We’ve all heard the saying “Don’t rob Peter to pay Paul“. But what happens when you’re trying to get on track financially, but need some wiggle room while you figure things out? We’ve received questions on if you can pay your credit card bill with another credit card….And to be honest, the answer is a bit complicated. But let’s talk about paying off those pesky credit card debts!
Can you pay your credit card bill with another credit card?
There are many ways to pay your bill.
The first and obvious choice would to be via your bank or your debit card. That way, you aren’t accruing any extra interest, and you’re able to see where your money is going.
But there are other ways to pay your credit card too, especially if you’re in a bind. If your card gets points or “cash-back”, you could request that those rewards be used to pay part (or all) of the minimum balance or full balance, depending on how much you owe.
If you can’t afford the above two options, you may be able to take out a personal loan to pay your credit card off, and then pay the personal loan off. However, this only makes sense if the personal loan has a lower interest rate that will help you save money and spend less month to month.
And yes, technically you can pay for one credit card with another. We’ll get into the details a bit later, but it is possible (although we don’t recommend it!).
What happens if I pay my credit card before the statement?
Not quite sure when you pay a credit card bill early? What happens if you pay your credit card before the statement comes due?
Good for you for considering this route!
If you pay your credit card off or at least partially before the statement, you reduce the total balance that is reported to credit bureau agencies. AND, you also lower the interest that you have to pay.
Simple as that!
How do I pay my credit card bill online?
Another common question here…How do you pay your credit card bill online?
With most banks, it should be easy to pay your credit card bill online.
First, you’ll need to be connected to your credit card’s online banking system. In some cases, you may have to link your bank account to your credit card account (if they’re two separate banks or accounts).
Then, when you go to pay your bill, the credit card issuer will withdraw the funds that you owe from your bank account. This could also be beneficial if you set up automatic payments, so you know that your credit card is being paid for on time.
How many days before my due date should I pay my credit card?
Another common question here…Is there such a thing as too early when it comes to paying your credit card bill?
Personally, I suggest paying your credit card bill as soon as possible. However, borrowers usually have 20 – 25 days from their statement closing date to submit payment.
So if you need extra time, you got it. Just remember that interest is being accrued whether you pay it or not.
Should I pay off my credit card in full or leave a small balance?
Don’t listen to the “gurus” that tell you to leave a small balance on your card to boost your credit score. You should never, ever, leave a balance if you can help it. Leaving a balance on your credit card means extra money coming out of your pocket every month due to interest rates and fees.
Can I pay my credit card after each purchase?
Are you a bit nervous about accruing interest on your credit card? Or about your credit card usage getting out of control?
If so, then you’re probably wondering if you can pay your credit card after each purchase.
It’s a bit excessive….But you sure can! You can put money on your balance at any time.
The point of this article is to answer the question, “Can you pay your credit card bill with another credit card?” (which we’ll answer soon, we promise!!). But, it’s important to cover all our bases here.
Another common question that comes up is, “How do I pay my credit card from another bank?”
This one is pretty simple.
All you really have to do is connect the two accounts.
In this modern age of the internet, it should be easy to do. If your bank is picky about connecting accounts online, you may be able to call them or visit them and have a representative help you.
How can I pay off my credit card without a bank account?
Don’t have a bank account? No worries! Many major credit card companies allow payments via check and money order too. And, if you have another credit card, you may be able to use that as well!
Can you pay your credit card bill with another credit card?
Here’s the big question! Can you pay your credit card bill with another credit card????
The answer: Yes, but it’s going to take a bit of finessing. (You can’t simply pull another credit card out of your pocket and use those numbers to pay down the balance on your current credit card. It just doesn’t work that way.)
And, while you can technically pay one credit card with another…it’s not very straight forward or easy, so keep that in mind. But, it’s possible and sometimes necessary.
Just remember that you may have to pay penalties and higher fees if you pay your credit card bill with another one.
Related: Credit Card Rules to Abide By
Okay, let’s talk about how to pay your credit card bill with another credit card!
There are a couple of options.
1) Use A Cash Advance
The first thing you can try is a cash advance. A cash advance means using one credit card to take out money from an ATM or a teller and using that money to pay the other credit card.
In most cases, these cash advances come with extra fees. And, there is usually a maximum amount that you can pay yourself. So if you’re looking to pay off a lot of debt on one credit card, this may not be the best option. A cash advance is usually best for smaller balances.
After pulling out the cash, you can then put it in your bank account or get a money order to pay your credit card bill.
As I’ve said before, I don’t ever recommend paying for one credit card with another. But, if you’re really in a pickle, and just need a little cash to get you a bit ahead (at least with one card), this is the easier way.
2) Do A Balance Transfer
Okay, let’s say you have a bigger balance or minimum payment to make. If that’s the case, try a balance transfer.
Pay your credit card with a balance transfer? What is a balance transfer?
Basically, a balance transfer is when you switch from one credit card to another. This usually allows you to save on interest (at least short-term), and pay your balance off faster.
However, before you try this, make sure your transfer is below your credit limit. In other words, if your card only has a limit of $5,000, that’s all you can transfer.
When Can/Should You Do a Balance Transfer to Pay Your Credit Card?
A balance transfer method may be best if you have a decent credit score and can get a new card with a low introductory interest rate offer. For example, If the new card has 0% APR on balance transfers for 12 months, you could switch and potentially save hundreds on interest fees.
Cons to a Balance Transfer
There are a few cons with balance transfers too.
For one, there may be fees involved.
And second, when the introductory interest rates expire, you may have to pay retroactive interest rates if the balance isn’t paid off in full.
In other words, you’ll owe interest on the entire original balance. So you’ll need to be diligent about paying off the new card!
Can You Pay Your Credit Card Bill With Another Credit Card? The Bottom Line
So as you can see, it’s entirely possible to pay off one card with another. However, it’s not usually financially smart.
While we wouldn’t recommend trying these methods, life happens. So it’s better to know what to do and how than to make a potentially bigger financial mistake.
When it comes to paying a credit card bill with a credit card, would you even mess with the above options? I wouldn’t…
AUTHOR Kimberly Studdard
Kim Studdard is a strategy consultant and course launching expert. When she isn't spending time with her daughter and husband, or crying over This Is Us, you'll find her teaching other mompreneurs how to scale their business without scaling their workload.