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Should I Pay My Credit Card Bill with Another Credit Card?

When you’re struggling to pay off your credit card minimum, you might be tempted to use another card to relieve the balance. Paying the balance from another credit card is possible, but this doesn’t take off the debt; it just moves it to the other account. A few factors, like interest rates and your current debt, contribute to whether this decision is a wise one or could seriously damage you financially.

Paying off your balance with another card may result in a struggle to pay your bills. While there are ways to pay off your credit card debt with another account, this method is generally not recommended because of the repercussions you might face.

How Can I Make a Payment on My Credit Card with Another Credit Card?

It’s first important to note that when you make payments on your credit card, issuers usually require a bank account with a routing and account number, so making the payment with a credit card number may not work. If you’re set on using another credit card to pay off your current balance, you’ll have to select from one of the following two methods. Making sure you choose the suitable method can help you have fewer consequences and save you some money.

Balance Transfer

Using a balance transfer will allow you to pay off the amount but may have harmful consequences depending on your situation. The only financially responsible way to perform this is if you’re transferring over funds from one credit account to another with a lower interest rate, such as an introductory 0% APR. Because you’ll be paying less in interest, this may help to lower your payment.

Cash Advance

The cash advance method is risky and can result in a higher financial drain than the accumulating credit card debt. Taking cash out of one account and paying your credit card with cash will pay off the balance, but you’ll end up with extremely high fees for taking out the money. Fast money often hurts more than it helps.

Out of the two choices, the best option is a balance transfer. Risking a cash advance and paying the consequences will hold more weight than the original credit card debt. A balance transfer works best when the account you’re allocating the debt to has a lower interest rate.

What to Do When You Can’t Pay Your Minimum

Deciding to pay off one card with another isn’t an easy one, and if you’re someone struggling to pay your monthly balance, you might think that using a balance transfer or a cash advance is your only option. However, there are a few great ways to start paying off the balance without increasing the burden. Consider the following:

  • Communicate with creditors to see if you qualify for a credit card hardship program.
  • Search for scholarships and credit card debt assistance.
  • Contact a debt settlement attorney for legal advice.

Financial decisions are stressful, frustrating, and can make you feel that you have little to no options. With an experienced debt settlement lawyer, you’ll have the legal guidance and knowledge of processes to assist with your credit card debt needs.

Contact McCarthy Law for Experienced Credit Card Debt Attorneys

Working with a skilled credit card debt attorney is a great way to explore options and have legal guidance with your financial situation. Our experienced team of lawyers at McCarthy Law works to provide clients with assistance in navigating their financial circumstances. We understand that credit card debt is a stressful burden that may seem endless, but our goal is to help reduce that burden.

For more information on our services and how our team may assist you, call (855) 976-5777 or fill out our online contact form.

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Michael Adams

Michael Adams focuses his practice in debt litigation and consumer protection. Michael regularly assist clients through the debt settlement process as well as ensuring their rights as consumers are protected. Michael is an Arizona native who received his undergraduate degree from the University of Arizona and his law degree from Arizona Summit Law School where he excelled academically.