How to pay off a credit card with a credit card

Using a credit card to pay off a credit card can generally only be done by withdrawing cash from one of the credit cards to pay off the other. This method of repayment is very uneconomical. Cardholders need to pay certain handling fees and interest when using their credit cards to withdraw cash. Interest is calculated on a daily basis, and the longer it takes to withdraw cash, the higher the cost the user will pay. Different banks charge different fees for using a credit card to withdraw cash. Using a credit card to repay a credit card means that the user has difficulties in repaying the loan. At this time, the cardholder can borrow money from relatives and friends and just pay off the debt, but it must be returned to the lender in a timely manner; after paying off the credit card, the user must spend rationally in normal times. Don’t exceed your affordability to avoid being unable to repay on time later.

How to repay each other with credit cards

1. Withdraw cash and repay with credit card. You can directly use the limit of one of the credit cards to withdraw cash at an ATM or over the counter for repayment. This is a more formal way of repayment. After 30, a handling fee and a daily interest of 0.5% will be charged. As for the specific handling fees, each bank is different.

2. Help others to repay by swiping their cards. Actually, this is a very simple method. Just use another credit card to swipe a friend's card, so that they can pay themselves in cash. After you have the cash, you can return the other credit card. This method is suitable for repayments of smaller amounts.

3. Use POS machine to repay. Use a credit card to swipe orders at the POS machine, and the merchant will give you cash. It should be noted that this method is actually a credit card cash-out, and there are certain risks. In addition, credit card cash-out merchants have many customers, and the POS machines of cash-out merchants are easily targeted by banks, which may cause cardholders to have their cards blocked by the bank.

The earliest credit card appeared at the end of the 19th century. In the 1880s, the British clothing industry developed so-called credit cards, and the tourism and business sectors followed suit. However, the cards at that time could only be used for short-term commercial credit, and the money still had to be paid as and when used. Long-term arrears were not allowed, and there was no credit limit.

A credit card is generally a special carrier plastic card with a length of 85.60 mm, a width of 53.98 mm, and a thickness of 1 mm. The name of the card issuer, validity period, number, cardholder name, etc. are printed on the front, and there is a chip on the back. Magnetic strip, signature strip. Cardholders can use their credit cards to shop and spend money with special entities and deposit and withdraw cash from banks.

It is said that one day in the 1950s, American businessman Frank McNamara was entertaining guests for a meal in a New York hotel. After the meal, he found that he had forgotten his wallet and had to call his wife to bring cash. McNamara came up with the idea of ??starting a credit card company because he felt embarrassed about paying the bill at a restaurant. In the spring of 1950, McNamara and his friend Schneider invested US$10,000 to establish the "Diners Club" in New York, the predecessor of Diners Club. Diners Club provides members with a card that can prove their identity and payment ability. Members can use the card to record their purchases at 27 designated restaurants without having to pay cash. This is the earliest credit card. This kind of credit card that does not require bank processing is a commercial credit card.

Disadvantages of mutual repayment between credit cards:

1. Loss of money. Several credit cards repay each other, which is actually done with the help of credit card repayments. You also need to pay through a third party. If this third party is unreliable and runs away with the money, the money that was swiped away will not be returned.

2. Information leakage. There is also the problem of unreliable third-party payment, which may cause the leakage of credit card information and personal information, creating the risk of being stolen. If it is stolen, you will have to admit that you are unlucky and the bank will not be held responsible.

3. Loss of credit. Credit card agency is still an act of cashing out. If the bank thinks there is a risk of cashing out, it is a trivial matter to reduce the credit card limit. If the card is blocked or recorded in the credit record, it will be troublesome. When you want to apply for a credit card or loan in the future, it will not be easy to get approved.

4. Bear legal responsibility.

Cashing out on a credit card is illegal and you will be held legally responsible and may even go to jail. This situation actually happens, so it's best not to take any chances.

How to repay a credit card

1. Repay at an outlet. Credit card payments can be made at the counter of the card-issuing bank branch.

2. ATM machine repayment. You can make deposits or transfer repayments at ATM machines.

3. Online banking repayment. Log in to the card-issuing bank's online banking to repay the credit card.

4. Mobile banking repayment. Log in to the card-issuing bank's mobile banking to repay the credit card.

5. Third-party software repayment. Software such as Alipay, WeChat, Duxiaoman Finance, and Cloud QuickPass all have credit card repayment functions and can repay credit cards.

