topic Re: Balance transfer question in Credit Cards

Balance transfer question

Anonymous — Sat, 09 Apr 2016 15:25:51 GMT

So a little backstory.

My 20 year daughter has run up about 5000 in credit card debt while going to college. She does work about 32 hours per week and still lives with me.

My quesion is can I balance transfer her balances to my NFCU cash rewards card. It would be a 0% for 12 months BT with no transfer fee.

The conditions for this would be she would have to give me her cards and to give me the payment each month.

She could have this balance paid in a year instead of 3-4 years because of the high interest on her cards.

Does anyone know if this is possible.

Re: Balance transfer question

Anonymous — Sat, 09 Apr 2016 15:42:45 GMT

I take it your concern is that the tranfer FROM card is hers and the transfer TO card is yours. No problem.

Re: Balance transfer question

Anonymous — Sat, 09 Apr 2016 15:43:50 GMT

@Anonymous wrote:
So a little backstory.

My 20 year daughter has run up about 5000 in credit card debt while going to college. She does work about 32 hours per week and still lives with me.
My quesion is can I balance transfer her balances to my NFCU cash rewards card. It would be a 0% for 12 months BT with no transfer fee.

The conditions for this would be she would have to give me her cards and to give me the payment each month.

She could have this balance paid in a year instead of 3-4 years because of the high interest on her cards.

Does anyone know if this is possible.

Shouldn't be a problem.

Re: Balance transfer question

Anonymous — Sat, 09 Apr 2016 16:19:07 GMT

probably the cheapest way to go

Re: Balance transfer question

Anonymous — Sat, 09 Apr 2016 17:28:56 GMT

Thanks guys, I have never done a balance transfer from someone elses cards. Glad to know it's possible.

Don't want this to become a habit. But she understands what she has done with running up her balances. Just not getting anywhere with her balances and interest rates being so high.

She's in nursing school and just moved back in with me to cut some costs so she can pay these off.

Re: Balance transfer question

NRB525 — Sat, 09 Apr 2016 17:39:21 GMT

@Anonymous wrote:
Thanks guys, I have never done a balance transfer from someone elses cards. Glad to know it's possible.

Don't want this to become a habit. But she understands what she has done with running up her balances. Just not getting anywhere with her balances and interest rates being so high.

She's in nursing school and just moved back in with me to cut some costs so she can pay these off.

Yeah, see, that's the thing, isn't it? She's an adult. You could, likely with no issues at all, transfer the $5k to your card. But then she's not controlling her credit spending anymore, not learning how to pay out of these situations. And she will have to make current charges somehow, on some sort of card. The world doesn't stop for us when we decide to pay down debts.

What cards does she have? Are there any options for her to BT among her own cards to get a lower interest rate? What are the interest rates? How much per month in interest? It's best to look at the individual's situation before bailing out all that debt to another location, even if you have the best of intentions.

Why does the entire $5k need to be BT off her cards?

Re: Balance transfer question

Anonymous — Sat, 09 Apr 2016 17:49:02 GMT

@NRB525 wrote:
@Anonymous wrote:
Thanks guys, I have never done a balance transfer from someone elses cards. Glad to know it's possible.

Don't want this to become a habit. But she understands what she has done with running up her balances. Just not getting anywhere with her balances and interest rates being so high.

She's in nursing school and just moved back in with me to cut some costs so she can pay these off.
Yeah, see, that's the thing, isn't it? She's an adult. You could, likely with no issues at all, transfer the $5k to your card. But then she's not controlling her credit spending anymore, not learning how to pay out of these situations. And she will have to make current charges somehow, on some sort of card. The world doesn't stop for us when we decide to pay down debts.

What cards does she have? Are there any options for her to BT among her own cards to get a lower interest rate? What are the interest rates? How much per month in interest? It's best to look at the individual's situation before bailing out all that debt to another location, even if you have the best of intentions.

Why does the entire $5k need to be BT off her cards?

Thanks for your concern, I've thought about all that too. But she understands what she has done is bad in credit terms. That's why she moved back in with me instead of with a roommate. So that she could put every dollar possible toward the balance. She could do it on her own with the current cards but would cost her a lot more in interest and take much longer. I have agreed to help her by putting it on my card with the promotional terms. This way she can pay it off quicker. I've been in her shoes too and my parents helped me. So as a parent, I feel like I should do this, but like I said. If it happens again, she's on her own, and I've made that clear already.

Re: Balance transfer question

NRB525 — Sat, 09 Apr 2016 18:06:45 GMT

But what cards does she have? CL? Balance on each?