Balance Transfer

wireman_2

Please could anybody help, I am selling a car to a friend but they cannot afford to buy it outright. So a member of there family wanted to know if the can pay by credit card, In otherwords they pay my outstanding balance on a card i have with there card. Just wanted to know if it can be done

Thanks

Wireman

Rafter

Unlikely - you can only usually 'balance transfer' to an account in the same family name at the same address.

The friend could write you a credit card cheque or even withdraw cash from the card at a cashpoint - they will probably get stung with a nasty interest rate though.

R.

grumbler

Rafter wrote:

Unlikely - you can only usually 'balance transfer' to an account in the same family name at the same address.

Are you sure? I never tried, but *I think* it is possible. Usually they just ask a card number to transfer balance from. I don't think that they check names and address. For your friend the balance transfer can result in fee and higher interest rate than on purchases.

YorkshireBoy

grumbler wrote:

Are you sure? I never tried, but *I think* it is possible. Usually they just ask a card number to transfer balance from. I don't think that they check names and address. For your friend the balance transfer can result in fee and higher interest rate than on purchases.

I have been informed (in writing) by a card provider that BT's, like cheques, can be recalled "at any time" by the card sourcing the BT cash.

I imagine it would be more likely to be done in suspected money laundering scenarios, but I wouldn't sell a second-hand car for anything but cash!

windym_2

A friend paid for a two-family holiday last year and we paid her back by transferring our half from our Tesco Visa to her credit card. That was back in the days before they charged you for doing it. I imagine you can still do it though, I just needed her card details.

wireman_2

Thanks for the replies going to try over the weekend and see if it can be done.

Wireman

grumbler

wireman wrote:

.. going to try over the weekend and see if it can be done.

Are you sure that you fully understand what should be done? In fact not you, but your friend should try to make a balance transfer from your card. You cannot do this ...

owey

wireman wrote:

Please could anybody help, I am selling a car to a friend but they cannot afford to buy it outright. So a member of there family wanted to know if the can pay by credit card, In otherwords they pay my outstanding balance on a card i have with there card. Just wanted to know if it can be done

Thanks

Wireman

Yes your friend can transfer a balance onto your card, I have done this before with no probs, I think the main thing is how much of a friend they are?. As you will not know if the transfer went through for a couple of days, maybe keep the cars log book untill the transfer goes through?.