What if someone pays CC Bill by the same or other CC?

krishnandu.sarkar

krishnandu.sarkar

Simply a DIGITian
Staff member
Well, the thread title says everything, just got my bill yesterday, and while paying, this thing came to my mind.

What if someone keeps paying the bill by the same CC or some other CC(if that person have multiple CC's)?

In this way, he can use the loophole forever, and can never pay bank. Actually while doing the payment yesterday, I saw that there's a option of paying by CC, never noticed it before :p

Yeah, if he wants to buy things and all, and until he goes off the limit, he can keep doing it, isn't it?
 
rhitwick

rhitwick

Democracy is a myth
krishnandu.sarkar said:
Well, the thread title says everything, just got my bill yesterday, and while paying, this thing came to my mind.

What if someone keeps paying the bill by the same CC or some other CC(if that person have multiple CC's)?

In this way, he can use the loophole forever, and can never pay bank. Actually while doing the payment yesterday, I saw that there's a option of paying by CC, never noticed it before :p

Yeah, if he wants to buy things and all, and until he goes off the limit, he can keep doing it, isn't it?
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Yes, you can do that.

Then again, one day you would max out both your cards.

And, if you can't pay that due amount...even GOD won't be able to save you.
 
OP
krishnandu.sarkar

krishnandu.sarkar

Simply a DIGITian
Staff member
rhitwick said:
Yes, you can do that.

Then again, one day you would max out both your cards.

And, if you can't pay that due amount...even GOD won't be able to save you.
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Yeah, that I understand, but what if the person doesn't buy anything else, and keeps paying the amount in cycle within two cards?

That's a big flaw I guess.
 
rhitwick

rhitwick

Democracy is a myth
krishnandu.sarkar said:
Yeah, that I understand, but what if the person doesn't buy anything else, and keeps paying the amount in cycle within two cards?

That's a big flaw I guess.
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Generally Credit Cards do not accept payment by another credit card. To cater this they have another facility as 'balance transfer'. But, yeah if the CC you are talking about, supports payment of bill amount by another CC, then it can be manipulated I guess.
 
OP
krishnandu.sarkar

krishnandu.sarkar

Simply a DIGITian
Staff member
rhitwick said:
Generally Credit Cards do not accept payment by another credit card.
Click to expand...

Are you sure? As I saw payment by CC option on CC Bill Payment Page / Gateway Page.

To cater this they have another facility as 'balance transfer'.
Click to expand...

Yeah right.

But, yeah if the CC you are talking about, supports payment of bill amount by another CC, then it can be manipulated I guess.
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In that case it's a big flaw. And peoples out their with Indian Minds :p can use these loopholes.

Anyway, thanks for confirming :)
 
rhitwick

rhitwick

Democracy is a myth
I've a friend who took loan against credit card...well quite a big amount. He was supposed to go onsite and took the risk. Then he didn't go but had already spent the money (house repair etc)

I first came to know about 'balance transfer' as he used that to evade the steep EMI.
He had at least 10-12 cards from all banks possible (MUMBAI so a lot of unheard banks(here) provide CC to nobodies there).
Every moth he used the balance transfer to transfer the EMI of the original card to another card. Next month another card. Sometimes he paid the 'minimum amount' just to float above the water.

He's a case study for me :p
 
OP
krishnandu.sarkar

krishnandu.sarkar

Simply a DIGITian
Staff member
Nice. If someone really face problem and have multiple card, can pay a amount which he/she can afford and the remaining amount can be paid by another CC / use balance transfer to another CC.

This cycle can be continued until he pays the whole thing.

Or if someone thinks of not paying the bank, can keep doing the same. But he need to limit the purchases, as he'll go out of Limit otherwise.
 
Ronnie11

Ronnie11

Judgement Time!!
one of the main drawbacks i could see out of it is that your CIBIL scores will go down and could also reduce your credit limit...
 
Zangetsu

Zangetsu

I am the master of my Fate.
you can't pay CC bill from another CC.
only balance transfer option is there.

bcoz of this analogy one of my frnd took a 2nd card to try the same but unfortunately it didn't worked

even if this analogy holds true then consider this
e.g: Mr X bought a product @50k in Jan using a Bank A CC
[Generally all banks have 52days billing cycle (i.e 30 + 22 days)]
so, Mr X paid the amount using another Bank B CC in Feb
...and so on, so forth

if Mr X has 12 CC then he won't be paying a penny in a year (so he will get good 50k per annum interest in FD)
in next year finally he will pay using Debit Card :lol:
 
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OP
krishnandu.sarkar

krishnandu.sarkar

Simply a DIGITian
Staff member
CommanderShawnzer said:
And if you dont pay the CC bill by this "loophole"
You will be Blacklisted,And won't be able to open account in ANY bank
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I don't think so, are you sure?

Ronnie11 said:
one of the main drawbacks i could see out of it is that your CIBIL scores will go down and could also reduce your credit limit...
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Same again, CC companies monitors this? That payment for another CC has been done by this CC? I don't think anything can go wrong. Though I'm not sure in both your and above case mentioned by CommanderShawnzer.

Zangetsu said:
you can't pay CC bill from another CC.
only balance transfer option is there.
Click to expand...

Ok, gone through the things again, and saw that it was my mistake. Yes you can't pay CC bill by another CC.

bcoz of this analogy one of my frnd took a 2nd card to try the same but unfortunately it didn't worked

even if this analogy holds true then consider this
e.g: Mr X bought a product @50k in Jan using a Bank A CC
[Generally all banks have 52days billing cycle (i.e 30 + 22 days)]
so, Mr X paid the amount using another Bank B CC in Feb
...and so on, so forth

if Mr X has 12 CC then he won't be paying a penny in a year (so he will get good 50k per annum interest in FD)
in next year finally he will pay using Debit Card :lol:
Click to expand...

But I guess one can violate the same thing using Balance Transfer loophole. Isn't it?

E.g. A person bought an amount of 10k from CC1. And say he have 2 CC, say CC1 and CC2 and assuming that both the CC have Limit > 10k, He'll transfer the balance of CC1 to CC2 and again on next month he'll do the same of CC2 to CC1 and keep continuing this.
 
Zangetsu

Zangetsu

I am the master of my Fate.
krishnandu.sarkar said:
Ok, gone through the things again, and saw that it was my mistake. Yes you can't pay CC bill by another CC.
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yeah right..the same idea once came to my mind and the frnd I mentioned above (who got 2nd CC),I told this to him (but I didn't tested it practically) now he always shouts at me for fooling him :hammer:

Obviously..Banks pays to masterminds who wud have thought this before introducing CC :mrgreen:

krishnandu.sarkar said:
But I guess one can violate the same thing using Balance Transfer loophole. Isn't it?

E.g. A person bought an amount of 10k from CC1. And say he have 2 CC, say CC1 and CC2 and assuming that both the CC have Limit > 10k, He'll transfer the balance of CC1 to CC2 and again on next month he'll do the same of CC2 to CC1 and keep continuing this.
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Balance Transfer works but I guess it has additional charges (just like transferring home loan)..not sure u need to check it with banks
 
Vyom

Vyom

The Power of x480
Staff member
Admin
Just one question, krishnandu: Are you siting idle? Since as they say "Empty brain is a home to devil.". :rofl:
 
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