Can You Pay Your Credit Card Bill With Another Credit Card
There is actually no direct way of paying one credit card bill through another credit card. But, if you do want to use a credit card to pay for another credit cards bill, you can do that indirectly.
There are three methods by which you could use your credit card to pay another credit cards bill.
1. Through Cash
- Withdraw money from ATM for the credit card you want to make the payment with
- Deposit money into your checking account
- Pay the amount
- If you are going ahead with this method, do note that credit card loans are the most expensive loans there are. So, it might take a huge toll on your pocket.
2. Through e-wallet
- Transfer the money to an e-wallet from the credit card you want to make the payment with
- Use the e-wallet to pay the amount
3. Through Balance Transfer
This is another way of paying one credit cards bill through another. You could transfer your balance to another credit card and pay the bills on your other credit card. Not only this, the interest rate of the other credit card would be lower than the former. Moreover, there will be an interest-free period during which you wont have to pay any interest on the amount.
Points to note:
- Balance transfer usually comes with a fee
- It might affect your credit score a little
- If you miss a payment, you would be charged interest on the outstanding amount even if the interest-free period is not over
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1. Through Cash
2. Through e-wallet
Points to note:
Choose The Right Recipient
Dana Menard, a financial planner and founder of Twin Cities Wealth Strategies, says your first step is to make sure youre giving to the right person especially when participating in crowdfunding platforms like GoFundMe. Plenty of people make pleas for assistance with their credit card debt.
Scammers are out there, says Menard. Are they really in dire straits, or just looking for a handout? Thats hard to know sometimes. Giving to someone you already know and trust is usually a better idea.
Once youve done your due diligence and decided on the right person, figure out the amount of money you can afford to give. That sum must not put you at a disadvantage.
Review your own finances and make sure you have a personal emergency fund, says Menard. Anything can happen right now, and you dont want to be in a position where you cant make ends meet.
Determine a figure thats discretionary, then stick with it even if the amount seems small.
How Payments Are Applied To Your Balance
If you dont pay your entire credit card balance by the due date, youll pay interest.
Different interest rates may apply to different types of credit card transactions. For example, cash advances often have a higher interest rate than purchases. This means different interest rates will apply to your balance depending on how you use your credit card.
Typically, your minimum payment will apply it to the portion of your balance with the lowest interest rate. Any amount you pay over the minimum payment applies in one the following two ways:
- to the portion of the balance with the highest interest rate
- proportionally to the entire balance
A credit card issuer that is a federally regulated financial institution can decide how it will apply your minimum payment to your balance.
Check your credit card agreement or ask your credit card issuer how it applies a payment to your balance.
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Who Should Get A Credit One Bank Card
These types of people stand to benefit the most from Credit One products:
- The credit-builder: If you have thin or bad credit, The Credit One Bank® Platinum Visa® for Rebuilding Credit or the Credit One Bank American Express® Card can empower you to make wise credit and spending decisions. Both cards offer decent rewards structures and tools to help you manage your credit, but the annual fee for the Credit One Bank® Platinum Visa® for Rebuilding Credit is $75 the first year and $99 thereafter , while the Credit One Bank American Express® has a flat $39 annual fee.
- The rewards seeker: The Credit One Bank® Visa® Cash Back Rewards card could be an ideal choice for the everyday shopper seeking to rack up the rewards. With a low annual fee and cash back earning potential, this card can offer you the tools you need to get some cash back rewards in the bank.
- The maximizer: If youre in the good to excellent credit range and looking to maximize your potential rewards earnings, the Credit One Bank® Platinum Rewards Visa with No Annual Fee is a good choice. Complete with a slightly higher rewards structure than the Visa® Cash Back, you wont have to worry about an annual fee cutting into your cash back.
Monitor Your Credit Card Accounts
Keeping track of your credit card accounts and bills can become more complicated if you have several cards. Creating a budget and using budget software that lets you link and sync multiple accounts can help you stay on top of your spending and balances. You can also sign up for Experian’s free credit monitoring service to review the balances on your credit report and get automatic notifications if there are any suspicious changes.
