The simple answer is no. No matter how much you pay, it only counts towards one monthly payment based on when the money is received by the credit card company. Be extra careful to not make a balance transfer on, just before or just after your payment due date.

What is balance transfer credit card?

A credit card balance transfer is when you move the amount you owe (the balance) to another credit card. The new interest rate on the balance you transfer may be either 0% or a special low rate for a limited time. If you can pay off the balance you transfer within that time, you may save money.

Is balance transfer included in credit limit?

There’s often a limit on the size of total balance transfers equal to the account’s credit limit. You typically can’t transfer a balance greater than your credit limit—and you won’t know your credit limit until you’re approved for your account.

Can I pay credit card with another credit card?

Can you pay off a credit card with another credit card? The short answer is no. Credit card companies don’t allow you to make minimum monthly payments, or to pay off an outstanding balance, with another credit card from a different company.

Can I transfer money from a credit card to another credit card?

A credit card balance transfer allows you to take a high-interest credit card balance (or even multiple balances) and transfer it to a new credit card with a lower interest rate. Some balance transfer cards offer a 0% intro APR for balance transfers for a limited amount of time.

What is a balance transfer on a credit card?

A credit card balance transfer is the transfer of the outstanding debt) (the balance) in a credit card account to an account held at another credit card company. This process is encouraged by most credit card issuers as a means to attract customers. The new bank/card issuer makes this arrangement attractive to consumers by offering incentives.

Do you have to have good credit to get balance transfer?

In most cases, you need a good or excellent credit rating to get enticing introductory offers. You may still be eligible for a balance transfer if you qualify for the new card, but you can expect it to be far above the 0% to 5% introductory rate that many cards advertise.

How do you transfer money from one credit card to another?

You can request a balance transfer online or over the phone. Once the balance transfer is complete, you’ll pay down the balance on the new card. If playback doesn’t begin shortly, try restarting your device.

Can a balance transfer be used to pay off debt?

A balance transfer can be a good way to pay off debt, but it isn’t the only way. One is simply to earmark more money each month to paying down your credit card balance. If you have multiple cards, pay at least the minimum due on each one and then put any additional cash toward the card with the highest interest rate.