Is it a bad idea to use one credit card to pay off another if the interest date on the second (new) card is lower?

[Date_a_Snob]

[Anonymous]

Get a 0% credit card with rewards and use it to pay off the interest credit card.

You will get a lot of cash back or other rewards when you pay off the old card (and use the cash back to pay down a good amount of the balance on the new card), plus if you spend money on the new card you will get the rewards

But always pay off those new charges every month along with the regular monthly payment you are doing to pay off the existing balance.

This will require discipline but you will get the card paid off and make some money along the way (usually 2% or 3%).

[CindyRuns]

Absolutely... Great way to give you extra cash to pay off your balance faster

[Date_a_Snob]

Absolutely yes or absolutely no?

[CindyRuns]

If you can't pay them off completely, lowering the interest rate is the next best thing

[bowenw]

If you can’t pay the balance in full, moving the debt to a lower interest account makes sense. Before you move it to another credit card, see if your bank can’t give you a much better rate with a line of credit.

[Date_a_Snob]

I am embarrassed admit to admit I do have a line of credit with my bank, but it's maxed out

[bowenw]

Don't be embarrassed. Consider having them set up an debt consolidation loan with regular weekly/biweekly/monthly payments.

[Fireguy17]

no, but get them paid off, you will spend a fortune on interest.

[Date_a_Snob]

Obviously that's what I'm trying to avoid

[Fireguy17]

Good plan.
Pay off the highest one first.

[Dargil]

Banks invite you to do that. But read the fine print on introductory offers,

[Jerre]

Think it depends on how much difference is the interest rate on both cards and the balance on the old card.

[Date_a_Snob]

Yes, I'll have to consider that

[MrCharlie13]

It is a great idea as long as you pay the entire balance and cancel it

[Date_a_Snob]

That's what I intend to do

[MrCharlie13]

Best thing you can do. I made the mistake of not cancelling the first card and now I had double the debt... Took me years to pay off both cards

[Likes2drive]

No i used to do that to prolong payments on a big balance if I couldn’t pay it off in full

[PeterLegg91]

Yeah just don't do it too much, want to dm? You sound like your into bdsm going by your questions

[Bklynbadboy12]

No bit most cards won't even let you do that

[Anonymous]

Yes, it only leads to more debt.

[Date_a_Snob]

It can and that's why I haven't done it yet

[wk_85]

Not bad idea