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Make Your Scotiabank Credit Card Your Payment Method Of Choice
Simplify your online and in-app purchases by customizing your payment preferences and pay the way that you want. You can add your Scotiabank credit card to your favourite apps and online retailers where you use your card for everyday purchases and set it as your default payment method for a faster, easier checkout. Theres no need to re-enter your billing details every time you make a purchasequickly pay and be on your way.
Add A Supplementary Card
Getting a supplementary card for your partner or another member of your household can help you maximize your rewards. Plus, your statement includes an itemized list of transactions so you can keep track of how much each person is spending. Remember that you will be responsible for all transactions made by the supplementary cardholder you add to your account. To request a supplementary card, sign in to Scotia OnLine®.
Report lost or stolen cards
If your credit card is lost, stolen or you need a replacement, please call us immediately. Well send you a new card replacement right away.
Switch or close your account
Whether you want to switch to another Scotiabank credit card, consolidate multiple Scotiabank credit card accounts, or close your Scotiabank credit card account, we can help.
Monday to Friday 9:00 a.m. – 9:00 p.m. Saturday 10:00 a.m. – 6:00 p.m.
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Strategies For Making On
It can be easy to miss a credit card payment, especially if youâre juggling multiple bills every month. But paying a credit card bill by the due date helps you maintain healthy credit and keep your credit card account in good standing.
Here are three ways to help you keep up with your credit card payment due date:
What Is A Cash Advance
Credit issuers provide individuals with the option to take a cash advance out against their line of credit. This cash-now loan is different from a normal credit card purchase, and it likely is subject to an entirely different interest rate. On average, youll pay about 24% for the cash advance, which is 9% higher than the average APR. Keep in mind the amount you borrow will contribute to what you owe at the end of each billing cycle related to your monthly balance.
Cash advances can be seen as a riskier way to pay off another credit card compared to balance transfers. As with researching balance transfers, do the math before you commit to a cash advance with your credit issuer. It may not be worth it to take out cash on a 24% interest rate in order to pay off another credit card. Its also important, however, to be aware of all the pros and cons
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Getting Around The Rule0% Balance Transfers
There are some special circumstances, however, where you can pay one credit card with another. The most common is with a balance transfer offer.
When you apply for certain cards, they will offer you a 0% balance transfer option. With these cards, they will effectively transfer your balance from one or more of your existing credit cards over to your new balance transfer card. And as an incentive, most of these deals wont charge you interest on the transferred balance for some period of time .
There are two balance transfer cards that offer particularly good deals. The first is the Discover it®18 Month Balance Transfer Offer card. It offers one of the longest available 0% APR introductory rates, which lasts for 18 months. There is, however, a balance transfer fee equal to 3% of the amount of each transfer.
The second is the Chase Slate. The 0% offer isnt as long . But there is no balance transfer fee if you initiate the balance transfer within the first 60 days of card membership.
Can You Use One Credit Card To Pay Off Another
Paying down credit card debt is a great financial goal to have, but it’s also a challenging one for many consumers. If you need to manage your debt, it’s possible to pay off one credit card with another via a balance transfer or a cash advance.
There are several things to consider with either option, however, and it’s generally best to avoid cash advances. Here’s what you should know if you’re working on paying down a high-interest credit card balance.
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Getting The Most Out Of Your Credit Card Account
And finally, as you build your account management skills, you can also start using your card to build credit and even save money with responsible bill paying and optimal use of your credit card rewards.
- To give your credit score a boost over time, aim to keep your balance below 30 percent of your limit.
Everything Started Out Great
Everything started out great. As do most things. One day went to pay my bill with the account I’ve owned for years from the bank I go to and they denied payment. Called customer service and was told they needed my bank to verify that I was the owner of the account I was using to pay this bill…mind you I had the card for about 7 months even had it long enough for a credit increase while using this same bank account before they decided to do this. I’ve attempted to dispute it numerous times for the simple fact that things got messed up after the denial of payment which I ATTEMPTED to pay. How can you do business when you deny your customers the right to even pay their bill let alone not accept their payments. Very disappointed and would not recommend.
