bj2964 Posted November 7, 2006 Report Share Posted November 7, 2006 Hey guys. I'd like to ask if any of you know whether or not you can use a credit card to pay the bill on another? And if so! Do you know which cards allow this type of transaction? Link to comment Share on other sites More sharing options...
justaguy Posted November 7, 2006 Report Share Posted November 7, 2006 I've not seen any that allow this. IN fact most of the time when you make a balance transfer you still have to pay the monthly min on top of that. That being said, if you are in a serious pinch you ca take cash out of one card from an ATM and use that to pay another card. Link to comment Share on other sites More sharing options...
IHateCAs Posted November 7, 2006 Report Share Posted November 7, 2006 Sure, do a balance transfer. Check out the fee schedule, rates and other things of interest. Link to comment Share on other sites More sharing options...
divemedic Posted November 7, 2006 Report Share Posted November 7, 2006 not wise though. You cannot borrow your way to prosperity Link to comment Share on other sites More sharing options...
SuckerFree Posted November 8, 2006 Report Share Posted November 8, 2006 Hey guys. I'd like to ask if any of you know whether or not you can use a credit card to pay the bill on another? And if so! Do you know which cards allow this type of transaction?Yeah, and it's the reason i'm on this board to begin with. Link to comment Share on other sites More sharing options...
admin Posted November 8, 2006 Report Share Posted November 8, 2006 Link to comment Share on other sites More sharing options...
bj2964 Posted November 8, 2006 Author Report Share Posted November 8, 2006 Hey guys, a very long time ago I heard that Master Card had a card that would allow you to pay for other cards and I agree with you on the possibility of getting yourself in trouble but from a debt consolidation point of view it seems plausible to consolidate your other card debts into one bill by paying them up with that card and only having to pay the one bill out of your pocket. What do you guys think? Link to comment Share on other sites More sharing options...
suki Posted November 12, 2006 Report Share Posted November 12, 2006 Hi folks!If the goal is to reduce your CC balance from one CC and you are not concerned about FICO score for at least a year, then it may be a good thing; however, you need to look at the rules the new CC sets up. For example, the new CC that offers a balance transfer you need to look at:1. Balance transfer fee rules both the old CC and the new CC: some are free, some are low, and some are high fees.2. How much are they are willing to transfer from old CC to new CC?3. How long is this promotional offer is... 6 months ? One year ?4. What is the the promotional rate for this? Some offer zero APR rate for one year, others may offer low rates such as 2.9% for 6 months.5. What are the APR rates and the purchase rules as well as the apr rates after the promotional offer expires ?5. Be aware that the new credit card has to be a different company! Other wise the balance transfer from your own CC could be considered as a cash advance. For example, there is a new ruling with BOA with the merging of MSBA: Cash advance Balance transfers 14 % ATM cash advance 24 %. And if you have purchases on top of this you have to pay off the purchases before you can even begin paying off the cash transactions! 24 % for a typical $2,000 cash advance adds up to 68 bucks including the mininum payment a month for every month until the purchases are paid up. Also be aware when you are in the middle of transactions you must keep paying your monthly payments to the old CC until you have the paperwork that states the actual transaction, if you don't you end up with a late payment charge which could be 30 % each month...Don't forget you also have to keep paying your old card, so can you afford to pay two CCs?The game plan begins when you do your homework wisely!!!You could do very well, in fact, you could also tell your old CC Co that you are looking for lower rates and are looking at balance transfers with a new CC , they will compete, especially if you are a good customer... they did with me and I got from 9% to 7 .4 %.So look for:Zero balance transfer feesZero APR rates for at least a yearGet balance transfer amounts as much as they are willing toApr rates after the promotional rate should be not more than 7.4%Pay off as much as you can for this planIf others have more suggestions please... input here...Thanks!Take care and good luck!Suki Link to comment Share on other sites More sharing options...
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