CC to paid off Store Card?

[Anonymous]

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?

[OmarGB9]

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.

[OmarGB9]

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

[Anonymous]

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.

[OmarGB9]

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.

[bk510]

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@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?

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

[trumpet-205]

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.

[Anonymous]

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.

[Anonymous]

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.

[bk510]

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@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.

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