joint cards to sole card transfer?

sarahs999

Hello,

I hope someone can help me. I'm hoping to make a purchase (£3,500) on a credit card in my name, but which is a joint account (my husband has the other card). Then we want to transfer the balance to a new credit card which is in his name only. Is this possible? Does a purchase on my card count as my debt or our debt? Presumably if it is our debt he can transfer it as he wishes?

Thanks
Sarah

YorkshireBoy

sarahs999 wrote:

I'm hoping to make a purchase (£3,500) on a credit card in my name, but which is a joint account (my husband has the other card).

There's no such thing as a 'joint credit card account'. Assuming you are the 'principal' cardholder, and your husband is the 'secondary' cardholder, the account is yours and you alone are responsible for any debt put on the card.

Then we want to transfer the balance to a new credit card which is in his name only. Is this possible?

Yes, most lenders only ask for provider name, type, and amount to transfer.

Does a purchase on my card count as my debt or our debt?

As stated above, it's your debt (if you are the principal cardholder).

Bokken_2

Yes you are correct .
Have a read up on Martins credit card articles and the credit card shuffle to maximise your circumstances.
The card you ar moving the balance to needs to have a suitable credit limit to do this ie£3500 otherwise you won't be able to move all of your £3500 to it.
Also depending on which cards you have depends on the interest charged are you moving the balance onto a 0% card?If you can't you should aim to move the balance to a card with a lower interest rate then the one you currently have.
Normally there is a fee incurred in moving a BT between cards so check this as the fee needs to be capped at 2% or max £50.
Of course if there is no fee that is great as you will have avoided the £50 charge.
If you tell us which cards you are employing we may be able to help some more.

sarahs999

Thanks..

The details are that we need to make a one-off payment to purchase a start-up kit for a small business. At the moment our debts are a 0% card which lasts until October, but which is already full at £4,000. So, as I was the one who applied for that card, and as it has been a while since my husband applied for a card, we decided that he should apply for the SKycard (after reading Martin's article). This has 0% on purchases and 0% BTs.

But we need to make the purchase quickly, and having rung Sky last night it seems that the process is being slowed down by the amount of applicants they have had. So we thought that if I were able to purchase the kit using an old card (a Halifax one, with nothing on it at the moment - the leftover card from my last tarting) then when the sky one comes through we can BT. But I don't want to get caught out by Sky saying 'oh no, the principal cardholder is Mrs Smith for your Halifax card, so you can't transfer the debt to Mr Smith's Skycard.'

Hope that's clear, and thanks for your advice.

Sarah

Bokken_2

sarahs999 wrote:

Thanks..

The details are that we need to make a one-off payment to purchase a start-up kit for a small business.

Have you considered a business loan or a career development loan which is sponsored by the government at 0% for two years.I have one via Barclays,maybe worth looking at .

sarahs999 wrote:

At the moment our debts are a 0% card which lasts until October, but which is already full at £4,000.

Okay don't forget to plan to move the outstanding amount to another 0% card in September.

sarahs999 wrote:

So, as I was the one who applied for that card, and as it has been a while since my husband applied for a card, we decided that he should apply for the SKycard (after reading Martin's article). This has 0% on purchases and 0% BTs.

As you maybe aware to maximise your applications for your circumstances it may be better to individually apply for cards rather than jointly,up to you.
Make sure you are aware of how the allocation of payments is allocated to your card and keep the purchases and BT separate to avoid incurring interest on your card.Martins articles fully explain this.

sarahs999 wrote:

But I don't want to get caught out by Sky saying 'oh no, the principal cardholder is Mrs Smith for your Halifax card, so you can't transfer the debt to Mr Smith's Skycard.'

You should be okay doing that as they normally ask for the card /account number your completing the BT with not the account/cardholders details.

sarahs999

thanks Bokken - can you tell me a bit more about the business loan? Is it really at 0% for two years? I'm hoping we'd pay ours much more quickly than that, so presumably we could pay it off with no interest overall?

Sounds good. Though the card way may be just as easy.

Sarah

Anwen_2

Curious, what kind of business is it? Am always a bit worried when people mention having to buy 'starter kits'...

Bokken_2

sarahs999 wrote:

thanks Bokken - can you tell me a bit more about the business loan? Is it really at 0% for two years? I'm hoping we'd pay ours much more quickly than that, so presumably we could pay it off with no interest overall?

Sounds good. Though the card way may be just as easy.

Sarah

Our Loan is a career develompent loan,we didn't need the loan but applied for it so I could stooze it for two years at 0%.
The CDL are sponsored by the government and supplied to the public via the high street banks so although ours is from Barclays you can get them from other banks as well.
Martin wrote a article on it about a year ago so there may be more in his loan articles.
It may not be for you as they may have a business loan that may suit your circumstances but now you know about it you can decide.