Best Balance Transfers Discussion Area

shirtbuttons

Probably a silly question but can you transfer someone elses credit card debt to your own. I've managed to clear all mine and was wondering whether it was possible for me to take over my husbands outstanding balance? On the on-line application for Abbey it only asks for account number and not the name.

Moggles_2

shirtbuttons wrote: »

Can you transfer someone else's credit card debt to your own. I've managed to clear all mine and was wondering whether it was possible for me to take over my husband's outstanding balance?

You can switch credit card balances from family, friends or Dave down the pub.
Please bear in mind though, the person whose card the balance is shifted to, becomes soley liable for the debt. If you were to fall out, you couldn't ask the card company to charge him for any remaining balance.

On the Abbey online application, it only asks for account number and not the name.

From the lender's perspective, it's not a problem. If you request the transfer by phone, Customer Services may ask you for the name on the card, but this is purely an additional verification check. At the end of the day, the card company is after your business. They're not really interested in knowing who ran up the debt, as long as you, their customer, pays up on time each month!

sarge123

I have been an avid BT'er for a few years now, but it does mean that i now have 3 or 4 credit cards that have no remaining balance. I am looking at transferring again, but i fear that i will soon be running out of credit card companies!!

Am i better of cancelling these empty cards? How long before i can open another BT card with that company?

Any advice greatly appreciated

Sarge

JimmyTheWig

sarge123 wrote: »

Am i better of cancelling these empty cards?

I'm in a similar situation. I've got way too many open for my own good.
Just got to get around to closing them.
Someone somewhere posted a list of things you had to do to close an account. Can't find it now, though.

How long before i can open another BT card with that company?

It depends on the company. I think some treat you as a new customer after the account has been closed for 6 months.

King_Weasel

JimmyTheWig wrote: »

Someone somewhere posted a list of things you had to do to close an account. Can't find it now, though.

I usually ring them up and say "I want to close this account" or wtte. Seems to work, though sometimes you have to say why ("too many unused cards") and sometimes you have to decline their offers (which, if attractive enough, persuades me to change my mind).

Am I doing it wrong?

Moggles_2

Originally Posted by sarge123
I have been an avid BT'er for a few years now, but it does mean that I now have 3 or 4 credit cards that have no remaining balance... Am I better off cancelling these empty cards?

It depends how many active cards you have in addition to the 3 or 4 with a zero balance. If you have say five in total, this isn't excessive.

I am looking at transferring again, but I fear that I will soon be running out of credit card companies!!

It's worth calling your existing card providers first. You may be offered a low-rate balance transfer. Those with a zero balance are definitely worth a try. If possible, I would phone during normal business hours.

If you don't get a decent offer, you have two options. Either wait a few weeks and call again or, if they've offered nothing whatsoever, it may be time to close the account.

Moggles_2

Originally Posted by sarge123
Am I better of cancelling these empty cards?

Originally Posted by JimmyTheWig
I've got way too many open for my own good. Just got to get around to closing them.

Unless a card has a particular benefit, then I would cancel. Firstly, having loadsa credit, even if not used, can put off potential lenders and secondly, by cancelling a card you can re-apply to that provider as a 'new' customer and take advantage of any introductory deals on offer.

Another good reason for phoning customer services to cancel an unused card is that occasionally you're offered an incentive to stay

Moggles_2

Originally Posted by JimmyTheWig
Someone somewhere posted a list of things you had to do to close an account. Can't find it now, though.

Originally Posted by King Weasel
I usually ring them up and say "I want to close this account" or wtte. Seems to work, though sometimes you have to say why and sometimes you have to decline their offers (which, if attractive enough, persuades me to change my mind). Am I doing it wrong?

A phone call to customer services should be all that's required, but ask the lender to confirm closure in writing. Most do not ask you to return their cards. You're simply requested to cut them up.

If you have an excess of available credit, it's advisable to check your credit reports to make sure the a/c is marked "settled" before you submit a credit card application.

The whole process (from the initial phone call ) can sometimes span a couple of months, so allow plenty of time.

Moggles_2

Originally Posted by sarge123
[Following closure], how long before I can open another BT card with that company?

Lenders vary in this respect as with everything else.

Some will not consider applications from former cardholders in the 6 months following closure. The Royal Bank of Scotland stable (which includes Lombard Direct, Mint, NatWest, Tesco & Ulster Bank, as well as RBS itself) makes former customers wait 8 months and in the case of Egg, it's 12 months.

Note: former cardholders are free to re-apply for another Nationwide credit card, but do not qualify for the 0% introductory rate the second time round.

At the other extreme are Capital One, HBOS, Marks & Spencer and MBNA. They accept applicants a month or so after closure.

In all cases, it's advisable to check your credit reports to make certain the account is actually closed down and marked "settled" before you re-apply

sarge123

Many thanks for all replies and answers.....shall jump on the phone during the week.
Thanks again, most helpful