Paying on time for your credit card bill is crucial to avoid piling up unmanageable debt. What should you do when you realize it’s almost impossible to repay your credit card debt due to some reason? There can be times where you’re stuck in such a situation. For example, what if you didn’t receive your pay in time? What if your entire savings were wiped out due to an emergency? Can you pay your credit card bill using an alternative credit card in such scenarios? If so, how can you pay for your credit card bill with another credit card? We have put together this article to help you understand the solutions to the questions. Continue reading to learn more.

Do You Have the Ability to Pay Your Credit Card Charge Using a Different Credit Card?

It’s not a standard method used by credit card companies. You can’t use another credit card to pay for your credit card bill. It isn’t the best way to get your dues paid. If a credit card provider allows it, the charges are too high and you shouldn’t use this option. However, there are indirect methods to pay your credit card bill using another card. These are the methods:

Transfer Balance

The term “balance transfer” refers to when you transfer the credit card debt you owe to one credit card to another. Usually, this happens from a high interest card to a low-interest card. This option is usually preferred by those who cannot pay their credit cards promptly. But, there are a few things that must be kept in mind before making a request to transfer a balance:

• If you opt for this option, your card issuer will charge you an amount for transferring your balance. The fee shouldn’t be more than the interest rate you pay on the card you currently have.
• Thirdly, it is important to remember the limit of what you are able to transfer is the amount that you can put on the credit card to which you’re transferring it. It is important to ensure that your total outstanding balance is not lower than the limit of the credit card for balance transfer.

Paying with Wallets

Another indirect way to pay your credit card bill with an alternative credit card is to use wallets like Paytm wallets, PayZapp wallets, Mobikwik wallets, and many more. Although PayZapp is affiliated with HDFC Bank, you can use it to pay your credit card bill and even those that are issued by banks other than HDFC. The first step is to use a credit card. Then, transfer the money from your wallet to the credit card that has the balance due. When you load wallets with credit card can result in fees. Check the charges prior to making the decision.

Things to Consider

• Find out the interest rate that is applicable to both cards.
• Balance transfer would be beneficial but only if the balance was transferred from a high interest bearing credit card to a low rate of interest card.
• A high rate of interest will be charged for cash withdrawals with credit cards.
• There may be fees for transferring money from your bank account to your ewallet with your credit card.
• Many people think that cash advances could be used to pay credit card bills. Credit cards have the highest charge for cash advances. And also, there is no time limit for interest-free cash withdrawals.

Bottom line

Card issuers generally don’t allow you to pay for your credit card bill with another credit card as it may not be a prudent financial decision. However the balance transfer option and cash advance are the indirect methods to do so. However, before going with one of these options, you need to think carefully and determine which one is more suitable for your needs. Additionally, taking out a personal loan with an interest rate that is low to pay your credit card bills is another option if don’t want to go with a balance transfer or cash advance since both are really costly sometimes.

If required, which of these options will you pick? Do let us know in the comments section below. If you’re having any questions regarding the subject You can post them here; we will be glad to help!