Loan balance Transfer

Is there any way that I can transfer my sons CC Balance to my Credit Card if I get a 0% interest card?

He has about 3K and I have not got a credit card but he is paying interest but doesn't think he would qualify for a 0% card as he is a musician without a steady income. He is paying £100 or so each month but majority of this goes on interest. Can I help him?


  • izools
    izools Posts: 7,513 Forumite
    Combo Breaker First Post
    You could help him if you want yes and if you can get a 0% card approved in your name they would allow the transfer but it has to be with a different lender to who he has his card with otherwise they won't allow the transfer. They won't mind who's name the card is in, however, in fact they shouldn't even ask.

    However if I may be judgmental for a moment I would advise this is a bad idea. If none of the prime lenders will trust him with a 0% card, there is reason for this. Those reasons apply also to why you shouldn't lend him the money.

    What would happen if he could no longer maintain the payments? Or if you fell out? Are you confident enough this wouldn't happen? Have you got any contingencies in place?

    I would suggest he at least try applying for a couple of 0% cards - he can check out his chances of approval via these two online checkers:

    The Nationwide system allows him to enter all of his details but before he submits the application they perform a "Soft Search" to quote him the APR and limit he'd be entitled to should he submit a full application.

    If the quote shows a 19.9% APR and £1,000 limit or less it basically means "Off you pop mate" but if the APR offered is 9.9% or 15.9%, or the limit offered is above £1,000 he should be approved instantly there and then.

    Good luck! :o :beer:
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