Paying off a credit card using another credit card?
Nice_guy
Forumite 124 Posts
I have posted this in the general CC forum, but thought it would be a good idea to move it here as it maybe more applicable. Feel free to move it mods!
Hello everyone!
Just a quick question...... Is it possible to pay off a credit card using another credit card?
I have in the region of 6k on my Tesco CC which is 12 months at 0% on new purchases. The 6K I have run up is safely stashed away and offsetting against my mortgage, thus saving me mortgage interest.
Now at the end of the 12 month offer I would have simply paid the card off and started using a new 0% purchase card. But by doing this I would lose my 6K and effectively be starting again.
Now the easy option would be to balance transfer the 6K onto the new card but this is not an option due to the balance transfer charges applicable. I know about the 0% on balance transfers for the virgin card but my balance would not need to be transferred untill approx 9/10 months time.
So my idea basically revolves around paying the last statement of my Tesco card with a new credit card with is also on a long term 0% deal. The immedate thought with this is how would this transaction be classed? By paying off one card using another equals a new purchase?
However when I recieved my Tesco card the first 'purchase' I made was to paid off my last Asda credit card statement. This worked fine no questions asked, I simply rang Asda and paid my last statement using my Tesco CC. From looking at my statements Tesco have not charged me any interest for this transaction so I can only assume it has worked! The only negative I can forsee is that the balance I cleared from the Asda card was £170+ this time I'll be looking to clear 6K - might set some alarm bells off!
Thoughts?
Hello everyone!
Just a quick question...... Is it possible to pay off a credit card using another credit card?
I have in the region of 6k on my Tesco CC which is 12 months at 0% on new purchases. The 6K I have run up is safely stashed away and offsetting against my mortgage, thus saving me mortgage interest.
Now at the end of the 12 month offer I would have simply paid the card off and started using a new 0% purchase card. But by doing this I would lose my 6K and effectively be starting again.
Now the easy option would be to balance transfer the 6K onto the new card but this is not an option due to the balance transfer charges applicable. I know about the 0% on balance transfers for the virgin card but my balance would not need to be transferred untill approx 9/10 months time.
So my idea basically revolves around paying the last statement of my Tesco card with a new credit card with is also on a long term 0% deal. The immedate thought with this is how would this transaction be classed? By paying off one card using another equals a new purchase?
However when I recieved my Tesco card the first 'purchase' I made was to paid off my last Asda credit card statement. This worked fine no questions asked, I simply rang Asda and paid my last statement using my Tesco CC. From looking at my statements Tesco have not charged me any interest for this transaction so I can only assume it has worked! The only negative I can forsee is that the balance I cleared from the Asda card was £170+ this time I'll be looking to clear 6K - might set some alarm bells off!
Thoughts?
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