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Typically, a scenario arises when you concentrate on paying off a bank card debt with a second bank card. A fear about excessive rates of interest all the time forces individuals to ask can we pay a bank card invoice by way of one other bank card. But a query arises: are you able to try this? The direct reply to this “no” however not directly “sure” you should use some artistic methods and use totally different workaround methods.
Logically following a number of workarounds to pay one CC invoice by way of one other CC isn’t appropriate for shoppers financially as it may possibly lead you to extend your general debt
Clearing the steadiness from one credit score with one other bank card is feasible, however by doing this, you aren’t lowering your debt; you’re merely shifting it from one account to a different. Banks normally don’t enable a buyer to filter one bank card invoice by way of one other card, however there are a number of oblique methods to leverage one bank card to repay one other card invoice.
Main methods to pay one CC invoice with one other CC are:
- By means of money. 2) By means of Stability switch. 3) By means of E-wallet.
- By means of money: The First is the Money Advance approach; underneath this, your bank card is used to borrow some cash from an ATM or your native financial institution department. It’s a easy approach to pay bank card payments by way of one other bank card, but it surely incurs excessive transaction charges and rates of interest, making it a expensive approach to pay payments. A lot well-known bank cards like HDFC Freedom Credit score Card, and Induslnd Financial institution Platinum Card might cost you an extra 2.5% to five% withdrawal charges per transaction. Logically talking, this money advance approach comes with excessive charges and rates of interest, which makes it a rotten deal.
Do not forget that you might need paid your different bank card invoice, however you aren’t clear together with your debt; it’s now on one other bank card. For those who face a short-term monetary emergency and need to repay to save lots of your credit score rating, you may go for this.
- By means of Stability switch: A greater different to Money advance is direct steadiness switch from one bank card to a different. There’s a distinction between paying for a card with one other card and doing a direct steadiness switch. You possibly can switch any quantity under your credit score restrict to pay the cc invoice from one other cc by way of direct steadiness switch. For instance, when you’ve got a bank card with a credit score restrict of 300000₹, you may switch solely as much as this quantity. Many bank card corporations additionally provide promotional bank cards by which you’ll be able to switch your steadiness to different CC and chill out your thoughts. Your best option for you is to have a brand new steadiness switch bank card that will have an incentive of 0% introductory APR as much as 18 months or a low rate of interest. It is going to be extra appropriate than paying it off underneath the introductory provide time restrict than paying it later with excessive charges of curiosity.
Keep in mind, it’s important to face a steadiness switch charge whereas following the steadiness switch approach. It could vary from 3% to five% on the quantity to be transferred. It is going to be higher to do general calculations of how a lot debt you owe, what’s your card charge of curiosity and what’s your switch charge per transaction. It will aid you to economize and time.
- By means of E-wallet: The straightforward and straightforward to pay cc payments from different cc is utilizing E-wallet as a intermediary. Totally different banks and bank card corporations had a authorized settlement with extra digital pockets service offering corporations. Firms like Paytm, Cellphone-pe, Mobiwik, and so on., present amenities to totally different financial institution clients to switch the required quantity from cc you need to pay to e-wallets. Then spend your excellent invoice on one other bank card by filling within the required particulars. The E-wallet corporations additionally cost switch charges of two%, which can fluctuate from pockets to pockets.
So utilizing any of the above strategies you may simply pay a bank card invoice by way of one other bank card. Bajaj Finserv RBL financial institution Tremendous Card is a really rewarding bank card. All cardholders are entitled to a world of amenities like prompt rewards, money backs, reductions, and others. The reply to the query ‘can we pay bank card payments by way of different bank cards’ has been elaborately defined within the article above. The choice to make use of a bank card to repay the debt of one other bank card must be carried out very neatly with a purpose to keep away from extra expenses.
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