Pay off one credit card bill with another credit card?
May 24, 2014 4:26 PM Subscribe
So let's say a, um, "friend" of mine has done something truly boneheaded: paid off THE WRONG CREDIT CARD. Instead of putting money towards the credit card he uses all the time and actually has a balance, he has instead paid off the credit card he never touches and had a balance of ZERO DOLLARS. So now I—ahem, I mean he—has one credit card with a huge credit and a credit card with a huge balance. Are there any downsides to simply paying off the primary credit card with the credit on the secondary credit card?
posted by chrominance to Work & Money (7 answers total)
I know there's such a thing as balance transfers, but this doesn't exactly seem like something I want to do—I can't tell, for example, if you can do a PARTIAL balance transfer or not. Furthermore, I don't really want to deal with the potential interest rate changes and other shenanigans, and I didn't pick either of these cards for their balance transfer rates, nor is there likely to be any introductory rates since both cards are a few years old now. But if a balance transfer truly is the way to go with this, I'd rather that than have to use the secondary credit card for everything for a few months (and take the big hit now).
My usual habit is to pay off credit cards in full as soon as I get the statement and only put on the credit card what I know I can afford, so making the payment to the wrong credit card is not the end of the world. But if I could put the payment in its rightful place it would save me a bit of headache.