topic Re: CC to paid off Store Card? in Credit Cards

CC to paid off Store Card?

Anonymous — Sat, 03 Oct 2015 00:59:20 GMT

Had anyone ever paid off their store card with credit card before? I am thinking to do this, I have KAY jeweler store card that i owe 2000 out of $4000 credit limit. Once my chase freedom get here I want to use my chase card 12,500$ credit limit to paid off the 2000$ KAY card.

KAY card have really high interest APR and Chase have 0%...plus it will reduce my utilization ratio. is this good ideas? have anyone tried this?

Re: CC to paid off Store Card?

OmarGB9 — Sat, 03 Oct 2015 01:04:00 GMT

I'm assuming you mean pay by means of a BT? Yes that's definitely a good idea. Saves money on interest and you won't be at 50% UTIL on the individual card. You would only be using 16% of the freedom's CL which will help raise scores too.

Re: CC to paid off Store Card?

OmarGB9 — Sat, 03 Oct 2015 01:04:51 GMT

Just keep in mind there's usually a 3% BT fee, so consider whether those $60 you have to pay are worth it.

Re: CC to paid off Store Card?

Anonymous — Sat, 03 Oct 2015 01:11:38 GMT

Thanks and that's exactly what i was thiking and wanted to do.

on a side note what is BT? Im assuming its mean Balance Transfer? I never done any BT before and how would that work? I wasnt thinking about BT, I was thinking about using my Chase Freedom to paid off the KAY card instead of BT. However If i cant do that my other option would be BT. Like I have mention above can you please tell me how BT work? I never done it, can you give me instruction and direction please.

Thanks in Advance.

Re: CC to paid off Store Card?

OmarGB9 — Sat, 03 Oct 2015 01:18:16 GMT

Yea I think BT (Balance Transfer, yes) would be your only option as I don't believe there's a way to pay directly with your card. It gives the same end result, anyway. But as far as the steps, well you would login to your chase account and go to balance transfers and then put in the Kay's Account number and the amount you want to pay them and chase does the rest. Also bear in mind that BTs can take up to 3 weeks to fully process, so be sure to still make at least the minimum payment to Kay's in the meantime.

Re: CC to paid off Store Card?

bk510 — Sat, 03 Oct 2015 01:18:40 GMT

@Anonymous wrote:
Had anyone ever paid off their store card with credit card before? I am thinking to do this, I have KAY jeweler store card that i owe 2000 out of $4000 credit limit. Once my chase freedom get here I want to use my chase card 12,500$ credit limit to paid off the 2000$ KAY card.

KAY card have really high interest APR and Chase have 0%...plus it will reduce my utilization ratio. is this good ideas? have anyone tried this?

I just BTed Wally and Amazon Store card to my QS....no issues.

Re: CC to paid off Store Card?

trumpet-205 — Sat, 03 Oct 2015 01:24:52 GMT

You cannot just use a credit card to pay off a store card.

What you need to do is balance transfer. What balance transfer does is have another lender assumes the debt you owed to original lender.

In your case you give Chase the account number of that Kay card and Chase will pay off the Kay card. Then instead of you owe Kay you now owe Chase. If you never done it before just call the number at the back of your Chase card and let the representative take care of it. Big warning with balance transfer, you will pay interests on new purchases because by doing balance transfer you essentially waive grace period. Though I believe with Chase there is a feature called Blueprint that allows you remain interest free on those purchases.

Re: CC to paid off Store Card?

Anonymous — Sat, 03 Oct 2015 01:25:16 GMT

Thanks for the reply guys...I just got off the phone with KAY and i was told I can paid off the balance with any bank or credit card. Just simply call the 1-800 number or/and go to local KAY store and paid it off with your credit card. This way I have dont have to do the BT and pay for the fee 3%. Thanks for the tips about the BT, learn something new today.

Re: CC to paid off Store Card?

Anonymous — Sat, 03 Oct 2015 01:29:56 GMT

Because its a store card not a store credit card so I were able to paid it off with my credit card. Thats what KAY Rep told me. Ill find out exact answer once i visit my local KAY Jeweler store.

Re: CC to paid off Store Card?

bk510 — Sat, 03 Oct 2015 05:27:29 GMT

@Anonymous wrote:
Because its a store card not a store credit card so I were able to paid it off with my credit card. Thats what KAY Rep told me. Ill find out exact answer once i visit my local KAY Jeweler store.

That's interesting.....good luck anyways.

Re: CC to paid off Store Card?

bobbay — Sat, 03 Oct 2015 12:49:44 GMT

@Anonymous wrote:
Had anyone ever paid off their store card with credit card before? I am thinking to do this, I have KAY jeweler store card that i owe 2000 out of $4000 credit limit. Once my chase freedom get here I want to use my chase card 12,500$ credit limit to paid off the 2000$ KAY card.

KAY card have really high interest APR and Chase have 0%...plus it will reduce my utilization ratio. is this good ideas? have anyone tried this?

Yes. go to the store and tell them you want to make a payment on your account. I use my cap one QS for cash back. pay the entire balance when they ask how much you want to pay. It gets processed like a purchase as far as your payment card is concerned.

Re: CC to paid off Store Card?

trumpet-205 — Sat, 03 Oct 2015 17:28:53 GMT

That seems bizare. A store card that allows you to pay off its card with a credit card, and treated as purchase nonetheless. It is bizare because it actuallty costs them money to accept payment in the form of credit card purchases. Not to mention there is risk of chargeback, which is something chargeback insurance won't cover if it is used for loan repayment.

Looking over the Kay card T&C, it clearly states it is a credit card used for financing.

Oh well, consider this a rare exception.

Re: CC to paid off Store Card?

Anonymous — Sat, 03 Oct 2015 23:15:17 GMT

Trumpet although i am 100% agreed with you, but the rep on the phone told me that I can paid it off with my credit card. I will go to my local KAY jeweler store and will try to paid if off with my CC. I will let everyone know how it turn out.

Re: CC to paid off Store Card?

Anonymous — Sat, 03 Oct 2015 23:22:26 GMT

@trumpet-205 wrote:
Big warning with balance transfer, you will pay interest on new purchases because by doing balance transfer you essentially waive grace period. Though I believe with Chase there is a feature called Blueprint that allows you remain interest free on those purchases.

trumpet -a note. Some cards do offer 0% interest on both purchases and balance transfers for a specific peiord of time, although certainly not all cards.

Re: CC to paid off Store Card?

Anonymous — Sat, 03 Oct 2015 23:23:43 GMT

@Anonymous wrote:
Thanks for the reply guys...I just got off the phone with KAY and i was told I can paid off the balance with any bank or credit card. Just simply call the 1-800 number or/and go to local KAY store and paid it off with your credit card. This way I have dont have to do the BT and pay for the fee 3%. Thanks for the tips about the BT, learn something new today.

Some cards, such as Discover, offer a 15 month BT period at 4% with zero balance transfer fee. Well worth it as you are not paying any fee and you are getting a super low interest rate.

Re: CC to paid off Store Card?

Anonymous — Mon, 05 Oct 2015 02:34:44 GMT

Just wanted to keep everyone update. I went to my local KEY jeweler today and personally ask them if I can paid my balance off with my credit card and they said YES. You can paid your balance off with any Credit Card or Bank Card etc...as long as not another store card.

So once my Chase card wtih 12,500$ limit gets here I will paid off my balance with KAY, they will keep my ultiization low and hopefully with this high limit will increase my credit score as well.

Thank you all