Those who use credit cards would know that you have to pay for them monthly. After you have used the card for the whole month, you have to clear your bills regularly every month so that your bills and interest don’t Stock up, and it is advised to pay off your monthly bill before the due date, so you don’t have to go through any inconvenience.
Everyone wants to make their life easier and is looking for easier ways to clear their bills, so many times the question has arisen it is possible to pay your card with another card of yours. The answer is yes. Yes, technically, you can pay for your card with another card. However, some banks don’t allow this, and there are ways to pay your card with another one.
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Do Banks Allow This?
Some banks allow you to do it while others ask you to avoid this kind of questionable financial step. It’s said that it’s not possible to pay the minimum payment using your card from a different company because creditors won’t allow you to make such a big payment, but there are ways to do it.
How to Pay Your Credit Card With a Credit Card
Most credit card companies don’t take a credit card as a payment method and do not allow you to enter your card number and make a payment right away, but some indirect methods are there which you can use to pay your credit card with another card. These indirect methods are ‘ balance transfer ‘ and ‘ cash advance.’ We will discuss both of these and list their advantages and will try to make a conclusion on whether it’s a good idea or not.
A balance transfer is one way to pay your card with another one and is a much affordable option where you can transfer your balance/credit from one card to another and pay off your debt or any monthly bill. And this method has proved to be beneficial for those with debts.
Steps By Guide to Buy Credit Card With a Credit Card
When transferring the balance, the following steps should be followed:
- You will have to submit an application.
- Your card will be approved.
- Now, to get your balance transferred, You will need to contact the credit card issuer of the card where you want your balance to be transferred.
- Provide him with all your credit card details and the amount that you want to have transferred.
- Once you have provided all the information, he’ll take care of the rest.
- If you get a special balance transfer card, you may have 0% APR on the balance transfer.
- Balance transfer doesn’t cost you any additional charges and high-interest rates. So this is an adorable way to pay your credit card using another card.
Restrictions and Other Policies of Balance Transfer
- Even though balance transfer is a good option to pay your card bills and other debts but still it has some restrictions and other policies listed below:
- When you get a balance transfer card, certain companies have the policy that you have to make the transfer within the first four months to apply for intro APR.
- For making a balance transfer, you need to have your bank details, account number, current balance, and other card details on hand because you’ll definitely need those.
- Balance transfers do not take place right away. It always takes time to progress.
- If you want to transfer your balance, make sure that you have made all your regular payments clear.
- One limitation is that most of the time, you cannot transfer your balance if both the credit cards are of the same bank.
- In most banks and card companies, balance transfer has a limit of 15,000$. Banks will not allow any transfer greater than this.
- Once the transfer is done, check the amount on your card to make sure.
List of Balance Transfer Credit Cards
A number of credit cards are available that allow you to make a balance transfer. A few examples are listed below:
- U.S bank Visa Platinum Card.
- Citi Double Cash Card.
- Citi Diamond Preferred Card.
- Wells Fargo Platinum Card.
- HSBC Gold Mastercard Card.
- Navy Federal Credit Union Platinum Card.
- Citi Simplicity Card.
Advantages of Balance Transfer
- They have low-interest rates and upfront fees. No extraordinary expenses come with a balance transfer.
- They offer standard APRS, not very high nor very low, making it a very affordable option.
- Some balance transfers come with 0% APR, which eventually helps you to pay your balance, increasing your credit and credit score.
- Making your payments regularly will also help to make your balance transfers quicker and more efficient.
- Balance transfer always helps you to save your money. You are always gonna benefit from it by saving your money. It’s very budget-friendly with low APR rates.
- Low-interest rates also help you to save your money right away when you start to pay off your balance.
Balance transfers offer you interest-free introductory periods, which means they will give you 12 to 14 months for trial and test out the balance transfer policy. It’s basically their way of convincing you and enticing you. This can help a lot If you want to save money.
If you want to pay a high card bill, starting to clear your payments with the interest-free introductory period is a perfect idea.
There’s no doubt that balance transfer benefits you not only in being affordable but also as it offers a number of rewards and bonuses. Imagine transferring your balance to pay your card and getting rewards and bonuses for it.
They come with the opportunity of cashback, thus helping you save money.
Cons of Balance Transfer
Despite the benefits, it has some cons as well.
You should always do your research before making a balance transfer. Balance transfer often comes with high transfer fees. Sometimes the fee is negligible that makes it a very good deal, but sometimes the fee is too much that you might end up having second thoughts about it.
There are some factors that affect your eligibility for balance transfer credit cards. Like your card history, your credit scores, your payments. Mostly it’s mandatory to have a credit score of 670 to apply for a balance transfer.
Getting credit card is becoming easier day by day. You can get your First Progress Platinum card without showing any credit history.
Cash advances are one of the other ways to pay your credit using another card. It functions as if you use your one card to take out money at any ATM. Then use this money to pay your card bills. Different transactions have different rules to follow. In simple words, different credit card companies allow you to transact money at any ATM or bank using your card. Cash advance has a certain limit which is mostly very less than the limit of your credit. For example, if your card limit is 11000$, then your cash advance limit will be 3000$.
A cash advance is somewhat different from a cash withdrawal from a bank account in a way that it has to be paid back, unlike any cash withdrawal. It’s like using your card to buy cash rather than any other goods, and this money has to be paid back. In order to get a cash advance, you must have a card pin that you will enter at any ATM machine and enter the amount, and you’ll be given the money.
Bottom Line to Buy Credit Card With a Credit Card
The bottom line is you can use both the balance transfer and cash advance to pay your card using another card. A balance transfer is a very affordable option, but in the case of convenience, a cash advance is much better now. It’s up to you whatever you decide.