Does it hurt your credit score to pay a credit card with another credit card?

Is it a bad idea to pay off a credit card with another credit card?

Paying off credit card debt with another credit card? Honey, that’s like using a band-aid on a gunshot wound. Sure, it temporarily stops the bleeding, but you’re still going to need a real doctor. Or, in this case, a financial advisor.

It’s a terrible idea. You’re essentially kicking the can down the road, and that road leads straight to Interestville, population: You. And Interestville’s got notoriously high rent.

My friend Mark tried this. Let’s just say he’s now fluent in “financial jargon” and making payments that make his eyes water. He’s learned his lesson the hard way, I must say!

Here’s the lowdown:

• Higher interest charges: You’re almost certainly increasing your total interest paid. That’s money you could be using for something fun – like a vacation, you know?
• Deeper debt hole: It’s a vicious cycle. Soon you will have two credit cards at risk. Don’t be naive.
• Damaged credit score: This is not a joke. Seriously, bad idea. This is the long-term price of your misguided financial maneuvering.

Instead, make a proper plan. Seriously. Think of it as a strategic chess match against your debt, not a game of chance with your financial future. A budget, a debt repayment strategy involving prioritizing high-interest debts, you know. You need a plan!

This year, 2024, the average interest rate on credit cards is around 20% (though it varies wildly). Compare that to the interest your savings account generates. Yeah, no contest there.

My advice? Talk to a financial advisor. Or at least read a book. Seriously, I’m almost pleading here.

Think of your financial health like a garden. You can’t just plant weeds and expect roses.

What happens if I pay my credit card bill with another credit card?

Paying your credit card bill with another credit card? Sounds like a financial Jenga game, doesn’t it? You’re basically stacking debt on debt.

Balance Transfers: Think of it like moving your furniture from one ridiculously overpriced apartment to another. You’ll probably get a lower interest rate for a while, but watch out for those sneaky transfer fees – they’ll hit you harder than a surprise tax bill.

• Lower interest rates (initially).
• Fees, fees, everywhere. Seriously, fees. Like, lots of fees.
• It’s like a financial game of whack-a-mole. You solve one problem and two more pop up.

Cash Advances: This is like borrowing money from a loan shark, but with slightly less menacing vibes. You’ll get the cash fast, but the interest rates are scarily high. My buddy, Dave, tried it last year. Dude’s still paying it off. He’s now eating ramen for breakfast, lunch and dinner. He regrets everything.

• Fast cash! (For a price).
• Interest rates? Astronomical. Seriously, they’ll make your eyeballs water.
• Fees again! These guys are fee-obsessed. I swear there is a fee for breathing!
• Dave regrets it deeply. He’s living off instant noodles, I swear to God.

The Bottom Line: Unless you’re a financial wizard (and if you were, you wouldn’t be asking this question, right?), this is a recipe for disaster. Stick to paying with actual money. Or, you know, maybe just sell your kidney. It’ll probably be less expensive in the long run.

Does making an extra credit card payment affect credit score?

No. Payment frequency doesn’t directly boost scores.

On-time payments matter most. That’s it.

Full, immediate payment? Fine. Won’t hurt. Unless you’re some sort of financial weirdo.

My experience? Zero impact from extra payments. My FICO score? 782 in 2024.

• Utilization: Low utilization is key. Keep it below 30%.
• Payment History: Perfect payment history. Always.
• Credit Age: Seven years of credit. Steady progress.

Twice monthly payments? Unnecessary. A waste of time.

Paying off in full? Beneficial long term. Avoids interest. Duh. Unless you’re into masochistic finance. Then go nuts.

Is it bad to transfer balances between credit cards?

It’s a mixed bag, this balance transfer game.

• Potentially beneficial: Could improve credit scores, save on interest. Like finding a cheaper gas station, ya know?

• Excessive transfers are problematic: Opening cards too frequently, jumping balances around constantly. Credit scores take a hit then. It’s like crying wolf; eventually, no one believes the deal. It also adds complexity. Who remembers every promotion, right? I sure don’t, not since I started brewing my own kombucha.

Consider the whole picture! That’s the key.

How can I pay my credit card bill from another bank account?

Ugh, credit card bills. Pay online. My Chase Sapphire card…that one’s always highest. Transfer from checking. Set up auto-pay? Nah, I like to control it. Link accounts…routing number…account number…annoying. Do it on the bank’s app. Or the credit card app? Both work. Need coffee. Wait, did I pay rent? Crap. Better do that first. Need to check my Wells Fargo balance. Bills, bills, bills. Maybe I should just stick to debit. Just kidding. Love the rewards. Cash back. Travel points. That trip to Iceland…paid with points. Winning. Must remember to call about that weird charge. $1.99 for what?? Stupid subscriptions. Always sneaking in. Gotta cancel that. Back to bills. Paying from another account…easy. Just link it. Like I said. Done. Next problem.

• Online bill pay: Most banks offer online bill pay. Simple.
• Mobile app: Use your bank’s app or credit card app.
• Link accounts: Add your external account. Needed info: Routing & account numbers.
• Auto-pay: Set it and forget it. But I prefer manual. More control.
• Phone payment: Call and pay. Who does that anymore? Maybe old people.
• Mail a check: Seriously? Dinosaur.

My dog is barking. Gotta go.

Can I pay a credit card with a debit card?

Ugh, credit card bills. So annoying. My Chase card, specifically. I hate dealing with them. Anyway, debit card… yeah, you can totally do that. Online banking is the way to go. Transfer from my checking account, linked to my debit card, of course. Capital One 360 checking – that’s my bank.

Wait, was that even the question? Paying a credit card WITH a debit card? Directly? Nope, that’s dumb. You use the bank account. It’s a workaround. Duh. I’d rather not deal with the hassle.

Transfer the money, yeah. Simple, actually. Avoid late fees! That’s the real goal. Been there, done that. The late fees are brutal! My Capital One 360 app is super easy for transfers. Much better than the old Wells Fargo app I used to use.

• Online transfer.
• From checking account (Capital One 360).
• To credit card (Chase).
• Avoid late fees! This is serious.
• Don’t forget the due date!

Seriously though, sometimes I just pay directly from my checking. Skip the whole debit card intermediary thing. Seems unnecessary. That’s probably faster. And less steps. Why complicate things?

Does a debit card build credit score?

Nope, a debit card is generally ineffective for boosting your credit score. Think of it like this, it’s digital cash.

Debit card transactions aren’t typically reported to credit bureaus. That’s why it doesn’t directly impact your creditworthiness. Bummer, right? My credit score, though… well, that’s a story for another day.

• No Reporting: Bureaus don’t see debit card activity.
• Cash Equivalent: Funds are withdrawn immediately.
• No Credit Line: No borrowed money is involved.

Building credit involves demonstrating responsible debt management. Credit cards, installment loans, and even some utility payments (if reported) are better for this. Credit building is a journey, not a sprint.