Managing credit card bills on time is essential to avoid interest and late fees. Did you know you can pay one credit card bill using another credit card? While convenient, this method can also increase your debt if not managed wisely. Here’s how you can do it!
1. Balance Transfer
Transfer the outstanding balance from one credit card to another, especially if the second card offers a lower interest rate.
Key Points:
- Balance transfer fees apply (varies by bank).
- Ideal for consolidating debt to save on interest.
2. Digital Wallets
Use digital wallets like Paytm, PhonePe, or GPay to pay your credit card bills.
How it works:
- Link your credit card to the wallet.
- Add funds using another credit card.
- Pay your bill directly through the wallet.
Note: Some wallets may charge a fee for credit card payments.
3. Cash Advance
Withdraw cash from your credit card to pay another card’s bill.
Key Points:
- Cash advance limit applies (check with your bank).
- ATM withdrawal fees + high interest charged immediately.
Pro Tips for Using This Method Responsibly:
- Choose the option with the lowest fees and interest rates.
- Always stay within your credit limit.
- Plan to repay the dues on time to avoid further debt.
Paying your credit card bill using another card can be helpful, but it comes with costs. Always analyze your options carefully and ensure you can manage repayment.