more rewards points on the higher balance card, then pay off that card. I don't want to do a balance transfer, just want to use the pay online feature and pay with a credit card instead of my debit card. The card in question has enough of the limit left to secure the transaction.
2007-08-26 08:52:34 · 9 answers · asked by Anonymous in Business & Finance ➔ Credit
You generally can't pay for credit with credit. You would need to do this as a balance transfer (or use a convenience check), which would probably incur a transfer fee.
It's worth a call to your bank, however, to see if it can be done.
2007-08-26 09:01:50 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Credit card balance transfer is one of the preferred ways to get rid of credit card debt and is used by many people to get immediate relief. Credit card balance transfer essentially means that we transfer our outstanding balances from a high APR credit card to a credit card which offers low APR's. A 0% Intro APR credit card is the preferred credit card to transfer balances, but because of the widespread misuse of such credit card offers, credit card companies have withdrawn all such offers.
Indeed balance transfer saves a lot of money and can save things from going worse, but many people simply don't know the right way to do balance transfer. This article takes a look at the correct process to initiate and complete the balance transfer.
The first thing to look out, when a person wants to transfer his balances is a credit card which offers the lowest apr rates and lowest balance transfer fees. Many online credit card companies offer credit card comparisons. It is indeed a good practice to search for the credit cards using their services and decide on a credit card which offers the maximum savings. It is important to note here that balance transfer APRs depend on a person's credit history. If the credit card in question offers the lowest rates, it is definitely for those with the best credit ratings. There are different balance transfer apr's for people with lower credit ratings. So, it becomes imperative that one chooses the credit card which offers the lowest apr and balance transfer fees for his credit ratings. Read more from: http://www.credit-card-gallery.com/article/414,The_right_way_to_credit_card_balance_transfers
2007-08-28 23:18:12 · answer #2 · answered by Anonymous · 1⤊ 0⤋
You would only want to do that if that credit card is 0% balance transfer. if not then you would want to keep both them open at a 35% balance to high credit limit. This will achieve a super high credit score along with 4 other factors. To find out the rest email me at creditsurgeon@gmail.com.
2007-08-26 08:59:40 · answer #3 · answered by Credit Surgeon 1 · 1⤊ 0⤋
Not as such. You can do it by effectively borrowing money from one card to pay the other via a balance transfer or using a cash advance. These are very expensive options. You cannot pay one card with the other as you would buy something in a store.
2016-04-02 00:31:46 · answer #4 · answered by ? 4 · 0⤊ 0⤋
Most cards only give points or awards on purchases, and not on online bill payments. Otherwise, you could just keep using card A to pay card B and then card B to pay card A, every few days.
2007-08-26 11:05:36 · answer #5 · answered by StephenWeinstein 7 · 2⤊ 0⤋
probably. most places wont let you pay a credit card debt with another line of credit.
2007-08-26 08:56:58 · answer #6 · answered by Sandy 4 · 1⤊ 0⤋
Might be considered a cash advance and you don't get rewards for cash advances. Might even charge you a transfer fee.
2007-08-26 08:57:42 · answer #7 · answered by bdancer222 7 · 2⤊ 0⤋
Why don't you go online and try it?!?!?!?!
If it accepts a credit card as a method of paymnet, the answer would be "yes".
2007-08-26 08:57:25 · answer #8 · answered by Anonymous · 0⤊ 0⤋
No.
2007-08-28 15:58:54 · answer #9 · answered by Anonymous · 1⤊ 0⤋