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Paying Off Someone Else's Balance
Violinist
Posts: 3 Newbie
in Credit cards
I've signed up for Virgin and Intelligent Finance credit cards, and have transferred my own balances to these cards.
Can I use either of them to pay off someone else's balance (ie a card not in my name) as well as my own? Is there anything to be aware of if I do this? (Apart from, obviously, getting the money back from the other person - it's a family member.)
I'm an experienced balance transfer tart, been doing it for about eighteen months.
Can I use either of them to pay off someone else's balance (ie a card not in my name) as well as my own? Is there anything to be aware of if I do this? (Apart from, obviously, getting the money back from the other person - it's a family member.)
I'm an experienced balance transfer tart, been doing it for about eighteen months.
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Comments
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Nothing beyond what you'd be watching for if they were your own balances; i.e. BT charges, offer end dates, making sure minimum repayments are met etc. The fact that the account you're transferring from isn't actually your own doesn't make a great deal of difference to the CC companies.Violinist wrote:Can I use either of them to pay off someone else's balance (ie a card not in my name) as well as my own? Is there anything to be aware of if I do this? (Apart from, obviously, getting the money back from the other person - it's a family member.)
(Though to be a tad morbid for a moment, the money could be seen as a gift for IHT etc. purposes should that ever be relevant.)Conjugating the verb 'to be":
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IF offset credit card is closing (just a warning):-
http://news.bbc.co.uk/1/hi/programmes/moneybox/4083744.stmBaby Year 1: Oh dear...on the move
Lily contracted Strep B Meningitis Dec 2006 :eek: Now seemingly a normal little monster. :beer:
Love to my two angels that I will never forget.0 -
Like Paul Herring says. If you and your family members are living out of each other's pockets anyway, then it makes sense to make sure that you're all paying the lowest rate of interest you can get between you.
That also means that you don't want to pay off a relative's debt if they're already getting a lower interest rate than you.
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