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cypress91722 | Using a Credit Card to Pay Off a Credit Card? |
Does anyone know a way to use a credit card to pay off a credit card and in the process no interest is accumulated?
Additional Details
Lets say I have two credit cards. I use one and the payment is lets 100 dollar. Now can i use the second credit card to pay off the debt for the first one? And lets also say that the payment due date for both are about a month apart. Once i use the second credit card and it's time to pay, can I just simply use the first credit card to payoff the second one. I hoping by doing this I am able to aviod the interest. |
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chica_zarca
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That's not a good idea. Especially if the one bill is a lot of money. Because then you will just have to pay that off on the other credit card. If you keep bouncing the amount due back and forth between credit cards, either the companies are going to catch on and come after you, or you will continue to ring up your debt so high you'll never be able to pay it. My mom's friend did that. She got so caught up between the two bills that she's over $100,000 in debt right now.
If you can't afford to pay off the whole bill, pay off as much as you can, and please call the company. If you explain your situation to them, they might be nice and give you an extension or something. It also looks really bad on your credit report.
If you're going to ring up charges higher than you can afford to pay, you might want to request that they lower your credit line to prevent you from doing it again. It's not a bad thing or anything, and I'm not trying to sound judgemental or mean, I just don't want to see you keep getting stuck in that kind of situation because it will bite you in the butt in the end. Credit's not something to mess with. Those people will seriously hunt you down and beat down your door looking for their money. Don't mess with the credit companies. |
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shirishb
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Hi CY Press, It is not possible to do it? You need to earn money to pay your credit card payments, or reduce your expenses or get money to pay credit card debts. Join our team to get side stream income, http://www.freedom.vjms.net |
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Josh
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Many credit card companies will send you convenience checks in the mail to use for transferring balances and etc. You can use these to transfer the balance back and forth as much as you want. As long as you pay off the entire balance in the statement period due date, it will not accrue interest. However, this could be a very devious and sly scheme. I think technically it is legal if you withstand the policies regarding the transfering balance. Some credit companies charge a transfer fee and some do not. It all depends on the company or bank. But you get the idea...I wouldn't recommend it though, because if they do catch on, and their lawyers can find something that says that is money laundering, then you could be held accountable. |
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LavishFashion
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only if you have a no interest credit card to transfer the balance to. But do pay it off within the 0% APR term. |
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Niinnaa
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How about first starting off by cutting up each and every credit card you own and call one of those debt wiping people and tell them your situation and get your credit card payments combined with a lowered interest rate. In the future take some money management classes. |
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oilman11977
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Sound like you are digging yourself deeper in debt |
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Wussupp!!!
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You will never get out of debt by doing it that way. Try paying it off little by little without using your other card. Talk with your credit card company and make a payment plan that you know you can keep. In a short time, you'll see yourself debt free. Goodluck!! |
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kvuo
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You can do it by taking a cash advance on one card, depositing the cash in your checking account, and paying your bill.
If you are at that stage, you're finished, though. You're playing the shell game, which 80% of people in debt will play. |
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J.D.
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If you get one of those deals with a minimal or 0% APR and now transfer fee for balance transfers then it's an OK arrangement.
Be sure to read the agreement statement they enclose and check the fine print. Don't get sucked in by a low promotional rate and then have them jack it up to 24% after the period ends.
Intend on paying it off before the period is over. |
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sexytrojan
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I recently did that.
My Washington Mutual credit card has 0% interest on balance transfers for a year. There is a 3% transfer fee (one time only). I transferred balances from 2 higher interest card and a department store card, and I am paying that off. The credit card companies will give you checks for this purpose.
If you do this, make sure you don't make any purchases with the card, since the purchases are paid off last and the interest will accumulate. |
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Hoa N
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yes, but it is just a temporarily solution. Apply for new card with 0% interest for 15 month with no fee transfer. in the mean time,try to paid it off in the 15 month span. I believe Chase offer that credit card. Remember that is the short solution. you still carry the debt. After that CASH IS KING |
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ooelevenoo
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I have no idea if it's considered money laundering. Me and my boyfriend spoke on this issue and have figured companies will probably not care to "come after you" because it's still money to them (they are recieving the payment from a different company). ...
I mean, aren't credit card companies trying to pry money from you in the first place?--
i've thought of paying off my credit card with another card before---I don't think it's a bad idea (especially if you can't pay off one by the due date)--- and when you can, you can pay through your bank account.
Paying off with another card is a good way to give yourself time without the penalty--- I don't assume you have a debt problem like all these other people who are pushing your question in a totally different direction.
Good thinking, friend. |
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Joe
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You can apply for a 0% interest rate card on balance transfers for usually about a year and then transfer the high balance to the new card with the 0% interest rate and try and pay all of it off in the year. Some offer 0% on purchases and balance transfers for a year too. |
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