EspioChaos (EvAnGeLiOn) asked:
Just a random question…
Just a random question…
Can can you pay a credit card bill with another credit card? If you can, can you use one credit card to pay for another and the other credit card to pay for the first? You know, like start a cycle of credit card payed credit cards…
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#1 by Steve D - September 23rd, 2009 at 10:07
Until you hit your limit, sure. Just remember that this is considered a cash advance which comes with an upfront fee of 2 to 4% (depending on the card issuer), so you could end up paying 24% to 48% in fees over a year (more with compounding).
#2 by Raven - September 24th, 2009 at 11:53
Yes. It’s called a balance transfer. You contact the company for the card that you want to pay it off with, and they’ll help you do it. Although I wouldn’t suggest doing so. It’s very easy to royally ***** your credit that way if you don’t pay it off on time, plus the interest rates will continue to add up the higher your balance is.
#3 by MadMan - September 25th, 2009 at 16:56
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.
#4 by efflandt - September 27th, 2009 at 22:57
It would be a cash advance at usually higher interest rate than purchases unless you have a special balance transfer rate. 3-4% would likely be added to your balance immediately and interest would start to accrue immediately (unless 0%).
If you get to the point where you “have” to use credit cards to pay the minimum balance on other cards, you are using too much credit and it will snowball unless you take drastic measures to decrease your spending or increase your income.