Credit Card Transfer

Situation: Person A has multiple credit card balances on high interest credit cards and Person B has a credit card with a much lower interest rate. Due to a poor credit history, Person A can't obtain a low interest credit card. They've agreed to transfer it to Person B's low interest credit card and have Person A pay Person B the monthly payments to make it easier to pay down their high interest balances.

Is this possible?

I think in this case person B would need to add A as an authorized user on the account and then the transfer can take place. Most companies will not transfer debt if the names on the account are different, but if person A is authorized on the account then there should be no problem and also person A could then check the balance remaining when ever and also make payment on line with out having to bother person B. Good luck and I hope that I have been able to help.

2008-06-24 20:08:33 by Matt

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I'm pretty close to the maximum limit on my credit card (I owe $7,200 and the limit is $7,500). I've already cut up the card and changed my spending habits and I'm pace to pay it off over the next 12-18 months. Problem is, the interest is killing me. If I pay the minimum monthly balance of $300 then the next month I get charged $200 in interest, so my monthly payments are barely chipping away at the balance. Is it smart to apply for a new card with zero interest on balance transfers and transfer my balance? If I could get 12 months of no interest then I could bring the balance down significantly and get close to zero, but I hear that doing this affects my credit score, at least during the short term. Should I stick with my card?

Eliminating high interest credit cards by transferring to a card with a lower rate can help you save a great deal of money, allowing you to regain control of your finances. However, it is important that you understand all of the terms and conditions of your new credit card before committing enrollment. You want to make certain that the card offer is fair and that you are truly going to benefit from it. Featured are tips that will help you choose and use the right credit card for transferring balances.

Pre-determining interest rates

Most balance transfer offers are good for only the first 6-9 months of enrollment. At the conclusion of the introductory rate, the card will convert to a more standard rate, typically between 14-20%. It is important that you determine what the interest rate is going to be once the intro rate is over. If you are not sure what interest rate the card is going to be charging at the conclusion of the intro offer, call the issuer and find out. Read more about it at: http://www.credit-card-gallery.com/artic le/173,Credit_Card_Balance_Transfer_Tips

2007-04-10 10:00:14 by Andrew

Price: $8.37

I have 3 credit cards. My COMBINED balances make up 24% of my COMBINED credit limits. In terms of a credit score increase, is it better to transfer those balances to the card with the most room? I have one card with a $7K limit and a $0 balance. This is also the newest (less than 2 mos. old) The balances on the other two (older) cards are closer to their limits. One has a $1k limit with a $800 balance, the other has a $3k limit with a $2k balance. I've heard that not being very close to your limit can increase your credit score. But, I don't know if this formula considers each account separately or if it looks at the combined balances vs. the combined limits. Please help.
At this point, I'm not as interested in the interest rate as I am in raising my credit score this month. (I've been monitoring it over the last few months, but made two large purchases recently). I will pay the debt down during the next few months.

The formula you are talking about looks at the combined balance. Basically they look at all of your credit limits combined. You don't want to be using too high of a percentage of this total balance, but I'd say 24% is perfectly fine. Your limit on individual cards is not really a factor. Also, having too many credit cards can negatively affect your credit score. Typically you want to limit your number of credit cards to 2-3.

2006-04-05 09:08:25 by ngphilpot

Price: $5.75

I know there's a way of doing as I've done it in the past but for some reason I can't seem to remember. Basically, I'm looking to transfer funds from my credit card onto my Paypal account.

add fund button.

2008-03-03 22:38:27 by skylerino

I transfered froma high interest card to a low interest card. The low interest card shows the transfer, but the high interest still shows the balance on it as still owed. Is this normal? Now I'm going to be paying double interest for the same balance. Should I call and see what's going on?

It probably just had something to do with the old card's billing cycles and the statement was sent out before the payment in full was posted. Call the old credit card company to be sure the account now shows paid in full or call the new credit card company and ask what date they paid the old card in full, but I don't think there is anything to worry about.

2009-02-20 12:28:35 by Kassie