FAQ: How To Transfer Credit Card Balance?

Can you transfer a credit card to another account?

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.

Can I keep transferring credit card balances?

You can generally transfer balances from as many cards as you like, as long as you stay within the new card’s credit limit. This sounds like a no-brainer, but keep in mind that most balance transfer offers involve a fee for moving the balance from your old card.

Can I transfer my husband’s credit card balance to mine?

Can I Transfer Someone Else’s Credit Card Balance To Mine. Well, as we explain above, yes you can. Once the balance is transferred to a credit card in your name, then you assume all of the liability for the debt. In other words the credit card company will now hold you responsible for the outstanding amount.

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How long do balance transfers take?

A credit card balance transfer typically takes about five to seven days, but some major card issuers ask customers to allow up to 14 or even 21 days to complete the transaction.

Can you have 2 balance transfer credit cards?

You can have more than one balance transfer credit card at the same time. However, you will most likely, have to have your balance transfer credit cards from different companies.

What happens if I balance transfer more than I owe?

If you overpay your credit card balance, the payment will result in a negative account balance, which means the credit card company will owe you money. The next time you make a purchase with the credit card, the amount you overpaid will count toward it.

Can you do 2 balance transfers from the same card?

In theory, there’s no limit to the number of separate credit and store cards you can transfer over. But in practice, you’re limited by the credit limit on the card. There will usually be a time limit for transferring balances though. You can only transfer balances from cards owned by different lenders.

Can I use my credit card to pay off someone else’s credit card?

Key takeaways. When you’re transferring a balance, you can use one credit card to pay off another. You can’t pay direct monthly payments for one card with another card. It’s possible to take out a cash advance on one credit card to pay off another, but it’s not a good idea.

Can I pay my wife’s credit card with my credit card?

Technically, this is possible, but not all providers allow you to transfer another person’s balance to a credit card in your name. This is because once the transfer has been made, the debt will be in your name. This means that you are legally responsible for paying it.

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Can you be responsible for someone else’s debt?

The short and simple answer is that no, you cannot be held responsible for another person’s debts. This analysis changes, however, if you have signed as a responsible party, either as a co-signer or guarantor on the debt.

Does a balance transfer count as a payment?

Yes, balance transfers work just like a monthly payment to your credit card company. The credit card company you’re transferring from only knows you made a payment — it doesn’t know if it’s a transfer or not. That said, a balance transfer doesn’t process exactly like a minimum payment you’d make online.

Does a balance transfer happen automatically?

After you apply for the new credit card and request a balance transfer, the issuing bank will process your application. It will: Automatically pay off some or all of the accounts on your balance transfer requests.

How do I know if my balance transfer was approved?

A balance transfer could take up to six weeks to appear in the account you’re transferring the balance to, depending on your card issuer. While many issuers can complete the process within a week, it’s not a “set it and forget it” kind of situation. You can check your accounts to see when the transfer processes.

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