credit line and credit card

[futura]

Hi everyone, I m new here, hope everyone is having a great weekend.

I have a noob question to ask...

I have a credit line and one credit card, no debt at all on my cc, but few thousands on my credit line, even the interest rate is pretty low on my credit line, i still hope to find ways to pay less.

So is it possible or legal to use my cc to pay some of the debt on my credit line so the interest i have to pay will be lower, then pay back my cc using the credit line before the due date of the month, since they both have different due date every month, so I can save on the interest. Is that possible?

thx

[irmanator]

That sounds complicated. I don't know about the legal part probably is but check the fine print on your credit agreement.

[boosami]

It's possible and legal. However, you will probably have to pay a fee and/or a higher APR to get cash out of your credit card to pay off the credit line. Call the credit card company and ask them how you would do it in that situation and what the fees and rate would be on the money. The additional fees and rate difference will most likely make this not work for you.

I have a coworker who did a similar thing transferring balances (during the $0 transfer fee days) between credit cards with different due dates. By doing this he could extend the grace period on his funds to basically double. He has had to stop now since every transfer has a fee and cash advanceds have immediate higher rates.

[futura]

thank you guys.

I thought about getting a few more CC and do the same thing too, but really have to becareful on the due date...