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hynix
Posts: 1
Registered: ‎12-04-2008
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Using Credit Card to pay off Futureshop Card balance

Quck question.. My Futureshop card payment due date is coming up and I was wondering if it's possible to payoff the Futureshop card balance with my credit card?

 

Thanks

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Krypto
Posts: 5,230
Registered: ‎03-22-2008
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Generally speaking, you cannot use one credit card to pay...

Generally speaking, you cannot use one credit card to pay off another credit card, not to mention that this is a highly dangerous practice (moving debt around doesn't make it go away).  The only option you have on this front is to use a credit card cheque (sometimes your credit card company can arrange for you to do cheques), but this is the same as a cash advance and you will start being charged interest from the day you give that cheque as payment.

 

If you really need money to pay off your Future Shop card, a cash advance may help, but I worry about the position you're putting yourself in... :smileysad:


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zachinthebox
Posts: 21
Registered: ‎07-12-2008
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Cheques

If you are going to use a cheque, it must be mailed to the address on your statement as cheques are not accepted in-store. Keep that in mind if you're going to use a cheque as it may take longer for it to arrive and the payment may not be made on time.
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Zach
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Krypto
Posts: 5,230
Registered: ‎03-22-2008
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Thanks for that Zach!    I just remembered, the one other...

Thanks for that Zach! 

 

I just remembered, the one other way to use a credit card to pay off another credit card is to call your credit card company and have them arrange a balance transfer from one to the other.  This will still be considered the same as a cash advance though, meaning you start getting billed interest from the date of the balance transfer.  In some cases, you may also be able to initiate this transfer online (for example through online banking if you have a BMO bank account along with a Mosaik M/C, or a Royal Bank account and a Royal Bank Visa, etc., assuming the accounts are linked).


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