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How To Make The Most Your Credit One Card
With proper use of these cards, you can boost your credit score and eventually qualify for larger credit lines and better cards. Here are some tips for making the most of your new card:
- Use your card each month. You can’t build a credit history without using your card. To make it easy, try putting an ongoing purchase like a gym membership on your card, then be sure to pay it off each month. You’ll be well on your way to a better credit score.
- Don’t charge too much. It’s easy to get in over your head with credit, so take it easy with your new card instead of going on a spending spree, start with a few small expenses each month and build from there.
- Don’t carry a balance. Pay off your balance each month. Not only does this prevent you from developing debt, but it keeps your credit utilization low a major factor in credit scoring.
- Pay your balance as soon as your statement closes. It’s a good idea to pay your card early to make sure your payment has time to process. Youll save yourself from having to pay interest, as well as penalty fees.
Next See If You Can Pay More Than The Minimum Payment
Many credit card issuers allow cardholders to carry a balance month-to-month and make minimum payments partly for the cardholders convenience, but also because it benefits the issuer to create a big interest charge. If you can, try to pay more than the minimum so you can lower your balance and pay less in interest over the life of the loan. A credit card payment calculator like this one can help you estimate how fast you can pay off debts if you pay more than the minimum each month.
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Want To Learn Your Options For Dealing With Unpaid Credit Card Debt
Book a Free & No-Obligation Consultation
Here is an example. Joan Smith, like many Canadians, deals with only one bank, the ABC Bank, where she has one bank account. She obtained her VISA, her only credit card, through ABC Bank. Furthermore, she has her paycheque and her government baby bonus payments direct-deposited into her bank account at this same bank.
Joan pays her rent and her car monthly car insurance using a Pre-Authorized Debit on her bank account at ABC Bank. She also pays a number of monthly utilities cable television, internet, and cell phone bills using a Pre-Authorized Debit on her ABC Bank VISA, which has a $10,000 limit. She currently has $800 in her bank account at ABC Bank, enough to cover next months rent. This month, her minimum monthly payment on her ABC Bank VISA is $200. She cannot afford to make this payment because she needs to pay her rent as well as some unanticipated car repairs.
How To Make Your Credit Card Payment
Before making a payment, you’ll need to review your credit card bill to understand how much you owe. Your bill will show your new balance, minimum payment due and payment due date.
- The due date: The date by which the issuer has to receive payment
- The new balance : How much you need to pay if you want to avoid paying interest on future purchases
- The minimum payment: How much you need to pay to keep your account in good standing
Your credit card’s online account or app may also show your current balance. The current balance may be higher than your statement balance, as it will include transactions that have occurred since the statement was created. Paying your current balance isn’t necessary, but it could lower your next statement’s balance.
If you don’t make at least the minimum payment within 30 days of your due date, the credit card issuer may report the late payment to the . But that’s not an excuse to delay payment until the last second: You may be charged a late payment fee and face other consequences for being just one day late on a credit card payment.
What It Means To Overpay Your Credit Card And What You Can Do About It
Accidentally overpaid your credit card? Donât worry. It happens. Overpayment just means youâve paid your credit card company more than you owe. And the result is a credit balance on your credit card.
But how did the overpayment happen? And is there anything you can do about it? Read on to learn the answers to these questions and more.
Staying On Top Of Your Credit Card Bills Is A Key Part Of Building And Maintaining Strong Credit
Payment history is a key component of your credit scores and missing even one payment could have an impact that includes late fees or a higher interest rate in the future. Fortunately, it doesnt take too much effort to manage once you know what to look out for.
So what, exactly, do you need to know about paying your monthly bill? Heres a brief overview that can help you get and stay on top of your payments.
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Interest Rates: They’re Ok
The interest rates cited on the “for informational purposes only” disclosure were 19.74% to 25.74% as of August 2018. If you have bad or limited credit, the interest rates you’ll pay on any card or loan will be on the high side. Credit One’s rates are in line with those on typical credit cards for bad credit.
Strategies When Accounts Are 6 Months + Overdue
Once your account has been unpaid for six months or more, your creditor has several options and will do one of the following:
- Continue collection efforts using its in-house collection department
- Hire a collection agency to collect your account on a commission basis
- Sue you
- Sell your outstanding account
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