Can you transfer your credit card balance to another person's card?
No. That other person could, if they wanted to take responsibility for its repayment.
A balance transfer is when you payoff what you own on one credit card, with another credit card or loan. A "balance" is what you owe. Usually balance transfers are done when another credit card company offers you a lower interest rate. Before you do a balance transfer, make sure there are NO FEES associated with it. Answer: Most of the companies offer balance transfer from old card to new that they offer to attract…
An individual may wish to transfer the balance of one credit card onto another. This is generally done when an offer on the original credit card is ending, or if the APR is higher than the new card. Often when doing this, the new credit card company may charge a fee, generally 1-5% of the balance transfer. When it says no balance transfer fee, it means there is no extra charge for a balance transfer.
Generally, after two (2) months, the balance transfer from one card to another only minorly impacts one's credit. The key is the additional or new account and the utilization of the line on the account. If you transfer a balance to a NEW account as part of the application/onboarding process, your credit score will be reduced. If you transfer a balance to an EXISTING account that you don't use regularly, your credit score will be…
If you can move the balance to a lower interest rate card then yes it is a great idea. If the rate isn't lower though, transferring your credit card balance to a new card is pointless. It's generally not a good idea to transfer balances between credit cards. Fool.com has a some great tips on balance transfers.
You can compare balance transfer credit cards easily and directly on the CreditCards website. The CreditCards website offers a detailed comparison of balance transfer credit cards. The CreditCards website compares balance transfer credit cards such as the Citi Simplicity card, the Citi Diamond Preferred card, the Discover It card, and many more.
Many credit card companies will offer a card balance transfer that takes your balance from one card and pays it off with another card. These companies offer lower, "teaser" interest rates to entice customers into using their service. The credit card company will complete the process, usually for free, and you will be ready to start using your new cards with a lower rate!
Currently the top three credit cards for balance transfers are Barclay Card who have a 0% balance transfer for 27 months with a 2.98% fee, Virgin who have a 0% balance transfer for 26 months with a 2.99% fee and third place is a tie between NatWest Platinum and RBS platinum credit card as both have 0% balance transfer for 26 months with a 2.65% fee.
Yes, you will be able to pay one credit card bill with another credit card. There are a couple of different ways to do this: 1. Balance transfer - There are credit cards that would let you transfer some of the the balance from one card to another. The interest for this transfer is usually lesser on the transferred balance. 2. Using Credit Card Checks - You can also use the checks that come with…