Can you use a mule card to transfer a balance for a family member?

cjv

I am helping out a family member, hoping to save them around £9000 in interest over the years by transferring balances.:T

Some of the cards I have been accepted for do not allow transfers from other people, one is Tesco so I will use that as an example.

Could I transfer it from my family members card to my Barclaycard (where I have a short duration 0% balance transfer offer available) and then transfer it immediately to the new Tesco card?

I know it will mean paying more in fees, but that is a small price to pay in the bigger scheme of things.

Nebulous2

Yes you can transfer a balance twice, or more if you are so inclined. As long as BC accepts the transfer, moving it to Tesco should also be fine.

This forum is full of warnings about lending money to others, which is effectively what you are doing, and you are unlikely to get anyone to say this is a good idea, but it can be done!

jonesMUFCforever

I can only repeat the above advice!

cjv

Great thanks.

Thanks for the advice about the risks involved. I have thought long and hard about ot over the past month to make sure I am comfortable doing this.

Although it is never risk free, it is for a parent who is due to retire in the next 5'ish years at which point any remaining balances could be paid, as they have a large pension pot. It should be paid off well before this time though, hopefully.

If the worst happens and they are made redundant before that time they will be due a large redundancy, which can also be used to pay any balances in full.