6. Automatic repayment. You can link your debit card and credit card. After linking, the bank will automatically debit the debit card for repayment.

Can I pay off my credit card with a credit card? How to pay off a credit card?

Can I pay off my credit card with a credit card?

Credit cards can be used to repay credit cards, provided that you have two credit cards and the credit card used for repayment has a higher limit than the credit card to be repaid.

Method 1: Withdraw cash and repay through bank counters, ATMs, etc. The most direct way is to withdraw cash and then repay the credit card. The disadvantage of this repayment method is that there are handling fees. Some banks have no handling fees for credit card withdrawals (this requires a full understanding of the credit card you have), and the amount of direct cash withdrawal will be directly included in the fees payable in the next repayment cycle. In other words, it can only relieve your immediate needs, but you will still be in pain next month.

Credit cards have a limit that allows you to withdraw cash directly. If you are in a hurry, you can only use this stupid method.

Method 2: Recharge a third-party payment account with a credit card and then repay the payment

The advantage of using a third-party account as a transitional method of recharging first and then repaying is that you don’t have to withdraw money directly. Relevant operations can be completed online. What should be noted here is that this repayment method requires two steps. The first is to recharge the third-party account. Let’s take Alipay as an example. The second is to use Alipay to repay the credit card.

Comparison of fees for two credit card repayment methods

ICBC credit card cash withdrawal fee rules:

Free for local banks; 2 yuan/transaction for local inter-bank transactions; The amount of cash withdrawals from our bank is 1, with a minimum of RMB 1 per transaction and a maximum of 50 yuan per transaction; the amount of cash withdrawals from other banks is 1, with a minimum of RMB 1 per transaction and a maximum of 50 yuan per transaction, and an additional inter-bank procedure of RMB 2 per transaction will be charged fee.

ICBC credit card overdraft withdrawals do not enjoy the interest-free repayment period. From the accounting date to the repayment date, overdraft interest will be charged at a daily expected annualized interest rate of 5/10,000, calculated on a monthly basis. Compound interest.

Repay your own credit card: If the name on the account is the same as the name on the repayment credit card, the repayment will be free of charge. No matter whether the repayment is on the computer or the mobile client, there is no handling fee.

Situation 1 of repaying money for others: The account name is inconsistent with the name of the repayment credit card account. There are two situations. If you use Alipay wallet (Alipay mobile client) to repay, there is no handling fee. Situation 2 for repayment by others: If you repay for others on the computer client, you need to pay a handling fee. If you repay others on the computer, a service fee of the repayment amount will be charged (minimum 2 yuan/transaction, maximum 25 yuan/transaction) ).

How to pay off a credit card?

You can handle credit card repayment through the following channels:

1. Palm Bank: Please log in to the Palm Bank APP and click "Credit Card → Repayment" on the homepage to make your own Agricultural Bank of China credit card payment , repay other people's Agricultural Bank of China credit cards; click "Credit Card → Repayment → Set Agreed Repayment" to apply for automatic repayment of your own Agricultural Bank of China credit card debt.

2. Online banking: Please log in to personal online banking, click "Credit Card → Repayment → One-click Repayment" to repay your Agricultural Bank of China credit card debt; click "Credit Card → Repayment → Agreed Repayment", You can apply for automatic repayment of your own Agricultural Bank of China credit card debt; click "Credit Card → Repayment → Repay Other People's Cards" to repay other people's Agricultural Bank of China credit card debt.

Warm reminder: If you need to repay credit cards from other banks, you can do so through "transfer".

(Answer time: June 25, 2021. In case of business changes, please refer to the actual situation.)

How to repay credit card repayment methods

Credit card repayment methods are as follows.

1. You can go to the bank counter to make repayment and perform manual repayment operations.

2. You can also go to the ATM self-service machine of the credit card issuing bank to perform repayment operations.

3. You can also find a savings card with sufficient balance and online banking to make online banking repayments.

4. Alipay has a credit card repayment function.

That’s all for the introduction on how to pay off a credit card.