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ToggleA credit card is one of the most useful financial tools available. It is a convenient method to manage your credit debts and improve your credit score, provided you pay the credit card bills on time. But what if you are not able to pay the credit card bill for the month on time due to an unprecedented emergency? Can you pay a credit card bill from another credit card?
Yes, it is possible to pay a credit card bill using another credit card, but it typically involves a few extra steps. Most banks do not allow direct payments from one credit card to another. Instead, you can use a balance transfer option to transfer the outstanding balance from one credit card to another. This is often done to take advantage of lower interest rates or promotional offers on the new card.
Alternatively, you could use a cash advance from one credit card to pay the bill on another, but this approach is usually costly due to high interest rates and fees associated with cash advances. Another option is using a third-party service like a digital wallet, which allows you to pay with a credit card and then transfer the funds to pay off the bill. However, these methods should be used cautiously, as they can lead to more debt if not managed properly.
Nevertheless, you can pay one credit card bill from another credit card, but there are different methods with which you can do so. Let’s explore them in detail.
There are different ways to pay a credit card bill from another credit card, here’s how:
A balance transfer allows you to shift the outstanding amount from one credit card to another, either in full or partially, depending on your needs. This process lets you pay off the previous card’s balance using the new card. The new card often comes with a lower interest rate and may offer an interest-free period for the first few months, making it easier to manage repayments.
When considering a balance transfer, keep the following in mind:
A cash advance could be an option if you’re looking for a fast way to pay a credit card bill using another credit card. With a cash advance, you can withdraw money from an ATM that allows credit card transactions up to a certain limit set by your card issuer and use those funds to pay your bill.
However, consider these points before opting for a cash advance:
Digital wallets offer a convenient way to store money online, making them an easy option for various payments, including paying your credit card bills. If you need to use one credit card to pay the bill of another, you can load funds into your preferred e-wallet app, whether it’s a third-party app or one backed by your bank.
The process of adding money to an e-wallet using your credit card is quick and straightforward. Simply enter your card details, authorise the transaction with an OTP sent to your registered mobile number, and the funds will be available in the wallet. You can then effortlessly use this balance to pay off the bill with another credit card.
Another viable method to pay a credit card bill is by getting a personal loan. This option is beneficial if you have substantial balances with high interest rates, as personal loans often come with lower interest rates and can be used to pay off credit card bills. However, addressing the root issues of overspending and poor debt management is important. If these problems aren’t resolved, you risk falling into a debt cycle, where you may end up taking out more loans just to cover your credit card bills.
Paying a credit card bill can be daunting, especially when using multiple credit cards. However, paying a credit card bill with another credit card is a viable option in such situations. There are several benefits of paying your credit card bill with another credit card. Here are some of them:
While paying one credit card bill with another credit card is a tempting offer to choose from, it comes with several disadvantages and some risks you should be aware of. Here are some of the most common cons:
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In India, paying a credit card bill directly with another credit card isn’t an option, but there are effective ways to manage your credit card debt. Assess your financial situation carefully and choose a strategy that aligns with your needs. Responsible debt management is key to long-term financial health. By exploring your options and making informed choices, you can take control of your finances and move toward becoming debt-free.
If the balance transfer is not managed properly, it will affect your credit score, leading to a higher utilisation ratio.
Usually, such intra-bank transfers are not allowed, but it depends on different bank policies.
Indirectly, you can pay someone else’s credit card bill with your credit card through e-wallets or cash advances.
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