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Random question: how does one use one credit card to pay off another? Withdraw cash from the first card?

I only ask because I was watching one of the UK news programmes last night and some drooling idiot of an economic commentator said "We've all  had the experience of using our Mastercard to pay off our Visa" and Sam and I wondered how that works since we've never been insane or desperate enough to try to do that.

by Colman (colman at eurotrib.com) on Tue Jan 22nd, 2008 at 05:11:43 AM EST
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You can use a "balance transfer", especially since periodically you'll get a promotional offer of 0% interest on balance transfers (for a fee, though). You can't use balance transfers between cards from the same provider.

Or if you're really dumb and desperate you can use a cash advance at an exorbitant interest rate from one card to get cash to pay the other one.

We have met the enemy, and he is us — Pogo

by Migeru (migeru at eurotrib dot com) on Tue Jan 22nd, 2008 at 05:17:08 AM EST
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