Paying off a credit card with another credit card?

kazzer

Is this possible? I mean paying one off with another one from a different bank.

Saruman

I think so. Friend of mine took advantage of some 0% thing for 6 months by doing this i think. Just be careful though in case it catches up with you and you have 2 cards to pay off.

r3nu4l

Sounds dangerous if you don't do it properly, why not a 0% balance transfer, watching out for the terms and conditions of course?

kazzer

Yeah I suppose a balance transfer is possible too. Its just this way you would not have to pay interest - indefinitely. For example Card A: €1000 Card B: €0. Pay off card A with card B and alternate each month, contributing some amount of your own money too of course! AIB told me it wasnt possible, and made out that I had to effectivley get a cash advance first.

r3nu4l

kazzer wrote:

Yeah I suppose a balance transfer is possible too. Its just this way you would not have to pay interest - indefinitely. For example Card A: €1000 Card B: €0. Pay off card A with card B and alternate each month, contributing some amount of your own money too of course! AIB told me it wasnt possible, and made out that I had to effectivley get a cash advance first.

It probably is possible but it seems very messy to me, you'd have to manage the card payments online manually rather than by direct debit as I don't think you can direct debit or even create a standing order from one card to another

Why not get a new card 0% balance transfer for 6 or 9 months, pay a little bit of the debt off each month then get a new 0% deal elsewhere and continue paying off the original debt.

Of course, the more credit cards you get means the more credit checks that are performed, meaning that your credit limit is lowered each time, making it more difficult to get bigger loans when you need them.

tHE vAGGABOND

Seriously, get a loan out and pay off the credit card debt once and for all - otherwise you will wake up in a couple of years time and realise you have a debt of several grand and bad credit </scare tactics>

You would be better off going thru a junkie loan shark then a some of the credit card companies with the interest rates the charge when you are not on a special deal..

Blinder

Paying off one credit card A with credit card B would not be a good idea, unless you went for balacne transfer and got a 0% rate

Becase paying off a credit card would be seen as a cash withdrawal ( advance) from credit card B , and on cash advances you start paying interest immediiately ( i.e. you do not get the 56 ( or whatever) days interest free that you get with purchases

Blinder

Paying off one credit card A with credit card B would not be a good idea, unless you went for balacne transfer and got a 0% rate

Becase paying off a credit card would be seen as a cash withdrawal ( advance) from credit card B , and on cash advances you start paying interest immediiately ( i.e. you do not get the 56 ( or whatever) days interest free that you get with purchases