CC to paid off Store Card?

[bobbay]

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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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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.  

[trumpet-205]

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.

[Anonymous]

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.

[Anonymous]

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@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.

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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.

[Anonymous]

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@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.

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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.

[Anonymous]

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