How to pay credit card bill from another credit card?

Credit cards are the most popular mode of cashless transactions. Most credit cards provide a grace period for customers, which is the time between the purchase date and the due date of the next billing cycle. If you want to pay your outstanding credit card bill with another credit card, it can be done in an indirect way through a balance transfer, or cash advance.

Table of Contents

See also: Credit card cash withdrawal: FAQs

Credit card bill payment through balance transfer

You can pay your credit card bill from another credit card by transferring the balance. If there is an excess of the outstanding amount on your existing credit card, you can transfer the amount to the new credit card and pay the bill.

The interest rate of other credit card would be lower than the former.
You will have an interest-free period wherein no interest is charged on the amount.
Balance transfer comes with a fee of 3% to 5% of the transferred amount.
It is important to note that the balance transfer can impact one’s credit score.
Interest will be charged on the outstanding amount in case one misses the payment, even if the interest-free period is not over.
Ensure the balance transfer does not exceed or bring the card utilisation ratio close to the credit limit.

Credit card bill payment through cash

Another method of paying your credit card bill from another credit card is through cash advances. This is beneficial, especially when you do not have time to complete a balance transfer or when the request is declined. The steps for credit card bill payment through cash are:

Using the credit card, you want to use for payment, withdraw the desired amount from an ATM.
Deposit the cash in your bank account.
Now, use the funds to pay off your credit card bill.

When withdrawing cash, customers are required to pay the credit card cash advance fee, which is usually 2.5% to 3% of the amount withdrawn. As ATM cash withdrawals can be expensive, you must assess your financial situation before choosing this credit card bill payment option.

Credit card payment through e-wallet

E-wallets are popular digital payment tools that can be used to pay credit card bills using another credit card. Like credit card payment through cash, you can put money in your e-wallet and transfer the amount to your bank account. This method eliminates the task of going to an ATM to withdraw money.

Transfer the desired amount from your credit card to an e-wallet. Now, use the e-wallet to pay your outstanding bill.

While the methods mentioned above provide you with the convenience of paying your credit card bills, they may pose more financial difficulties. Thus, it is essential to choose these options wisely. Furthermore, you may be denied from sending funds if you have exceeded the credit card limit.

In addition to using credit card to pay off your bills for another credit card, you can use it for plenty of other day-to-day transactions. You can even choose to pay rent with credit card to make the monthly transactions convenient and beneficial.

FAQs

Can I pay the credit card bill from someone else account?

Yes, your credit card bill can be paid from another person’s bank account.

Can I pay my credit card bill with a debit card from another bank?

Some banks offer the facility to pay the credit card bill of one bank using another bank's debit card.

Got any questions or point of view on our article? We would love to hear from you. Write to our Editor-in-Chief Jhumur Ghosh at jhumur.ghosh1@housing.com

Was this article useful?

😃 (0)
😐 (0)
😔 (0)

Harini Balasubramanian

Harini is a content management professional with over 12 years of experience. She has contributed articles for various domains, including real estate, finance, health and travel insurance and e-governance. She has in-depth experience in writing well-researched articles on property trends, infrastructure, taxation, real estate projects and related topics. A Bachelor of Science with Honours in Physics, Harini prefers reading motivational books and keeping abreast of the latest developments in the real estate sector.