Can I Do This?

tizwoz46

My son has a Virgin card and his 0% has come to an end. If I apply for a Virgin card (0%) can I balance transfer the amount outstanding on his card on to mine?
He still lives at my address.

JimmyTheWig

Yes, you can do this.
Just be aware that this will then be your debt. If your son stops paying (loses his job, etc) then you will be the one who gets chased for it.

Moggles_2

You can switch credit card balances from family, friends or Dave down the pub. You should be aware though, that the person whose card his balance is shifted to, becomes solely liable for the debt. If you were to fall out, you couldn't ask the card company to charge him for any remaining balance.

From the lender's perspective, it's not a problem. You may be asked for the name on the card, but this is purely an additional verification check. At the end of the day, the card company is after your business. It's not really interested in knowing who ran up the debt, as long as you, their customer, pay up on time each month!

Caution: you cannot transfer balances between cards underwritten by the same bank (You would be trying to pay 'em off with their own money.)
There's a way round this as Virgin will allow you to route funds via your current account. A 4% handling fee applies.

Alternatively, there's no shortage of 0% BT cards currently.
To help you further, we would need to know which ccs you have at the mo or have held recently.

tizwoz46

At the moment I have a Lloyds TSB Advance card (£7000 limit), a Halifax card that I have never used (wanted it for holiday in 2007 as it was 0%, but it didn't arrive in time - had £8000 limit on it but now reduced to £500), an M&S &More card with LOB transfer @ 3.9% (£8000 limit).

Moggles_2

tizwoz46 wrote: »

I have a Lloyds TSB Advance card (£7000 limit), a Halifax card that I have never used and M&S &More card with LOB transfer @ 3.9% (£8000 limit).

Do you bank with NatWest or the Royal Bank of Scotland? A 0% for 15 months BT card is available to existing bank account customers at the mo. (HSBC has a similar deal for current account holders, but customer service is not so good, IME)

If not eligible for their cards, a no-strings 12 months at 0% is currently available to new customers from the Post Office on balance transfers made in the first 3 months. There's a 2.98% BT fee.
Also, 5 months at 0% on new BTs requested in the month of your 1st and 2nd anniversary

http://www.postoffice.co.uk/portal/p...diaId=34100665

tizwoz46

I bank with Lloyds TSB.

tizwoz46

Caution: you cannot transfer balances between cards underwritten by the same bank (You would be trying to pay 'em off with their own money.)

So I can't transfer from one Virgin card on to another, even though they would be separate customers?

Eydon

You can - but as Moggles says what you have to do is transfer via your bank account.

i.e. you transfer a notional overdraft from your current account to your Virgin card - this puts +£x in your bank account and -£x on your Virgin card

you then use the money that is now in your bank account to pay off your son's Virgin card

You will be charged 4% though for doing the initial transfer which will be added onto your Virgin card debt.