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If you did a balance transfer from your credit card to someone else and they promised to pay it back can you sue them for interest if they have not?
Wiki User
∙ 14y ago
Unless you had a signed agreement that the money would be repaid, there is no requirement for them to do so.
Wiki User
∙ 14y ago
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What exactly are balance transfer offers?
A credit card balance transfer is when someone opens a new credit card account to pay off an old one. The debt plus the interest is then owed to the new credit card company, who most times provides a grace period where a smaller amount of interest is charged on the transferred balance.
What is the benefit of having a balance transfer credit card?
The benefit of having a balance transfer credit card is that they usually are issued with no fee and a very low to 0% interest rate for the first year. Someone would get this type of credit card to transfer other credit balances and thereby cutting down on the time it takes to pay off the high interest rate credit cards.
Can you do a balance transfer from someone else's credit card?
Yes, balance transfers are commonly used to move balances from a high APR to a lower rate. But the transfer will impact the credit of the cardholder receiving the balance.
What are the options for someone with a Mastercard?
With a Mastercard, you can pay a small amount of your balance monthly (usually there is a minimum of $25 per month). Another option you have is to pay your balance in full to avoid interest charges.
How can one learn more about the Capital One balance transfer service?
Someone can learn more about the Capital One balance transfer service by going to the Capital One website, and visiting the FAQ. On the FAQ one must go to the section "Transferring Balances" and read the questions and answers there.
What exactly are balance transfer offers?
A credit card balance transfer is when someone opens a new credit card account to pay off an old one. The debt plus the interest is then owed to the new credit card company, who most times provides a grace period where a smaller amount of interest is charged on the transferred balance.
What is the benefit of having a balance transfer credit card?
The benefit of having a balance transfer credit card is that they usually are issued with no fee and a very low to 0% interest rate for the first year. Someone would get this type of credit card to transfer other credit balances and thereby cutting down on the time it takes to pay off the high interest rate credit cards.
Can you do a balance transfer from someone else's credit card?
Yes, balance transfers are commonly used to move balances from a high APR to a lower rate. But the transfer will impact the credit of the cardholder receiving the balance.
When might someone see 'credit card 0 balance transfer' on their statement?
'Credit Card 0 Balance Transfer' would appear on your credit card statement if your credit card is paid off in full. This means that you do not have to transfer any money from your bank account to pay off your credit card balance.
If a house is quit deeded to someone will the bank as for the remaining balance on the house?
Yes. Most mortgage documents have a "balance due on transfer' clause as part of the boilerplate language. If you transfer ownership the bank can demand payment of the mortgage in full.
Save Money With a Zero Interest Balance Transfer?
One of the most common ways credit card companies seek out new clients is by offering zero interest balance transfers. This is a limited time offer to a potential customer to move debts from other credit card companies to the new account with the benefit of no interest for a certain amount of time. This can result in large savings on interest as many credit cards have very high interest rates. Most zero interest balance transfer offers have a duration of six or twelve months. After this time period expires, the credit card's normal interest rate applies. While this tactic is usually reserved for new customers, some credit card companies will offer a zero interest balance transfer to current customers as well. Credit card companies exist on the general idea that most of their customers will not pay their balances off quickly. This is why they can offer a zero interest balance transfer to someone and still expect to make a profit. Most customers will be even less motivated to make extra payments beyond the minimum than they were before once they know that no interest is being accumulated. A new customer may not be in the market for a new credit card account but the idea of six months or a year of no interest may entice them to open it anyway. There is then the chance that the customer will use the credit card to make additional purchases. Zero interest balance transfers can be a great asset to help someone in debt get out as quickly as possible. Because any payments made on the balance during the zero interest period are going straight to principal, the debt is being paid off significantly faster than the traditional method with an interest rate. The key is to not let the zero interest period become an excuse to not make additional payments. Credit cards charge a minimum payment that barely cuts into the principal on purpose so that customers will be more likely to keep that debt around for the long haul. A zero interest balance transfer can grant a temporary reprieve from high interest rates, but if nothing more than the minimum payment is contributed each month, the principal will only dwindle. Then, when the introductory period is over, the normal interest rate will kick in and the debt will start spiraling out of control quickly. Another factor to take into account when considering accepting a zero interest balance transfer offer is the effect it can have on your credit report. While you may be simply moving the amount from one account to another, you are still opening a new line of credit. This can have a negative impact on credit rating. Having many open accounts can scare new creditors off because of the amount of credit that is available to you at any one time. Unfortunately, closing the accounts can be just as bad. It's important to measure all of these factors when considering a zero interest balance transfer offer and to determine what is best for your financial situation.
How do you get rid of a car once you have signed the contract and your apr is really high?
Sell it to someone else, and pay the difference in what you sell it for and the balance on the loan. Or you could try to refinance the car with another lender at a lower interest rate.Sell it to someone else, and pay the difference in what you sell it for and the balance on the loan. Or you could try to refinance the car with another lender at a lower interest rate.
What are the options for someone with a Mastercard?
With a Mastercard, you can pay a small amount of your balance monthly (usually there is a minimum of $25 per month). Another option you have is to pay your balance in full to avoid interest charges.
How can one learn more about the Capital One balance transfer service?
Someone can learn more about the Capital One balance transfer service by going to the Capital One website, and visiting the FAQ. On the FAQ one must go to the section "Transferring Balances" and read the questions and answers there.
Why would someone want to pay off the balance of their credit card each month before interest is calculated?
You might save money by paying the amount you have charged before the interest is calculated.
How do you involuntarily remove a joint owners name from a deed for land in Kentucky?
Generally, only an owner can transfer their interest in property. You cannot transfer someone else's interest, or, something you don't own. On the other hand, if the co-owner has left and cannot be located or has never paid any of the mortgage then you could try to bring an action in court to extinguish their interest in the property. Only a court decree can transfer interest in property that cannot or will not be transferred by the owner.
Someone who is betrothed is?
promised in marriage
