Need a 'Sanity Check' on Balance Transfer Idea

[SisterGirl]

Hey UncleB !

Glad your theory worked out....well done

[Anonymous]

It doesn't sound like a good idea at all. You would be doubling their debt. Also, helping them manage money shouldn't involve using their credit to pay off your own debt. Does Wells even permit balance transfers to another person's card account? How is that not a cash advance. This is not a good idea. Use your money to pay down your own card. Also, what is your plan for 15 months from now. These folks are elderly, what if one passes away, what if they NEED the entire Credit limit of their Wells card for urgent medical care or some other type of care. You would tie up their available funds in debt. You would be better off taking the money from their card and investing it at a higher rate of return at that point, assuming you would outearn the interest. I would leave it be.

[grillandwinemaster]

Maybe reading the entire post would be  beneficial??!!??

Lol

• Great job Uncle B! I hope I'm able to help out my elderly relatives such as you are doing when the time comes. 

[Anonymous]

What did I miss- admittedly I skimmed, but is there a fact I am not seeing? He is using his grandparents available credit to pay his own card- ok I apologize in advance if that is not what he described. I'm sorry to the OP if I misunderstood.

[Calistal]

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@Anonymous wrote:
What did I miss- admittedly I skimmed, but is there a fact I am not seeing? He is using his grandparents available credit to pay his own card- ok I apologize in advance if that is not what he described. I'm sorry to the OP if I misunderstood.

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The OP is working with his grandmother's already there balance, transferring it around a bit (using his own credit) to get the balance onto a lower APR so that he saves his Grandparents money over the next year.  The balance didn't belong to the OP.

[Anonymous]

good job uncleB and good job everyone!

im starting to understand how BT works, i think! *im clueless! lolz

[UncleB]

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@Anonymous wrote:
It doesn't sound like a good idea at all. You would be doubling their debt. Also, helping them manage money shouldn't involve using their credit to pay off your own debt. Does Wells even permit balance transfers to another person's card account? How is that not a cash advance. This is not a good idea. Use your money to pay down your own card. Also, what is your plan for 15 months from now. These folks are elderly, what if one passes away, what if they NEED the entire Credit limit of their Wells card for urgent medical care or some other type of care. You would tie up their available funds in debt. You would be better off taking the money from their card and investing it at a higher rate of return at that point, assuming you would outearn the interest. I would leave it be.

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You have completely misread this entire thread... please go back and read from the very beginning and you'll understand.

Nobody's debt was doubled, quite the contrary - they will save literally hundreds in interest.  The only 'cost' was that for six days my own available credit was a few thousand dollars less than normal.

Also, this is no longer 'hypothetical'... it's already done and was a complete success. 

[UncleB]

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@SisterGirl wrote:

Hey UncleB !

Glad your theory worked out....well done

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Thanks so much SisterGirl! 

I spoke with my Grandmother yesterday evening, and she's tickled that the monthly interest will now be around $9 each month instead of $44; it's even got her fired-up to get the balance cleared up before the 15 month promo ends!

[UncleB]

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@Calistal wrote:

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@Anonymous wrote:
What did I miss- admittedly I skimmed, but is there a fact I am not seeing? He is using his grandparents available credit to pay his own card- ok I apologize in advance if that is not what he described. I'm sorry to the OP if I misunderstood.

---

The OP is working with his grandmother's already there balance, transferring it around a bit (using his own credit) to get the balance onto a lower APR so that he saves his Grandparents money over the next year.  The balance didn't belong to the OP.

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+1

^^^ This is exactly correct! 

[UncleB]

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@grillandwinemaster wrote:

Maybe reading the entire post would be  beneficial??!!??

Lol

• Great job Uncle B! I hope I'm able to help out my elderly relatives such as you are doing when the time comes. 

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Thanks so much grillandwinemaster!

I feel fortunate that I was in a position to make this all work out for them.  They've been very good to me over the years and this is only a drop-in-the-bucket when it comes to repaying that kindness, but I'm pleased it worked out nonetheless.