Can You Pay a Credit Card With Another Credit Card?

imagesI’m sure that nearly everyone has been utterly strapped for cash and almost financially desperate at times. Possibly even to the point where you may be so strapped for cash that you can’t pay even the minimum payment on your credit card.

To avoid late payments and a possible hit to their credit score, some consumers may even wonder if they can pay a credit card with another credit card. Although it seems like a simple process, you may get a little more than you bargained for it you try. First of all, you cannot directly pay a credit card with another credit card. All major credit card companies simply don’t allow this. There are, however, a couple of roundabout ways you might be able to pay a credit card with a credit card. Fair warning, though—these methods are usually not wise financially and could land you in even more financial trouble than you’re already in.

Get a Cash Advance to Pay a Credit Card

The first and most straightforward way to pay a credit card with another credit card is by pulling out a cash advance from Credit Card A and using the cash as a payment for Credit Card B. You can usually do this at an ATM, as long as you know the PIN associated with your card. Many credit card issuers also send cash advance checks that you can fill out and cash at most banks.

Getting a cash advance to pay a credit card with another credit card may seem like the solution, but consumers beware! Credit card cash advances usually come with fees and higher interest rates than regular purchase. That means you may be paying more than you realize. Too many cash advances or even just one large cash advance can put a serious hurtin’ on your financial situation and eventually drown you in debt.

Transfer a Credit Card Balance

Another way to pay a credit card with another credit card is by transferring the balance. Keep in mind that transferring balances from one card to another may still come with its own fees, but they are likely to be much lower than the fees and interest associated with cash advances! If it’s a relatively new card, though, you might also be able to take advantage of no-fee transfers and interest free offers for a period of time on new transfers. Plus, you can simplify your financials by having one payment instead of two or more.

By transferring a balance from Credit Card A to Credit Card B, you aren’t really paying Credit Card A; you’re just rearranging your debt. If you choose to use the balance transfer method to pay a credit card with another credit card, be prudent. Stop using your credit cards until you’ve paid down your debt and your financials are under control. If you continue to use your cards and run up the balances once again, you’ll have a whole new (larger) cycle of debt to worry about!