Questions about Balance Transfers

Moggles_2

Buf wrote: »

Is it possible to do a 0% balance transfer from a card that is in the wife's name to a new card in the husband's name?

You can switch credit card balances to family, friends or Dave down the pub. You should be aware though, that the person whose card the balance is shifted to, becomes soley liable for the debt.

From the lender's perspective, it's not a problem. If you request the transfer by phone, customer services may ask 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, pay up on time each month!

Caution: same restrictions apply as when arranging a BT between your own credit card accounts (ie.you cannot transfer balances between cards underwritten by the same bank.) This table on the stoozing site (which is sponsored by Money Saving Expert) should help:

http://www.stoozing.com/cards.htm

sharonb67

Can I transfer to a card which I used once before in the past, or does it have to be a different one every time?

overcharged

Once you have balanced transferred to a new card, is it still possible to use the original card which would be back to having a zero balance?

Moggles_2

overcharged wrote: »

Once you have transferred a balance to a new card, is it still possible to use the original card which would be back to having a zero balance?

Yes. Once the balance is paid off (courtesy of a BT), you could keep it for shopping.

If you always settled your monthly statement balance in full by the payment due date, your purchases would be interest-free and you'd be building a decent credit history in the
process

overcharged

Thank Moggles much appreciated that's really helpful :j

dobie79

hi, can anybody answer this for me, is it possible to make a balance transfer from somebody elses card if they have the same surname, i.e father and son? cheers, dobie79

linsdy82

When you transfer a balance from one credit card to another there is usually a fee of around 3% - do you have to pay this fee straight away or is it added to the debt on the new credit card?

Lin

smckay

linsdy82 wrote: »

When you transfer a balance from one credit card to another there is usually a fee of around 3% - do you have to pay this fee straight away or is it added to the debt on the new credit card?

Lin

typically the fee is added to the balance of the credit card.

tiffspits

I am trying to get a 0% balance transfer credit card, but have a bad credit rating. Is there anyway to get one?

sundries

Hi

If you want to do a balance transfer from a purchase card that has run over its 0% introductory period

and also have a purchase credit card currently at 0% for a set period (eg M&S for ten months)

can you combine the debt on both of these and transfer the balance, even though you are still in the 0% period for one of them?

or, more simply I guess, can doing a balance transfer during a 0% introductory offer invalidate or in some other way affect the offer.

(the idea would be to free up credit)