Can I do a balance transfer from my credit card to my friends?

j3251

Hi

My friend has a capital one credit card owes £2000,paying crazy interest rates..

I am waiting on my John Lewis credit card which is 6 months interest free..

Would I be aloud to do a balance transfer to my friends credit card to allow him to get back on his feet allowing him to take advantage of the 6 months interest free as I am unlikely to use it over the next 6 months?

Would the credit card company object to that as the balance transfer would be going to someone else???

Any help/advice would be appreciated..

izools

You'd be able to do it.

Don't.

opinions4u

Officially no.

Unofficially, I suspect it might sneak through.

But why would you do something that puts both your friendship and money at risk?

stephane_2

Yes you can....however no matter what you'll be fully responsible to repay the debt if he decide not to pay you back...

j3251

Hi

The way it works out I owe my friend £2000 that I borrowed few years back,time has came where I have 2 options..

1. Pay him £2000 which I can access from my overdraft and get charged monthly.

2. If possible do a balance transfer for £2000 to his card,take advantage of the 6 months interest free,would be able to pay it all off over 6 months.

Sorry forgot to mention I owe him it anyways..

j3251

I fully understand and appreciate by doing a balance transfer I would be held fully responsible for paying it back in full etc..

izools

Ahh I see,

In that case, sure, do it. I wouldn't be forthcoming about the fact it isn't your card you're transferring the balance off, but there shouldn't be any need to lie, just "Yeah, it's a Capital One Visa, did you want the card number?" "Oh, and the amount, yes £2,000 please" job done.

I hope you understand our caution, very often we see people post here about how they've lent people money in this manner but have trouble grasping the concept that it is they who are liable for the debt now not their friend.

Thankfully you know better

j3251

Hi

Thanks for all the great advice..

Managed to get through to customer services who advised and confirmed even though its a 3rd party credit card it would be ok to do balance transfer as long as I let them know so they can mark it onto the account?

THANKS