Tips on Credit Card Balance Transfers
Author: directdude2001
Posted: Fri Mar 10, 2006 4:59 pm
Post subject: BT and Authorized Users
Hello
I would like to know if I could BT my wifes balance on her card, to MY new card. I am not an authorized user on her card though. What are the chances the transfer will go through?
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: rapjunkie
Posted: Fri Mar 10, 2006 6:50 pm
Post subject: Tips on Credit Card Balance Transfers
I think you can do it, although you may want to do it with BT checks from your card just in case, or call your credit card issuer to do it over the phone.
Author: Polonius
Posted: Fri Mar 10, 2006 10:00 pm
Post subject: Tips on Credit Card Balance Transfers
It's not a transfer--you're paying off one card by using the credit on another. The banks don't care who owns the card you're paying off, nor do they have any way of finding out as long as the card is at a different bank. Nor does the bank that's being paid off care whether the funds are coming from the account holder, his mother, her lover, a friend, a relative....
You can do it as long as the other terms of the transfer are met.
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: Sat Mar 11, 2006 12:36 am
Post subject: Tips on Credit Card Balance Transfers
Polonius is correct. Technically there is no such thing as a "balance transfer." Look at it as a two part transaction and you'll see what I mean.
Part 1: You borrow a sum of money from credit card X
Part 2: You use that money for anything you want, be it paying off another credit card, putting the money into a savings account, or going off on a spending spree (please don't do that!). To the card issuer it's all the same. All they care about is that you pay back the borrowed money in accordance with the terms of your cardholder agreement
Posted: Fri Mar 10, 2006 4:59 pm
Post subject: BT and Authorized Users
Hello
I would like to know if I could BT my wifes balance on her card, to MY new card. I am not an authorized user on her card though. What are the chances the transfer will go through?
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: rapjunkie
Posted: Fri Mar 10, 2006 6:50 pm
Post subject: Tips on Credit Card Balance Transfers
I think you can do it, although you may want to do it with BT checks from your card just in case, or call your credit card issuer to do it over the phone.
Author: Polonius
Posted: Fri Mar 10, 2006 10:00 pm
Post subject: Tips on Credit Card Balance Transfers
It's not a transfer--you're paying off one card by using the credit on another. The banks don't care who owns the card you're paying off, nor do they have any way of finding out as long as the card is at a different bank. Nor does the bank that's being paid off care whether the funds are coming from the account holder, his mother, her lover, a friend, a relative....
You can do it as long as the other terms of the transfer are met.
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: Sat Mar 11, 2006 12:36 am
Post subject: Tips on Credit Card Balance Transfers
Polonius is correct. Technically there is no such thing as a "balance transfer." Look at it as a two part transaction and you'll see what I mean.
Part 1: You borrow a sum of money from credit card X
Part 2: You use that money for anything you want, be it paying off another credit card, putting the money into a savings account, or going off on a spending spree (please don't do that!). To the card issuer it's all the same. All they care about is that you pay back the borrowed money in accordance with the terms of your cardholder agreement
posted by CardRatings.com at 10:00 PM
0 Comments:
Post a Comment
<< Home