Can You Balance Transfer Someone Else's Credit Card Debt?
Learn if you can balance transfer someone else's credit card. Explore alternatives for helping improve their financial situation.
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Balance transfer credit generally cannot be done for someone else's credit card debt. Most credit issuers require that the balance transfer be made from a card under the same person's name. Instead, consider helping the person improve their financial situation by offering budgeting support or co-signing a loan if you are willing and able.
FAQs & Answers
- What are balance transfer rules? Balance transfer rules typically require the account holder to initiate the transfer from their own credit card.
- Can I help a friend with their credit card debt? While you can’t directly transfer their debt, you can assist them by offering financial advice or co-signing a loan.
- What alternatives are there to balance transfers? Alternatives include personal loans or budgeting assistance to help the debt holder manage their payments.