Is there any disadvantage to adding my wife as an additional cardholder?

alexanderalexander

I’ve just had a decent balance transfer offer come through on one of my existing credit cards, so I am thinking of adding my wife as an additional cardholder in order to be able to transfer a balance from one of her credit cards where the 0% offer period is about to end.

Is there any disadvantage of doing this in terms of credit rating or anything else? I realise that it will make me responsible for the debt rather than her, but as our finances are completely merged anyway this is not a concern for me. We are also already financially linked on our credit ratings as we share a mortgage.

eskbanker

alexanderalexander said:

I am thinking of adding my wife as an additional cardholder in order to be able to transfer a balance from one of her credit cards

Happy to be corrected but don't believe that your ability to transfer a balance from someone else's card is influenced by whether they're a secondary cardholder on your account?

DullGreyGuy

alexanderalexander said:

I’ve just had a decent balance transfer offer come through on one of my existing credit cards, so I am thinking of adding my wife as an additional cardholder in order to be able to transfer a balance from one of her credit cards where the 0% offer period is about to end.

Is there any disadvantage of doing this in terms of credit rating or anything else? I realise that it will make me responsible for the debt rather than her, but as our finances are completely merged anyway this is not a concern for me. We are also already financially linked on our credit ratings as we share a mortgage.

as above, adding her as an additional cardholder will not change if you can or cannot transfer a debt in her name to you.

Historically a few banks said debt had to be yours but had no way of validating it. Now with Open Banking they can if they want to but it seems most still dont. Virgin is one example that does check and will refuse a transfer if you aren't the accountholder 

alexanderalexander

eskbanker said:

alexanderalexander said:

I am thinking of adding my wife as an additional cardholder in order to be able to transfer a balance from one of her credit cards

Happy to be corrected but don't believe that your ability to transfer a balance from someone else's card is influenced by whether they're a secondary cardholder on your account?

My account is with Virgin, which states: "You can complete a balance transfer to an account in your name, or in the name of your additional cardholder. Additional cardholders can also request balance transfers to accounts they are named on."

See here:  · Customer Self-Service (virginmoney.com)

born_again

alexanderalexander said:

eskbanker said:

alexanderalexander said:

I am thinking of adding my wife as an additional cardholder in order to be able to transfer a balance from one of her credit cards

Happy to be corrected but don't believe that your ability to transfer a balance from someone else's card is influenced by whether they're a secondary cardholder on your account?

My account is with Virgin, which states: "You can complete a balance transfer to an account in your name, or in the name of your additional cardholder. Additional cardholders can also request balance transfers to accounts they are named on."

See here:  · Customer Self-Service (virginmoney.com)

That is bad for credit card, given there is only one account holder, who will be left with a debt, they may not want or know about.

Add card holder want to get one over on main card holder runs up a debt balance, transfers it over & then leaves... Nice of Virgin to offer them this service 

alexanderalexander

born_again said:

alexanderalexander said:

eskbanker said:

alexanderalexander said:

I am thinking of adding my wife as an additional cardholder in order to be able to transfer a balance from one of her credit cards

Happy to be corrected but don't believe that your ability to transfer a balance from someone else's card is influenced by whether they're a secondary cardholder on your account?

My account is with Virgin, which states: "You can complete a balance transfer to an account in your name, or in the name of your additional cardholder. Additional cardholders can also request balance transfers to accounts they are named on."

See here:  · Customer Self-Service (virginmoney.com)

That is bad for credit card, given there is only one account holder, who will be left with a debt, they may not want or know about.

Add card holder want to get one over on main card holder runs up a debt balance, transfers it over & then leaves... Nice of Virgin to offer them this service 

I’m not sure what is particularly bad about this in your view.

Most credit card providers allow the main cardholder to nominate additional cardholders who have free rein in spending on the card while the main cardholder remains liable for the debt – which is why anyone should be very careful about who they nominate as an additional cardholder! The fact that Virgin appears to extend this to balance transfers as well is not a material difference in my view (and is actually very handy in my wife and my situations).

As I say, my wife and I already have completely merged finances so I am not concerned about this risk. If you are concerned about it then don’t nominate anyone as an additional cardholder.

DullGreyGuy

born_again said:

alexanderalexander said:

eskbanker said:

alexanderalexander said:

I am thinking of adding my wife as an additional cardholder in order to be able to transfer a balance from one of her credit cards

Happy to be corrected but don't believe that your ability to transfer a balance from someone else's card is influenced by whether they're a secondary cardholder on your account?

My account is with Virgin, which states: "You can complete a balance transfer to an account in your name, or in the name of your additional cardholder. Additional cardholders can also request balance transfers to accounts they are named on."

See here:  · Customer Self-Service (virginmoney.com)

That is bad for credit card, given there is only one account holder, who will be left with a debt, they may not want or know about.

Add card holder want to get one over on main card holder runs up a debt balance, transfers it over & then leaves... Nice of Virgin to offer them this service 

Whats the difference between doing a BT and going out and spending £12,000 on a Herme's handbag say as revenge for infidelity of the main cardholder?  Technically you can spend more of the limit shopping than doing a BT. 

alexanderalexander said:

eskbanker said:

alexanderalexander said:

I am thinking of adding my wife as an additional cardholder in order to be able to transfer a balance from one of her credit cards

Happy to be corrected but don't believe that your ability to transfer a balance from someone else's card is influenced by whether they're a secondary cardholder on your account?

My account is with Virgin, which states: "You can complete a balance transfer to an account in your name, or in the name of your additional cardholder. Additional cardholders can also request balance transfers to accounts they are named on."

See here:  · Customer Self-Service (virginmoney.com)

Be interested to know if that works for you... in our case with them they had a MT offer at the same rates as the BT so just went down that route when wanting to switch the debt between us. 

In principle the negative of doing it is the risk highlighted above but thats the same if you BT or not 

retiredbanker1

The main disadvantage of having a secondary card holder on your account is that they can rack up debt in your name!

Ergates

born_again said:
That is bad for credit card, given there is only one account holder, who will be left with a debt, they may not want or know about. 

They can also just spend money on the card though - which isn't any difference in terms of outcome.