In this post, we shall be explaining to you how to “pay credit card debt with credit card” in case you have had difficulty in doing so in the past time or you intend to do so.
It would have been an amazing service feature if you can use another credit card from a different company to pay your pending credit card debt from another credit card company.
Well over 99-percent of credit card companies do not allow you to pay your outstanding credit card bills with another card.
The majority of credit card companies charge a lot of fees for this kind of inter-transactions.
How to Pay Credit Card Debt With Credit Card
Well, this payment of credit card debt with another credit card is not impossible blow are the two ways to pay credit card debt with a credit card.
- Cash Advance: cash advance is simply the act of withdrawing money from either an ATM or cashier, so if you withdraw this money you deposit it in the account whose credit card bill is due, and then you can use it to pay your outstanding credit card bill at little charges attached for the transaction.
Some credit card companies charge as much as 5% or $10 for direct credit card debt payments from another credit card company. If your credit bill is much then you may not be able to use a cash advance to settle it off.
- Balance Transfer: as the name implies, balance transfer is just the act of sending money from one designated account to another, if you have a huge sum to pay as your credit card bill? This should be the best option for; this process allows you to send huge sums of money from one account to another.
So credit card users can simply send funds to the account where the indebted credit card is linked they can simply use it to pay off their outstanding credit card bills, this can also be a very easy and better option to make funds available for your credit card.
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When you are to pay higher interest rates, move the debt to a credit card which will give you less promotional interest of 0% even.
Some of these new credit card companies give very low percentage rates to their users. It is not a guaranteed idea to pay credit card bills via a balance transfer, when you miss a low-interest rate your low-interest credit card payment rate may expire.
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- Debt Consolidation Loans: cash advances and balance transfers best alternative of credit card debt payment is debt consolidation
Bad modes of Credit Card Debt pay with Credit Card
- Debt Settlers Companies
There are thousands of debt settling companies, they can actually pay your debts total debts or reduce you bill debt, but they take back every dime you owe them when it is time.
So my candid advice for those who are thinking of paying their credit card debt or debts in general with this form of debt settlement is that it is totally out of place for good.
Those who may feel payment of Credit Card Debt with Credit Card via taking a 401(k) loan from the account is not advisable, because you will face more penalties and taxes when making a cash advance.
- Home Equity Loans
This could be the worst idea to offset your loan, if you take a home equity loan to settle your outstanding loan, you may lose your home if you do not pay it off as prompted of you.
The government has made available credit counsellors for you to contact in case you are looking for whom to get advice concerning loan settlements.
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