Credit Cards - Paying off someone elses balance

Soco

Hi, Please advise - I have a large Cr Card balance that I struggle to paydue to interest charges. As I am unable to obtain a 0% cr card, my partner has suggested (as his credit score is better than mine) to take out a 0% cr card, pay off my card & I'll pay him. Will credit card companies accept his payment to clear my balance?

InsideInsurance

Of cause, as long as it isnt fraud/ money laundering they dont care who pays it as long as they get their money.

Your partner however would then be 100% liable for the debt unless you write up a contract between yourselves to cover what would happen should your relationship break down.

Soco

Thanks for your reply. When he applies for a 0% cr card, does he go for a 0% balance transfer or 0% on purchases ?

rachelonna

0% on balance transfer, so that you can transfer your outstanding balance onto his balance for the new card

thenudeone

You need to read the offer carefully.

Some issuers (eg: Santander) do not allow transfers of balances held by anyone but the main cardholder.

YorkshireBoy

thenudeone wrote: »

Some issuers (eg: Santander) do not allow transfers of balances held by anyone but the main cardholder.

There used to be a workaround though...make the BT request online.

Maybe that's still an option?

Soco

Many thanks everyone, we'll talk it through with the new cr card company before we proceed with a new card.