Can you pay off someone elses credit card with a balance transfer

Yes, you can do a balance transfer from someone else's credit card, but there are a few caution signs you need to pay attention to before you jump into it. Like just about everything else in life, doing a balance transfer to help somebody out has its risks. But if it is done carefully and with prior planning and wariness, it can be beneficial to both that person and to you.

The most obvious beneficiary is the person you are allowing to transfer the balance to your credit card. Most likely, they have run into a credit card that has extremely high interest rates, leaving it impossible for them to make payments from month to month, much less make any progress in paying down the principle. Getting a balance transfer from their credit card to yours is beneficial to them if you have good interest rates because they can pay off their debt more quickly, and save a load of money that they would have had to spend on extra interest.

If you have researched this person's credit history and have found that they have a great credit history, a balance transfer can be helpful to you to in the fact that their future spending with the credit card that you are both on, or that they are using along with you, they will portray good credit spending habits that benefit your credit history as well. Having someone else with a good credit reputation to lean on is a great way for you to build your credit score and earn some bonus marks on your report.

The most obvious risk you would be taking when doing a balance transfer in order to help someone else out with their high interest rates is that you get someone that will hurt your credit. When considering a balance transfer from someone else's credit card, it is important to recognize this person's spending habits, payment habits, and their ability to pay their debt. Even if it is someone you love and who you know cares about you, that does not always change the fact that they may not be able to get rid of their bad credit habits.

Usually, people who have high interest rates did not get them for no reason. Many people start out with great interest, but because of late payments and poor management of their credit, their credit card companies boost their interest rates. Because this person has had this happen to them before, it is very likely that it will happen to them again... even on YOUR credit card.

The important thing to remember is that when you are thinking about doing a balance transfer from someone else's card, get to know that person better. You have to know that you can trust that person to not hurt your credit. You don't want their bad credit habits to be heaped on your credit report, and you don't want to be stuck with making payment that they cannot along with your own payments.

We all know that you can transfer a balance from one credit card to another, but what about transferring credit card ownership to another person?

To answer that specific question: No, you can’t simply put a credit card that you applied for individually in someone else’s name like you would if you were selling your car. After all, the issuer approved YOU for the account based on YOUR credit history and disposable income. The card’s spending limit and terms are therefore tailored to your particular financial situation, and another party would have to submit their own application in order to see if they qualify for the same offer.

Balance Transfers: The Closest You’ll Get to Transferring Ownership

While you can’t just put your entire credit card account in someone else’s name, it is possible to give them your debt. Credit card companies offer the ability to transfer balances from one card to another, even if they’re not held by the same person, as long as both parties agree on the transaction.

As such, you can indeed shift your liability for the amount you owe on a credit card to someone else if that person is willing to do a balance transfer on either a new credit card or one of their existing credit cards, using your account number as the source of the transfer. You just can’t ensure that their card will offer the same terms as yours. However, if they have better credit standing than you, they might be able to garner superior terms and thereby lessen the burden imposed by the transferred debt in the process.

Joint Accounts & Authorized Users

The idea of transferring credit card ownership brings up another important point as well: how to handle a joint account or a card that has an authorized user if you no longer want the other party to have access to your finances.

Even the most promising relationships don’t always end up being permanent, after all, and figuring out how to handle shared credit card accounts can be almost as messy as determining who gets the dog (which is why it’s typically best not to share such things with a roommate, a boyfriend, or a girlfriend).

Nevertheless, if you do find yourself in the unfortunate situation of sharing a credit card with someone who is no longer in your life, it’s important to know what your options are. They include:

• Removing an Authorized User: Being an authorized user on a credit card account merely enables you to make purchases by tapping into the account’s credit line. In other words, control of the account (and liability for it) is under the account owner’s control. As the main accountholder, you can therefore choose to add or remove authorized users as you see fit.

• Canceling a Joint Account: If you have a joint credit card account with someone, either party can cancel the account as long as it is in good standing and there is no unpaid balance. You can typically do so over the phone or through your online account.

Now, things do get a bit trickier if your joint account has an unpaid balance.

Technically, both parties are responsible for the debt and it has to get paid one way or another. The credit card company isn’t going to care about your relationship problems. Interest will continue to accrue, and missed payments will be reflected on both parties’ credit reports. Who pays what is also typically something that you and the other involved party will have to figure out amongst yourselves because credit card companies aren’t even beholden to divorce agreements that dictate responsibility for various types of debt.

So, unless one person steps up to pay the entire bill or you can arrange to send separate checks for the full amount, making a pair of balance transfers is probably going to be your best bet. More specifically, you can each apply for a 0% balance transfer credit card in your own name and then transfer half the balance to each before closing the original account.

While this type of financial finagling isn’t likely to save your relationship, you’ll at least have credit card autonomy.

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