Credit Card Balance Transfers for Authorized Users
Author: rainyday
Posted: Wed Nov 09, 2005 12:10 pm
Post subject: Credit Card Balance Transfers for Authorized Users
I have the Citi Dividend card and added my son and daughter as an authorized users (just to help their credit scores). When I called to activate each card the customer rep asked if they would like to make a balance transfer, I asked if my son could make his own BT separate from any I might make in the future. The customer rep said yes but he had a indian accent so I'm skeptical? My question is ...has anyone done this and if so how does it appear on the statement and does each AU have a credit line equal to and separate from my own? This seems too good to be true!
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Author: Ira
Posted: Wed Nov 09, 2005 12:16 pm
Post subject: Credit Card Balance Transfers for Authorized Users
Have you ever used an extension cord to plug three electrical items into the same outlet? All appliances draw the same power. One can work alone or all three at once, so long as you don't exceed the total power available on that circuit. If you try to draw too much power you trip the circuit breaker.
It's the same thing with authorized users. Every card is exactly the same in the eye of the issuer. It doesn't matter who does what, purchase or balance transfer, as long as the total combined usage does not exceed the credit limit of the card, which would cause additional fees and penalties, much like tripping the circuit breaker.
Therefore if you want to limit the usage of any particular card you have to do it administratively.
Author: maddybeagle
Posted: Wed Nov 09, 2005 12:38 pm
Post subject: Credit Card Balance Transfers for Authorized Users
why would you want an authorized user to do a bt? I see no good coming from this since he would need to tell you anyway (so that you sock drawer the card) and not put any purchases on it. Most offers are for bt's and not purchases. I have an authorized user, but I pay the bills and take the card from them before I do any bt's (and give them another one) and make sure all purchases have cleared before the bt.
Author: thedownsgroup
Posted: Wed Nov 09, 2005 10:34 pm
Post subject: Credit Card Balance Transfers for Authorized Users
Having authorized users on your accounts, where you are solely financially reponsible... is a headache.
But adding an authorized user to help their credit, where you don't even give them a card, is okay.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Posted: Wed Nov 09, 2005 12:10 pm
Post subject: Credit Card Balance Transfers for Authorized Users
I have the Citi Dividend card and added my son and daughter as an authorized users (just to help their credit scores). When I called to activate each card the customer rep asked if they would like to make a balance transfer, I asked if my son could make his own BT separate from any I might make in the future. The customer rep said yes but he had a indian accent so I'm skeptical? My question is ...has anyone done this and if so how does it appear on the statement and does each AU have a credit line equal to and separate from my own? This seems too good to be true!
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: Ira
Posted: Wed Nov 09, 2005 12:16 pm
Post subject: Credit Card Balance Transfers for Authorized Users
Have you ever used an extension cord to plug three electrical items into the same outlet? All appliances draw the same power. One can work alone or all three at once, so long as you don't exceed the total power available on that circuit. If you try to draw too much power you trip the circuit breaker.
It's the same thing with authorized users. Every card is exactly the same in the eye of the issuer. It doesn't matter who does what, purchase or balance transfer, as long as the total combined usage does not exceed the credit limit of the card, which would cause additional fees and penalties, much like tripping the circuit breaker.
Therefore if you want to limit the usage of any particular card you have to do it administratively.
Author: maddybeagle
Posted: Wed Nov 09, 2005 12:38 pm
Post subject: Credit Card Balance Transfers for Authorized Users
why would you want an authorized user to do a bt? I see no good coming from this since he would need to tell you anyway (so that you sock drawer the card) and not put any purchases on it. Most offers are for bt's and not purchases. I have an authorized user, but I pay the bills and take the card from them before I do any bt's (and give them another one) and make sure all purchases have cleared before the bt.
Author: thedownsgroup
Posted: Wed Nov 09, 2005 10:34 pm
Post subject: Credit Card Balance Transfers for Authorized Users
Having authorized users on your accounts, where you are solely financially reponsible... is a headache.
But adding an authorized user to help their credit, where you don't even give them a card, is okay.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
posted by CardRatings.com at 11:06 AM
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