topic Re: Using CC paying other CC?? in Credit Cards

Using CC paying other CC??

Anonymous — Wed, 24 Sep 2014 11:44:00 GMT

Have anyone els use their CC and paying of your other CC? I am curious about this.

Giving sample If one of my card have a higher limit and I want to use that card to pay my other card is this possible? Have anyone use it this way? Or is there any other way you guys pay your CC beside from your bank or debit card?

Also how does transfer work? I never understand the transfer thing.

Re: Using CC paying other CC??

Anonymous — Wed, 24 Sep 2014 11:45:45 GMT

@Anonymous wrote:
Have anyone els use their CC and paying of your other CC? I am curious about this.

Giving sample If one of my card have a higher limit and I want to use that card to pay my other card is this possible? Have anyone use it this way? Or is there any other way you guys pay your CC beside from your bank or debit card?

Also how does transfer work? I never understand the transfer thing.

Yes, this is often done. Banks will often times allow you to do balance transfers from one credit card to another.

Re: Using CC paying other CC??

Anonymous — Wed, 24 Sep 2014 12:20:57 GMT

can you explain to me how the transfer work? step by step please.

Re: Using CC paying other CC??

goldengopher1991 — Wed, 24 Sep 2014 12:28:08 GMT

You're really just moving debt from one cc to another. You would want to do this to take advantage of a low interest rate card or maybe 0%. Say you have a $2000 bill on a card with a 15% APR but you get approved for a card with 0% for 15 months. You do a balance transfer to move the $2000 from the first card to the second and save a ton in interest. All you need to do is pay at a balance transfer fee typically 3% of your amount transferred.

Re: Using CC paying other CC??

Anonymous — Wed, 24 Sep 2014 12:40:11 GMT

Do i do this before my due date and paid them off? if i transfer the 200 to my second card, that mean my first card will be 0 balance?

Re: Using CC paying other CC??

ddemari — Wed, 24 Sep 2014 13:13:06 GMT

I have some old cap1 credit cards i dont use and they offer no fee balance transfers. So occasionally when i know i cant pay a card in full and need like an extra week or two, ill transfer a balance from boa a good 7 days in advance because it can take that long.
Then boa closes zero balance, cap1 just started new cycle with the balance transfer, then ill pay in full before cap1 is done. This only done when i know i can pay off cc by next close date. If there was a transfer fee id leave it be and let me uti go above 1-2%. for me when i do this, i spend very lightly the next month to make up for the extra spending last month and just usually use my amex charge. Also, because i dont really use the cap 1 one cards, it generates activity and allows for clis.

Re: Using CC paying other CC??

JSS3 — Wed, 24 Sep 2014 13:45:05 GMT

Transfer any balance from one Credit Card Company to another. Ie from Chase to Citi, Cap to Discover, etc. You cannot transfer a balance from one Citi card to another Citi card, Chase card to another Chase card, etc.

To do this either go online and use the request a balance transfer options:

Citibank: Account Management > Request a Balance Transfer
Capital One: Services > Transfer a Balance
Discover: Account > Credit Options > Balance Transfer
Chase : Transfer Balances

Most cards will charge a fee up to 3% in order to do this. You have to make sure you have enough money on the card that you're transferring to in order to cover the tranfer amount and fee. If you have a 6,000 card, and wish to transfer a 4,500 balance, the fee will be $135. When the transfer is complete, it will say you owe 4635 out of a 6,000 credit line. Making your utilization 77%. Usually, BT offers allow you minimally 12 months of interest free payments; which means every penny given to them monthly is deducted from the balance, rather than some going towards interest. If you don't pay off the total amount owed within the alloted timeframe(12-15 months), your regularly APR for that card kicks in and you'll be paying interest. Probably back interest too. Not sure on that.

There are some cards, the Chase Slate, which allows you to transfer a balance for free if done within the first 60 days of account opening.

When you do a BT online, you'll need to have the account numbers of the credit cards you'd like to pay off handy. As well as their addresses. Then follow the steps. Sometimes a BT into your checking account will be offered to you. I love those options as you get the money quicker(3-5 days...possibly even sooner) and you get to pay other things/people with it since it's acting like a cash advance but is categorized as a BT. When you transfer from bank to bank, it can take up to 14 days for the process, itself, to be completed and an extra day for you to see it credited to the banks you're transferring to.

