If you are considering making a credit card bill payment by credit card, it is advisable to rethink before you take another step. Paying your credit card bill should be your priority, but in many cases, you may find several credit card issuers to prohibit this process. Directly using a credit card to pay your credit card bills is sometimes impossible.
If you don’t have any other option to pay your credit card’s outstanding bills, you can employ indirect methods for this process. But remember, each of these methods is going to increase your debt and attract higher interest rates and this is why the experts will recommend otherwise.
Ways to Pay Your Credit Card Bills with Another Credit Card
If your credit card issuer doesn’t accept another credit card for making bill payments, you can use some indirect methods to pay this bill. Here are some methods which you can use for your credit card bill payment by credit card:
Method 1: Balance Transfer Facility
You can transfer your credit card balance to another credit card account and make payments from that account. But remember, you cannot use your complete credit limit for this process.
You can only use a portion of your credit card limit will be accessible for a balance transfer or cash withdrawals. Here are the steps for it:
- Step 1: Choose the transferable amount
- Step 2: Research and compare balance transfer fees
- Step 3: Apply for a balance transfer on your credit card
- Step 4: Check your credit card limit to understand your balance transfer limit
Method 2: Cash Advance Feature
Another excellent and quick solution to this can be the cash advance facility available with credit cards. You can withdraw money from another credit card to pay your credit card bills. Managing credit cards can be difficult and this can be a convenient option for this.
Here are the steps you must follow:
- Step 1: Check your credit card balance on your other credit card (is it enough to pay the bills)
- Step 2: Withdraw the amount from your nearby ATM that accepts credit cards
- Step 3: Deposit the cash into your savings account
- Step 4: Log in to your mobile banking app and pay the bill
Method 3: Using UPI/ Digital Wallet
You can use your digital wallet to store money. This wallet money can be easily accessed for scenarios like this. You can transfer a portion of your credit card balance to your digital wallet and use the money to pay for your other credit card bill.
To complete the process, you can follow these steps:
- Step 1: Signup to your UPI or digital wallet
- Step 2: Link your credit card
- Step 3: Transfer funds from your credit card to this UPI app
- Step 4: Pay the pending credit card bill
The idea is to pay your credit card bills on time. Otherwise, all three of these methods have very high interest rates. However, you can complete the process to pay your credit without fail in this way.
Pros and Cons of Using Credit Card Bills with Another Credit Card
This process has two sides: one is paying the bills, and another is using another credit card for it. So, the advantages in this aspect will come from the credit card bill you have paid. The disadvantages will be accumulated on the credit card you have used to pay the bill.
Here are the pros of paying credit card bills on time:
- Some cards offer rewards for making timely bill payments
- You may be able to access additional discounts
- Avoidance of late payments
- You can improve your credit standing by making timely credit card bill payments
Here are the downsides of using a credit card for balance transfers and cash advances to pay another credit card bill:
- Getting additional charges for balance transfers and cash advances
- Paying high interest rates with zero grace period
- Showcases high utilisation ratio on that credit card
If you are finding it hard to pay your credit card bills on time, then you must consider a loan. A loan can help you the best at times of cash crunch, and you can repay the loan with easy instalments. Does your credit card offer you a loaning facility? If not, then you can consider the One Credit Card. It is an excellent option to get your loan in need.
The list of facilities includes more features like limitless deals on categories like medicine and groceries. You can also get 5X reward points on your top two spending categories making it a win-win situation for you. To enjoy all the benefits and make your bill payments hassle-free, Apply now.