Wednesday, July 2, 2008

Money transfer between 2 credit cards

Today, there is a visitor clicked into www.doublemelodies.com through search phrase below:

"a website that you use to transfer money from one credit card to another credit card"

Let me guess, what should be your question, what you want to know. Most probably you need to know how to transfer one credit card balance to another credit card, such that the balance for one credit card decreases and balance of another credit card increases. In Malaysia, this could not be done manually by credit cardholder himself. There is no such internet banking function available for the cardholder to do it himself. This must be done by card issuer or finance/banking institution. You have to do application to the card issuer. This is common in Malaysia. And usually, the card issuer will apply a lower interest rate on the balance to encourage cardholder to do the balance transfer.

Another possibility that you asked is, take some money from one credit card to pay another credit card. The second credit card see this as a payment. But for the first credit card, it is a cash advance. There is also no such function at any internet banking facility. You have to take out the cash advance from one credit card either through Auto Teller Machine or through a bank( usually in Casino ) which provides such a service. And then take the money to do the payment to second credit card as usual. But, cash advance is always not a good idea. This is because it incur a very expensive charge/fee to the cardholder. Please think of both pros and cons for both credit cards before you decide to take the cash advance. Please know well how much you will be charged by the card issuer, for one transaction of cash advance.

To learn how we may earn through credit card, please visit:

www.doublemelodies.com/HowToEarnMoneyThruCreditCard.html

No comments: