Balance Transfer To Someone ElseS Card

Pound Notes with Melanie Wright

£WITH Less than 500 days ­until the start of the ­Olympic Games, HM Revenue & Customs is reminding anyone thinking of renting out a spare room in a residential property that, under the Rent a Room Scheme, you can receive up to £4,250 a year tax-free. The scheme does not apply, ­however, if your home is ­converted into flats, if you let unfurnished rooms or if you let your whole home.

£NEW customers applying for the Barclaycard balance transfer credit card won’t have to pay any interest on ­balance transfers for 18 months and can also get 25 per cent off handling fees. Those applying between March 15 and May 3 have 60 days to make their ­balance transfers to be eligible for the offer.

£ONE in six motorists have driven a car they weren’t ­insured to drive, according to ­research by moneysupermarket.com. Seven per cent admitted breaking the law by driving their own car with no cover, while an ­additional seven ­per cent admit to having driven someone else’s car without ­insurance. Another two per cent admit to driving their own car uninsured in ­between renewing their policy.

£RESEARCH by Norwich & Peterborough Building ­Society has revealed that ­common reasons for not ­opening a joint account with a partner include lack of trust, being territorial over money or being secretive over purchases.

Can My Credit Card Pay Off Someone Else's Credit Card

Can My Credit Card Pay Off Someone Else's Credit Card

You may ask "can my credit card pay off someone else's credit card?" if your student son or daughter is unable to pay his monthly payment this week. It sounds simple - you would enter your credit card information and make his payment.

It isn't quite that easy. If you are paying the debt in full a lender may say yes in answer to "can my credit card pay off someone else's credit card". However, most monthly payments to credit lenders must be made with a check, cash or ACH transfer from your bank account.

If you pay off a credit card with someone else's credit card you are only using other people's money and transferring debt form one card to another. Lenders are not often willing to accept such a transaction.

If you have a credit account in good standing your lender may send checks to you to use as you see fit. The checks are cash advances on your spending limit for your credit account.

Lenders have not been using this tactic frequently since the new credit regulations took effect in early 2010. However, it is likely to become common again in the next few months as lenders strive to add more consumer debt (and profit from interest) to their portfolios.

If you receive an offer of checks to use as you wish, it accompanies a special agreement that keeps the amount drawn by check to the same interest rate as your credit card purchases. This avoids the higher APR charged if you take a cash advance but offer the same benefits.

By cashing one of these checks you can use your credit card to pay off someone else's credit card. The other person's lender will not know the transaction is actually moving debt from one account to another. This may be the only way to pay off another person's credit card with your credit card if the credit accounts are with the same lending bank.

Balance transfers are common in the credit card industry and are a great method to attract new customers to banks. If your problem is "can my credit card pay off someone else's credit card", a balance transfer may be the leverage you need.

If you have an open line of credit on a credit card that is sufficient to pay the credit card of the other person you can take a cash advance and apply that from your credit card to pay off someone else's credit card.

That will leave you, however, with the higher interest rates banks charge for cash advance transactions. As long as you are creditworthy, it can be a simple matter to apply for a new 0% introductory rate credit account and transfer the high APR balance to the new account.