Should I use one card to pay off another?

Viewing 3 reply threads
  • Author
    • David S.

        I have heard of people doing this so I know it is possible. I would like to be done with one of my cards and I have the balance to pay one off with the other, the one I want to keep has better fees and interest on it so I don’t mind paying the remaining debt off on that one. Should I do this?

      • Dana

          In a pinch, it can come in handy but make a habit of it, and you will end up in trouble! I would say the only time you should be doing this is the case in which you mentioned. Use one to pay off another and focus on one payment vs two.

        • I don’t think this is a good plan! I have done this myself and it ended up backfiring. My payment from one card to the other was declined because apparently, certain creditors can detect and decline this so I ended up having a late fee and it hurt my scores. I wasn’t even aware of it until the next month’s payment was due and I was notified the card was never closed.

        • Brie Anna

            I did this a few times. It is not a bad idea if it helps you in the longrun. Just don’t make a habit of it. I had to in my case because the fees of the one were going up. Just make sure if you do decide to do this, you don’t end up maxing out the other card. Keep it below 50%!

        Viewing 3 reply threads
        • You must be logged in to reply to this topic.

        Join a vibrant community with the sole mission to achieve financial independence.

        The journey to financial freedom doesn't have to be lonely.

        Pitch an idea

        Contribute an article, share a story, join a group, or chat on the discussion board with similar frugal savvy individuals like yourself. Quality over quantity. Always.

        Build great relations

        Build connections, converse, and join the vibrant personal finance community. The journey to financial independence is just around the corner, and it doesn’t have to be lonely.

        Become a FangWallet Insider

        Get free access to becoming a FangWallet Insider, the personal finance community that has your best interest in mind.