Balance Transfer Cards

pik20d

My wife has a capital one credit card and wants to find a balance transfer card that offers better interest rates. Unfortunately she no longer works and any application asks for individual income amounts. Can she declare my salary as her’s for the purpose of household income? My salary is paid in to a joint account and is sufficient to support us both even with her credit card outgoings.
Thank you if you can help.

eskbanker

pik20d said:

any application asks for individual income amounts. Can she declare my salary as her’s for the purpose of household income?

If the application asks for household income then she can include it, but it would be fraudulent to label it specifically as hers when doing so.

If the application asks for her income then she can't include it.

pik20d said:

My salary is paid in to a joint account and is sufficient to support us both even with her credit card outgoings.

Can you get credit on decent terms and use that instead, with her as a second cardholder?

pik20d

Thanks for the advice. She already is a second card holder with my credit card company (I have good credit) but she wanted to start paying down the capital one card as the interest is very high and was hoping for a 0% transfer option to make a bigger dent on the balance. Could I pay her an ‘allowance’ and treat that as income? 
Thank you

Willing2Learn

You need to set up a monthly budget for the entire household.  That way, you could make monthly payments by Standing Order from your account, so that more than the minimum contractual monthly payment is made each month.  She could repay you from her monthly budget once she is in work again ...

MalMonroe

"Could I pay her an ‘allowance’ and treat that as income?"  If it's difficult for your wife to get a card right now, can't you just pay off her capital one credit card instead, even if she does have the interest to pay?  You could just pay that straight into the credit card account and of course the more you pay the lower the interest will be. Then look around for a better deal for her - or you may have to apply for another one as you say your credit is good, and then she can have another 'second' card.  With a new card, though, don't forget Martin's advice : pay it off IN FULL every month! (No, I have to admit that I don't always do that but it's the way to avoid interest charges, obvs, especially as you seem to be able to afford it.)

SuperAllyB

You could transfer her balance to a 0% card in your name if you wanted. The usual caveat that the debt becomes yours, which may or may not be an issue depending on the stability of your marriage.