A credit card becomes a big help when you have a shortage of money and need to buy something. If you like something expensive and you can’t pay at once, then a credit card facility helps you to pay the bill in instalments. But this lucrative service has to be recharged by paying bills on time. A credit card bill has to be paid before the due date during the monthly billing cycle. However, for any reason, if you are not able to pay back, you may face penalties, late payment fees and higher interest rates. This is why, out of desperation, users with multiple credit cards often wonder if paying credit card bill with another credit card is safe. Let’s get the answer.
Paying Credit Card Bill With Another Credit Card Is a Good Option?
Most credit card companies don’t allow you to pay your credit card bill with another credit card. Some exceptions exist, but using this option may result in extra fees and higher interest charges, which could worsen your financial situation.
However, if you are ready for paying credit card bill with another credit card, you can do so in three different ways.
Via balance transfer
With this approach, you can move your remaining credit card balance to a card with a higher limit or lower interest rate. This gives you extra time, usually up to six months, to pay your bill, but there’s an added balance transfer fee.
However, a few banks may waive the balance transfer fee. Before you proceed with a credit card balance transfer, remember these key points:
- It could impact your credit score.
- There might be a balance transfer fee.
- Ensure the receiving credit card has a high enough limit for the transferred amount.
Also read:
All the Methods to Withdraw Cash From ATM Without Debit Card
Getting a cash advance
In this method, you take out cash from an ATM using your credit card.
Next, deposit that cash into your bank account and use it to pay your credit card bill online.
But remember, this is a risky way to pay because withdrawing cash from an ATM with your credit card usually comes with a high-interest rate, which can cost you more in the long run.
Using e-wallet
With this service, you can transfer money from your credit card to either an e-wallet or your bank account.
But keep in mind that platforms offering this transfer usually charge a 2% fee.
So, while it helps you make credit card payments, remember that your total credit card bill will be slightly higher due to the platform fee.
