Should You Utilize One Charge Card To Repay Another?
If you’re trying to pay back one credit stability utilizing another card, this generally isn’t feasible. Banks don’t enable you to spend your charge card balance utilizing another bank card. Typically, re payments via check, electronic bank transfer or money purchase will be the just appropriate methods of re payment.
There was one loophole: a balance transfer bank card. Keep reading for more information on this exception to your rule that is you-can’t-use-a-card-to-pay-off-a-card.
Just how to make use of Balance Transfer to settle a bank card
A stability transfer could be the only time you may use one bank card to settle another. Therefore the only situation where it creates good economic feeling to pay for a credit card bill off because of this is if you’re moving a charge card balance to 1 with a lowered rate of interest, specially up to a card which has a basic 0% APR offer.
When you move a stability from the card that’s being charged interest to at least one that includes no interest for a small time frame, it is possible to save your self cash. Here’s why.
Say you’ve got a $10,000 stability for a card that carries an 18% APR. (mais…)