Monthly credit card bill payments can be quite frustrating, especially if we do not have the means to make these payments. Not having physical cash at our disposal or sufficient funds in our bank accounts can render us defeated, and even result in the building up of interest on the bill statements with a dented credit score.
This has led to many of us wondering — what if we pay our credit card bill with another credit card? To answer your question in simple words, you can do this in an indirect way. Although it is not recommended to pay off a credit card bill with another credit card because of the credit trap you are setting yourself up to be in, there are indirect ways to make such payments.
But before embarking on such an expedition, it must be borne in mind that experts have said time and again that you should avoid utilizing the following alternative methods, if possible, to pay your credit card bills. Unless you deem yourself to be a responsible adult who has a backup financial plan on how to pay back these amounts, it is highly recommended that you avoid considering using these alternative platforms to pay credit bills, because of the accumulation of credit you will have to pay all together in the future.
There are three ways in which you can pay off your credit card bill by using a different credit card.
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Cash Advances
The most common way by which you can make a ‘credit card to credit card payment is through a cash advance. Withdrawing money from an automated teller machine (ATM) and directing it towards paying off your credit card bill is the most common solution to this question. However, if you must do this, it must be borne in mind that credit cards, depending on the bank you visit, have varying cash advance limits. Your credit limit and cash advance limit are different. Cash advances require different interest rates compared to credit interest rates and, moreover, you may be subject to an additional fee as well. All of this varies from bank to bank.
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Balance transfer
Another method by which you can make a credit card to credit card payment is by transferring a part of your balance from a credit card to another account and completing the payment. Of course, like cash advances, balance transfers have limits too. This method is the safest amongst the three described methods in this article. The safety aspect of it is because of its convenience, especially if your card is new with a low introductory APR. Some credit cards have a zero balance transfer limit for a specific duration when first purchased, and should be looked into if you are interested in this kind of method.
- Convenience checks
In some rare cases, credit card granters issue convenience checks upon request so that you can pay your credit card bill on time. The check functions in a similar manner to cash advances. They too are subject to additional fees and interest rates. However, the main differentiating factor between cash advances and convenience checks is that convenience checks allow you to skip over the payment of any ATM fees, hence, adding to the ‘convenience’ aspect of it. These checks can also be deposited in your standard checking account or savings account.
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