Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@. Skimlinks & other affiliated links are turned on

Search
  • FIRST POST
    • cjv
    • By cjv 7th Oct 17, 4:16 AM
    • 106Posts
    • 57Thanks
    cjv
    Can you use a mule card to transfer a balance for a family member?
    • #1
    • 7th Oct 17, 4:16 AM
    Can you use a mule card to transfer a balance for a family member? 7th Oct 17 at 4:16 AM
    I am helping out a family member, hoping to save them around £9000 in interest over the years by transferring balances.

    Some of the cards I have been accepted for do not allow transfers from other people, one is Tesco so I will use that as an example.

    Could I transfer it from my family members card to my Barclaycard (where I have a short duration 0% balance transfer offer available) and then transfer it immediately to the new Tesco card?

    I know it will mean paying more in fees, but that is a small price to pay in the bigger scheme of things.
Page 1
    • Nebulous2
    • By Nebulous2 7th Oct 17, 7:39 AM
    • 1,648 Posts
    • 1,002 Thanks
    Nebulous2
    • #2
    • 7th Oct 17, 7:39 AM
    • #2
    • 7th Oct 17, 7:39 AM
    Yes you can transfer a balance twice, or more if you are so inclined. As long as BC accepts the transfer, moving it to Tesco should also be fine.

    This forum is full of warnings about lending money to others, which is effectively what you are doing, and you are unlikely to get anyone to say this is a good idea, but it can be done!
    • jonesMUFCforever
    • By jonesMUFCforever 7th Oct 17, 11:03 AM
    • 24,251 Posts
    • 11,535 Thanks
    jonesMUFCforever
    • #3
    • 7th Oct 17, 11:03 AM
    • #3
    • 7th Oct 17, 11:03 AM
    I can only repeat the above advice!
    What goes around - comes around
    give lots and you will always receive lots
    • cjv
    • By cjv 7th Oct 17, 12:03 PM
    • 106 Posts
    • 57 Thanks
    cjv
    • #4
    • 7th Oct 17, 12:03 PM
    • #4
    • 7th Oct 17, 12:03 PM
    Great thanks.

    Thanks for the advice about the risks involved. I have thought long and hard about ot over the past month to make sure I am comfortable doing this.

    Although it is never risk free, it is for a parent who is due to retire in the next 5'ish years at which point any remaining balances could be paid, as they have a large pension pot. It should be paid off well before this time though, hopefully.

    If the worst happens and they are made redundant before that time they will be due a large redundancy, which can also be used to pay any balances in full.
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

4,407Posts Today

8,243Users online

Martin's Twitter