You can also write a mailed BT check to yourself and deposit into your checking account.

Re: Using CC paying other CC??

Anonymous — Wed, 24 Sep 2014 13:21:53 GMT

@Anonymous wrote:
Do i do this before my due date and paid them off? if i transfer the 200 to my second card, that mean my first card will be 0 balance?

Yes. So basically you are taking the $200 from the second card and using it to pay the first card off, so if you do it before the due date there won't be interest on the first card and it will have a 0 balance. Unless you have something like the slate though, you will pay a fee to the second card for the $200.

Issuers can offer various options. One is where you give them the details of the first card and they pay it off, another is that they give you a balance transfer check, which you deposit into your bank, and can then pay off the other card yourself (or use it any other way for that matter). The second way is better if you are trying to pay off a card from the same issuer, usually an issuer will not allow a straight balance transfer from one of their cards to another one of their cards.

ETA: Or as JSS3 says!

Re: Using CC paying other CC??

JSS3 — Wed, 24 Sep 2014 13:35:35 GMT

@Anonymous wrote:
Do i do this before my due date and paid them off? if i transfer the 200 to my second card, that mean my first card will be 0 balance?

Depending on the transfer method(ie bank to bank or bank to checking account) give yourself lots of time before your due date so that the balances you want reported are by their due dates. For one, if not transferred in time, you will owe your minimum payment. Either you'll have to pay that and wait for the balance transfer to complete or you'd miss it completing in time and therefore will be late; incurring a late fee(s).

One thing I learned in regards to timing being key---I did a BT before my statement closed on the first card because I was told it would take 14 days to complete and I wanted to give it time. The amount was deducted off the first card and the statement closed with that balance. Then the other card was to close about a week after that and it hadn't arrived in time so now the statement closed with that balance being upaid(minimum payment was already paid though). My overall util was higher because a balance of(ie 2000) was showing on TWO cards. Best times to do these are after the statements close.

Yes, when you do a BT, the card being transferred to will show a 0 balance when the process is done.

Re: Using CC paying other CC??

Anonymous — Wed, 24 Sep 2014 13:41:13 GMT

@Anonymous wrote:
Have anyone els use their CC and paying of your other CC? I am curious about this.

Giving sample If one of my card have a higher limit and I want to use that card to pay my other card is this possible? Have anyone use it this way? Or is there any other way you guys pay your CC beside from your bank or debit card?

Also how does transfer work? I never understand the transfer thing.

it would be great if you could play The Lottery paying with Credit Cards

Re: Using CC paying other CC??

ezdoesit — Wed, 24 Sep 2014 13:46:21 GMT

@Anonymous wrote:
Have anyone els use their CC and paying of your other CC? I am curious about this.

Giving sample If one of my card have a higher limit and I want to use that card to pay my other card is this possible? Have anyone use it this way? Or is there any other way you guys pay your CC beside from your bank or debit card?

Also how does transfer work? I never understand the transfer thing.

Do you mind me asking why you trying to pay one credit card with another? I understand you wanting to do this but you said only because one card has a higher limit than the other. Most of the time when people do a BT it is transfer to a lower interest card. You also have to take into account the 3% BT fee to see if it makes financial sense.

Re: Using CC paying other CC??

JSS3 — Wed, 24 Sep 2014 14:14:45 GMT

Cap1 offers no BT fee but you have to pay your regular APR monthly. The "no fee" defeats the purpose of saving when you're paying 19.99% on a balance.

Re: Using CC paying other CC??

Ghoshida — Wed, 24 Sep 2014 19:23:35 GMT

@Anonymous wrote:
Have anyone els use their CC and paying of your other CC? I am curious about this.

Giving sample If one of my card have a higher limit and I want to use that card to pay my other card is this possible? Have anyone use it this way? Or is there any other way you guys pay your CC beside from your bank or debit card?

Also how does transfer work? I never understand the transfer thing.

Please note that doing a Balance Transfer will

1) Accrue interest on the card where you do the transfer to (funding card), unless you have a 0% BT offer

2) Incur a BT fee unless you have a 0% Fee offer. Typically 3-5% of the amount transferred

3) Not give you any more rewards on the funding card

4) Make all future purchases on this funding card subject to immediate interest from the date of purchase, unless you have a 0% purchase APR or you pay the entire BT balance in full by the immediate due date.