Physical Address
304 North Cardinal St.
Dorchester Center, MA 02124
Physical Address
304 North Cardinal St.
Dorchester Center, MA 02124
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At O1ne Mortgage, we prioritize your financial education and well-being. If you have any mortgage service needs, feel free to call us at 213-732-3074. We’re here to help you make the best financial decisions.
Generally, you cannot pay one credit card bill with another credit card. Credit card companies typically do not allow direct payments from one card to another. Your options for making monthly payments are usually limited to automated clearing house (ACH) transfers, cash, checks, or online bill pay portals.
While you can’t directly pay your monthly credit card bill with another card, there are ways to use one credit card to pay off another. Here are two methods:
A balance transfer involves using a credit card from another issuer to pay off an existing credit card balance. Many credit cards offer a lower introductory annual percentage rate (APR) on balance transfers, often 0% for a set period. This can help you consolidate your balances and save on interest charges.
However, balance transfers usually come with a fee of 3% to 5% of the transferred balance. It’s important to consider this fee when calculating your potential savings.
Using a cash advance to pay off another credit card is not advisable. Cash advances come with high fees and interest rates that start accruing immediately. This option could end up costing you more than keeping the balance on the original card.
If you’re struggling to make your minimum monthly payment, here are some potential solutions:
Many credit card companies offer relief options such as forbearance, reduced interest rates, or modified payment plans. Keep in mind that these solutions are often temporary.
Nonprofit credit counseling agencies can help you evaluate your situation and determine next steps. They may offer debt management plans to negotiate with your creditors for reduced payments or interest rates.
If your situation is severe, you might consider offering to settle for less than what you owe. This can significantly damage your credit score and should be a last resort.
Filing for bankruptcy should be considered only after all other options have been exhausted. It has a devastating effect on your credit and finances but can help you get back on your feet in the right circumstances.
Balance transfers can take anywhere from a few days to several weeks to complete. On average, expect to wait between five and seven days, depending on your credit card issuer.
Balance transfers can impact your credit in multiple ways. Applying for a new balance transfer card may temporarily lower your score due to a new inquiry and a lower average age of accounts. However, it can also raise your available credit and help you manage debt more effectively, potentially improving your credit over time.
If you’re considering a balance transfer credit card with an introductory 0% APR, note that these cards typically require good or excellent credit (a score of 670 or above). Check your credit score and improve your credit history if needed before applying.
For any mortgage service needs, call O1ne Mortgage at 213-732-3074. We’re here to assist you with your financial journey.
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