knw311 wrote:I have one card with a 6% interest rate and a high credit limit and another card with a 24% rate that I'm concentrating on paying off first.
I was going to pay as much of the 24% balance as possible down this month and then transfer the rest to the 6% card, but it occurred to me if I just paid the 24% card balance off as a bill pay, using the 6% card, I would avoid the transfer fee.
I'm wondering whether that will work (i.e., will the credit card company know I'm using another credit card and add the transfer fee) and also how that would affect my credit.
I think it is pretty tough to pay a credit card directly with another one, BUT unfortunately I'm pretty sure if they do offer that option it's going to be treated like a CASH ADVANCE, which you definitely don't want to do. Cash advance fees and rates are usually worse than purchase and balance transfer fees and rates, and often quite a bit worse.
FYI, to my understanding that's usually how credit card companies treat those 'checks' they might send you along with your statement. You're usually free to use them for pretty much anything, including depositing money directly into your bank account, but as far as I know they're usually treated like cash advances against the card and almost never worth it.
I think some companies may occasionally send promotional balance transfer checks to encourage you to do a balance transfer, but yeah in that case they would of course be treated as a balance transfer (still much better than a cash advance!).