Paying credit cards with other credit cards...

Anonymous · ‎07-23-2008

Does it depend on the card you're using? Or the bill payment service you use? Can it be done?

Anonymous · ‎07-23-2008

That sounds like a recipe for disaster. Do you really have to do this???????????

Anonymous · ‎07-23-2008

jaybird201 wrote:

Does it depend on the card you're using? Or the bill payment service you use? Can it be done?

No, it can't be done. You can, however, BT from one card to another, which is sort of the same thing except that it doesn't count as a payment towards the card you are BT'ing from and it may cost 3% or so in BT fees.

Anonymous · ‎07-23-2008

Agreed-

Using a CC like a LOC can be bad. If using for a short term cash flow reasons- and it will be paid back immediately it is not so bad.

I have done this before- and the zero to $5 I paid to do this worked out OK for me.

landocalrissian wrote:

That sounds like a recipe for disaster. Do you really have to do this???????????

Anonymous · ‎07-23-2008

Not so sure about "can't"

Examples:

Capone always has "purchase checks" that are not treated as a CA or start having interest unless not PIF at statement-

I have my HELOC and VISA from my CU linked to my Checking- I would pay interest starting right away- but I can drop $60K in my checking account in about 5 seconds.

cheddar wrote:

jaybird201 wrote:

Does it depend on the card you're using? Or the bill payment service you use? Can it be done?

No, it can't be done. You can, however, BT from one card to another, which is sort of the same thing except that it doesn't count as a payment towards the card you are BT'ing from and it may cost 3% or so in BT fees.

Anonymous · ‎07-23-2008

Good points. I was thinking more in terms of going to a CC website and entering a payment online with another CC as the payment source. That's what I was referring to when I said "can't."

Sure, there's always the BT and/or cash advance (or purchase checks) option.

Timothy wrote:

Not so sure about "can't"

Message Edited by cheddar on 07-23-2008 07:49 AM

Anonymous · ‎07-23-2008

I would never want to make this a habit. If i dont have enough cash to make even the mininum payment or cant afford what I want to buy, I would shut down usage.

Anonymous · ‎07-23-2008

I agree -

landocalrissian wrote:

I would never want to make this a habit.

Anonymous · ‎07-23-2008

If it makes sense for the sole purpose of getting lower Interest rates to pay off debt faster and you get great balance transfer offers then I absolutely say do it.....

But if you need to in order to float your debt and get through the minimum payments then it is a slippery slope that will hurt you in the end.

I played the BT game for 2 years to pay off my credit card debt, probably saved myself $500 + in interest.

Anonymous · ‎07-24-2008

This can be done very easily actually, assuming you have an FIA (ex-MBNA) card. FIA allows you to pay other credit cards, mortgages, student loans and HELOCs using one of their credit cards.

I have the Fidelity card from them and while they don't mention it as a perk, I did discover this when I went to their "Pay Bills Online" option. I tried it out once and it counts the payment as a purchase. They even mention specifically that it counts as a purchase on the site.

In addition, you can also receive eBills if available. They use the Checkfree system.

Unfortunately, these payments do not earn rewards points/cash back which would be the only reason for me to actually use this feature. I don't care enough about the time float.

Use with caution however, I have heard stories of FIA canceling credit cards due to customers using one of their cards solely to pay bills and not making any actual purchases.

Message Edited by jpreloaded on 07-24-2008 01:41 PM