Credit Card to Credit Card Bill Payment | 3 Easy Options | Bajaj Finserv (2024)

How to pay credit card bill from another credit card

Paying your credit card bill from another credit card is generally not recommended, as it can lead to additional fees, higher interest charges, and potentially worsen your financial situation.

If you are considering using one credit card to pay off another, there are generally two main options to explore: utilising a balance transfer or obtaining a cash advance. While both approaches can be suitable in certain urgent scenarios, it is crucial to understand several significant distinctions before determining the most appropriate course of action.

Paying your credit bill is an important part of managing your finances, ensuring that you don't fall behind on payments and damage your credit score. Fortunately, paying your credit bill is relatively simple and can be done in a few different ways.

• Cash
• Balance transfer
• E-wallet

Below are the 3 ways to make credit card to credit card payments

1. Credit card payment through balance transfer

If you are carrying too much debt on your existing card, you can opt for a balance transfer credit card.Transfer your outstanding amount to the new credit card and make repayment with no hassle.

However, there are certain things to note before you proceed.

• The balance transfer card must come with a comparatively lower rate of interest.
• A balance transfer may slightly affect your credit card CIBIL Score.
• It also comes with a fee that is usually 3 – 5% of the transferred amount.
• Ensure that the balance transfer doesn’t cross or take the card utilisation ratio close to the credit limit.

2. Credit card payment through cash

If a balance transfer is not your option, you can make a credit card bill payment with cash.

• Use the credit card you want to make payment with to withdraw the required amount from an ATM.
• Next, deposit the cash in your checking account
• Make the bill payment with the money

Before considering this option, make sure to evaluate your financial condition as ATM cash withdrawal can cost you huge.

3. Credit card payment through e-wallet

Another convenient option of how to make credit card to credit card bill paymentsis through e-wallets.

• Transfer the amount required from your credit card to any e-wallet.
• Pay the outstanding bill using that e-wallet.

Whichever option you choose, a credit card to credit card bill payment signifies another debt that can lead to further financial problems. So, consider other available alternatives available with your credit card.

If you possess the Bajaj Finserv RBL Bank Credit Card, you can opt for multiple payment options including:

• Credit card Payment via NEFT
• Credit card Payment via RBL MyCard App
• Credit card Payment via Bill Desk
• Credit card Payment via Net banking
• Credit card Payment via NACH
• Credit card Payment via Cheque

Benefits of paying a credit card bill with another credit card

Paying off your credit card bill can be a daunting task, especially when you have multiple credit cards. In such situations, paying a credit card bill with another credit card can be a great money-saving option. Here are some benefits of paying your credit card bill with another credit card:

1. Earn rewards - By consolidating your credit card payments into one, you can earn reward points or cash back on the payment. It helps to use a card with higher rewards and lower interest rates to maximize the gain.
2. Avoid late fees - By using another credit card as a backup in case of emergencies when you can’t arrange for cash to pay off your credit card bills, you can avoid late fees. Late fees can get quite expensive, and you may end up paying more penalties than your original bill.
3. Manage debt and boost credit score - If you have multiple credit cards with a high balance with expensive interest rates, you can transfer the balance to a card with a lower interest rate. Doing so can help you save money on interest and improve your credit score by reducing your credit utilization ratio.
4. Faster payments - If your payment is due to an extended credit period and you have already exhausted your credit limit, using another credit card ensures that the payment is made on time. It helps you avoid a debt burden and establish a better credit score.

Additionally, try to figure out the reason for this cash crunch. It is essential to utilise a credit card as per your repayment capability so that you can easily pay off the bill in time. Defaulting on a credit card bill not only brings down the CIBIL score but also incurs heavy interest rates.You can check out how credit card interest rates are calculatedand levied on your credit card.

If you find insufficient funds for the total amount due, pay thecredit card minimum due amount. While this carries forward the outstanding sum to the next month’s bill, it eliminates the heavy penalty charges.

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