|
Low Interest Credit Cards
Balance Transfer Credit Cards
Instant Approval Cards
Reward Credit Cards
Retail
Gas
Travel
Hotel
Cash Back Credit Cards
Airline Miles Credit Cards
Student Credit Cards
Business Cards
Charge Cards
Prepaid Credit Debit Cards
Fair or Average Credit
Catalog
Shopping Credit Cards
Credit
Cards
for Bad Credit
American Express®
Amex Canada
Chase
Discover®
HSBC Bank
IBERIABANK
MetaBank
BankFirst
Visa®
MasterCard®
Discover®
American Express®
MBNA - Canada
United Kingdom
Spanish
Australia
Belgium
Article
Credit Cards Calculator
About Us
Contact Us
SiteMap
ComFi.com
International Pre-paid phone cards provider.
Or Get
Regular
Pre-paid Calling Cards with the best rates on the market!
Need Credit? - Apply Online Now!
|
|
 
How Can I Transfer a Balance from Someone Else's Credit Cards? |
These articles are about how to manage
credit.
|
|
|
|
|
|
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.
|
|
