Transferring money from one credit card to another can be a useful option. For instance, you might want to purchase an item that costs more than the credit limit you have on one credit card. You would then transfer money over from a separate credit card and increase the available amount on the credit card you wish to use for the purchase. The transfer process is generally handled as a credit card payment from another credit card.
By Phone
Determine the amount of money you need to transfer. Write down the credit card information for the account you want to transfer the money from, as well as the information for the account you wish to transfer the money to. This helps keep the information straight when making the transfer.
Call the credit card company that you wish to transfer the money to. Follow the automated phone prompts to make a payment on your account. Select the option to make your payment by credit card. Enter the credit card information of the account you will be transferring the money from, and the amount of money you wish to transfer. The entire transaction is entered as a payment on your account.
Write down any confirmation number provided. Wait 24 hours and check both credit card account balances to ensure that the payment/transfer has been recorded properly.
By Internet
Determine the amount of money you need to transfer and repeat the instructions from the previous Step 1.
Visit the website of the credit card you wish to transfer the money to. Follow the tabs or links to make a payment on the account. Select the option to make a payment with a credit card and enter the credit card information for the account you wish to transfer the money from. Enter the payment amount and submit the payment information.
Wait 24 hours and check both credit card account balances to ensure the payment/transfer has been recorded properly.
Tips
Depending on your creditor, the payment may be processed instantly, giving you the new available credit immediately following your phone call.
References
- Bank of America: Credit Cards FAQ
- Debt.org. "Revolving Credit: What It Is & How It Works." Accessed May 17, 2020.
- Federal Trade Commission. "Using a Credit Card." Accessed May 17, 2020.
- Experian. "What Are the Different Types of Credit Cards?" Accessed May 17, 2020.
- Experian. "What is a Good Credit Score?" Accessed May 17, 2020.
- Consumer Financial Protection Bureau. "How to Find the Best Credit Card." Accessed May 17, 2020.
- Experian. "What is a Cash Advance?" Accessed May 17, 2020.
- USA.gov. "Credit Cards." Accessed May 17, 2020.
- Experian. "How to Avoid Foreign Transaction Fees." May 17, 2020.
- Experian. "Balance Transfer Credit Cards." Accessed May 17, 2020.
- Experian. "What Is APR and How Does It Affect Me?" Accessed May 17, 2020.
- Experian. "What Is a Rewards Credit Card?" Accessed May 17, 2020.
- Experian. "Going Over the Limit on Your Credit Card." Accessed May 17, 2020.
- Experian. "Will Closing a Credit Card Hurt Your Credit?" Accessed May 17, 2020.
- Federal Trade Commission. "Protecting Against Credit Card Fraud." Accessed May 17, 2020.
Resources
Writer Bio
Living in Denver, Lynndee Marooney has been writing finance and credit-related articles, guides, manuals and e-books for private companies since 1995. She holds a Bachelor of Arts in journalism and a Bachelor of Science in finance from the University of Maryland. She enjoys counseling clients who are experiencing financial difficulties.