balance transfer

abbo1963

Hi all
If my wife bets a balance transfer bard in her name with me as a joint holder can I transfer a balance frim a card in my name ?
TIA

[Deleted User]

You normally can transfer from a card in someone else's name albeit you have to lie on the process and say it's yours. Obviously she becomes liable for the debt.

Note: there is no such thing as a joint credit card, only a primary with additional users

Also note that some lenders cannot transfer between them, typically ones in the same banking group e.g. Halifax to Lloyds

abaka

Deleted_User said:

You normally can transfer from a card in someone else's name albeit you have to lie on the process and say it's yours. Obviously she becomes liable for the debt.

Note: there is no such thing as a joint credit card, only a primary with additional users

Also note that some lenders cannot transfer between them, typically ones in the same banking group e.g. Halifax to Lloyds

You can transfer between Halifax groups.  I have just done a transfer from Halifax to MBNA and Lloyds to MBNA....I've also previously done Lloyds to Halifax, all worked fine.

[Deleted User]

abaka said:

Deleted_User said:

You normally can transfer from a card in someone else's name albeit you have to lie on the process and say it's yours. Obviously she becomes liable for the debt.

Note: there is no such thing as a joint credit card, only a primary with additional users

Also note that some lenders cannot transfer between them, typically ones in the same banking group e.g. Halifax to Lloyds

You can transfer between Halifax groups.  I have just done a transfer from Halifax to MBNA and Lloyds to MBNA....I've also previously done Lloyds to Halifax, all worked fine.

That is good, it was just the first example I came up with, but generally speaking when they are part of the same group they won't allow it.

If you look at the Lloyds site it specifically states 

You can request a balance transfer from most credit cards and some store cards which display the Mastercard®, American Express® or Visa® logos, but not from loan companies, bank accounts or other Lloyds banking group credit cards.

Effie7280

Hi there - am new to MSE discussion forums.  I wonder if anyone might have the answer to this given the current rise in interest rates?  I have a credit card with about 5K on it and the interest free balance transfer period ends in Feb 2023.  Should I look to transfer this to another card now where the balance transfer rates are around 1.99% for 22 months at the moment, or wait until Feb 2023 to move it?  Any advice would be gratefully received.

Ebe_Scrooge

Effie7280 said:

Hi there - am new to MSE discussion forums.  I wonder if anyone might have the answer to this given the current rise in interest rates?  I have a credit card with about 5K on it and the interest free balance transfer period ends in Feb 2023.  Should I look to transfer this to another card now where the balance transfer rates are around 1.99% for 22 months at the moment, or wait until Feb 2023 to move it?  Any advice would be gratefully received.

It's a hard one to call.  The most obvious answer is to keep it and go all-out to clear to balance before February - would that be a realistic option for you?  Remember that transferring the balance does nothing to clear the debt, just punts it down the road for a while.  You really need a plan to clear the debt rather than just continually shifting it.  You'll get plenty of helpful advice on the Debt-Free Wannabe board if you're struggling.

Secondly, if you transfer it now, you'll be paying 1.99% interest rather than 0% - so it's going to take you longer to clear anyway.  And if you did transfer it, would you then be able to clear it within 22 months?

Effie7280

Hey @Ebe_Scrooge thank you.  To answer your question, no, I won't be clearing it by Feb 2023, hence the need to move it.  I have taken on a second job to help clear the debt, so that is 'the plan'.  Once i've transferred it, i'm unlikely to clear it in the 22 months so will need to move it on again after that, but there's nothing I can about that really seeing as additional pennies are now going on cost of living.  I've got a second job, there's not much else I can do but keep chipping away it at and not allow it to bring me down.

Ebe_Scrooge

OK, that's fair enough.

Effie7280 said:

Once i've transferred it, i'm unlikely to clear it in the 22 months so will need to move it on again after that

This is the worrying part.  You really can't afford to bank on being able to do another transfer after the 22 months.  I sincerely hope you will be able to, for your sake - but it's not wise to make that part of your plan.  Who knows what the financial markets will look like then?  One would hope that they will have improved significantly, and credit will become easier to obtain.  But what if there's another war, another Covid-type event?  It's stuff like that that makes lenders really tighten their belts.

Well done for having the gumption to go out and get a second job, I applaud you for that and it's a great achievement.  Can you go through your outgoings with a fine tooth comb, and get rid of absolutely everything that's not necessary?  If you can go for a few months living extremely frugally, I bet you could get that debt kicked into touch.  A relatively short period of living like a hermit will repay your future self in bucket-loads if you can manage to do it.