BALANCE TRANSFERS ON CREDIT CARDS

12
Found 1st Feb 2010
Just a quickie.. i was wondering if i can get a new credit card and balance transfer some of my brothers debt onto a new card in my name? Does any of you helpful peeps in finance know at all?

12 Comments

yeah i think you can, my partner paid off my overdraft with his credit card and ive transfered money from my credit cards to his. if you do online banking with the card you can normally do it on the net.

why cant he get one in his own name? i wouldnt transfer debt for anyone...i have a friend bought a ca fo his bro and they ended up at loggerheads cos he missed payments.

Original Poster

plumberman01;7716150

why cant he get one in his own name? i wouldnt transfer debt for … why cant he get one in his own name? i wouldnt transfer debt for anyone...i have a friend bought a ca fo his bro and they ended up at loggerheads cos he missed payments.



hell would freeze over first.. luckily im from a family that trust each other and would not be looking to do one over on the other.

Original Poster

pink-ka;7716088

yeah i think you can, my partner paid off my overdraft with his credit … yeah i think you can, my partner paid off my overdraft with his credit card and ive transfered money from my credit cards to his. if you do online banking with the card you can normally do it on the net.



thankyou pink... rep left :thumbsup:

You would probably be better off to get a loan and pay off your Brothers Credit Card, then let him pay you back.

Using cash is very expensive on a Credit Card.

I have done this for family and friends with no problems and if you get a low life of balance rate it's much better than a loan.
Be aware that you cannot transfer money with the same company even if it's in different names and also some have different names like virgin and mbna but are the same so again will not allow a transfer.
I would also set up to pay minimum payment each month if you forget they can remove any deal when opening your account like low interest on life of balance.

KERMITZBITZ;7716182

hell would freeze over first.. luckily im from a family that trust each … hell would freeze over first.. luckily im from a family that trust each other and would not be looking to do one over on the other.



no wasnt implying that...apologies not making assumptions about you and your family:oops:

just that the bro in this case had financial problems hence lack of credit...and then couldnt make the payment as he didnt have funds...there was a good reason he couldnt get more credit.

Original Poster

Inactive;7716430

You would probably be better off to get a loan and pay off your Brothers … You would probably be better off to get a loan and pay off your Brothers Credit Card, then let him pay you back.Using cash is very expensive on a Credit Card.



Im going to use the santander zero card which doesnt charge you for a balance transfer... so basically a free loan for a year

Original Poster

Sturty;7716577

I have done this for family and friends with no problems and if you get a … I have done this for family and friends with no problems and if you get a low life of balance rate it's much better than a loan.Be aware that you cannot transfer money with the same company even if it's in different names and also some have different names like virgin and mbna but are the same so again will not allow a transfer. I would also set up to pay minimum payment each month if you forget they can remove any deal when opening your account like low interest on life of balance.



thanks Sturty rep left

Original Poster

plumberman01;7716849

no wasnt implying that...apologies not making assumptions about you and … no wasnt implying that...apologies not making assumptions about you and your family:oops:just that the bro in this case had financial problems hence lack of credit...and then couldnt make the payment as he didnt have funds...there was a good reason he couldnt get more credit.


wasnt taken in the wrong way fella.. :thumbsup:

KERMITZBITZ;7717654

Im going to use the santander zero card which doesnt charge you for a … Im going to use the santander zero card which doesnt charge you for a balance transfer... so basically a free loan for a year



:thumbsup:
Fair enough, make 100% certain that it is paid on time and fully paid up in the 12 months otherwise you will get charged 27.9% APR.

Original Poster

Inactive;7717833

:thumbsup:Fair enough, make 100% certain that it is paid on time and … :thumbsup:Fair enough, make 100% certain that it is paid on time and fully paid up in the 12 months otherwise you will get charged 27.9% APR.



cheers... rep left
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