CC help please!

CABFS

I have a sizeable balance on a credit card with which i'm getting hammered with interest on. I have received a 0% offer for the same card through the post which is currently useless to me.

It seems cheeky and easy so I need to know if it is legal to transfer this balance to my dad's card, and then wait a while and transfer it back!? Obviously i'll incur the balance transfer fees but this is a small price to pay for what would be very beneficial to me. Also, any idea how much this may affect my (and my father's for the matter) credit?

Thanks in advance

katsu

It is legal to transfer a balance from one person to another.

It would use up some of your Dad's available credit, and be reported as a card with a balance of X - the fact it came from your name would not show up on his credit record. You would be using less of your available credit, until you BT it back.

Tixy

If your Dad's card is from the same card issuer as yours you wouldn't be able to transfer it - if its not you can.

Are you sure you can pay it off in the interest free period you have been offered?

The only potential risk is that once your card is repaid your card lender decides to reduce your credit limit right down or close your account. This has happened to a few people and would then mean your Dad would be stuck with the debt on his card. Just something to check is okay with him in case this does happen.

CABFS

I'd be leaving a small balance on the card, not sure if that would help? It's a Halifax Card that I have held the for a number of years and have repayed big balances using BT's before (from other 0% cards) being transferred to a Barclaycard. Not sure if loyalty counts for anything in this game!?

izools

Well sure loyalty does hence the 0% offer.

My advice would be to do the xfer to your father's card as soon as a statement is produced and take Halifax up on the offer to transfer it back, all within the same statement period.

This would save from them reducing your limit; as this is typically done on statement dates.

There is, as others suggest, always a risk of the limit being cut or offer being withdrawn so ensure your father is OK with this risk

jonesMUFCforever

Why pass this debt onto your father's card?
Why not apply for a 0% card in your own name?

If you have been declined then I think you should leave your father out of this and head off to the debt free wannabe board.