a question needs to be answered question, answered, needs

yungfourfour

do you guys pay your bills at bank by swiping credit cards?  Something just came up to my mind and someone yet to give me a definite answer to the following situation:


I pay $3000 for tuition using credit card A, bill due on June 30
on June 30, I use card B to pay my $3000, there'd be no interest charge on card A and the due date deadline will prospone to July 31st
and on july 31, I use card C to further prospone the deadline to Aug 31st
and then on Aug 31st, I use my card A again.

is there any policy prohibiting payment this way? I mean, by swiping your cards for bill is not considered as a cash advance is it?  and I'm not doing the bills back and forth alternatively, instead I am just going 1 direction, every 3 months.

Further

If all 3 cards are 1% rebate type, each month of transaction there'd be a 1% rebate.... so instead of paying interest... I actually get cash back?

Please give me some definite answer ( no personal offense please)

jackmeister

i dont think card companies allow you to cover credit card bills with another credit card

Rainy

i dont think card companies allow you to cover credit card bills with another credit card

agree times 2

or else I would have done that long time ago

LOK

I didn't know you could pay the credit card payment by another credit card.  If you could, pls tell me how.

yungfourfour

Thanks
sounds reasonable

Just to further clarify my last concern
my credit cards actually allow transfers by filling out a form when I log in online

For the bank ones... I don't know because I don't have a bank visa/mastercard
say if you do, wouldn't that show up in your "my account" thing and you can do you payment by selecting the "credit card A" payee and select your "credit card B" account to pay?

Rainy

I don't think credit card companies are stupid enough to allow us to cover a credit card by another..... and so on.

celeron_266

i thought thats how so many people got bankrupt in hk years ago

credit card companies should not allow this...but if its allowed...i guess it should be considered as cash advance

fibbi

It's allowed and called "balance transfer". But of course....they charge you INTEREST la...sometimes I saw the advertise mail says 2.99% interest on balance transfer. Seems like good deal but I never try.

akshea

If you use credit card to pay for another credit card, it would be count as cash advance.. and the interest rate would be a lot higher and they would count the interest right away and not wait till another month.

RayRay

I agree all information given by LYK. By the way, credit card company B do not have a "shop" machine to swipe you card A.

Banker are too smart to take money from us.

I can not recall my mind toally of a news read few months ago. Gentleman in Taiwan, he make HK$700,000 profit Stardard Chartered Bank when this bank putting a program with other local Taiwan bank. I remember he made profit by Money Transfer his money from bank A at Taipei to bank B account at other place in Taiwan. Then put the money back to bank A and do that again and again.