Can you do a credit card balance transfer to another person?

Can You Transfer a Credit Card Balance to Another Person?

Credit card balance transfers, where you move debt from one card to another, are a common way to save money on interest and consolidate debt. However, can you transfer a balance to another person’s card?

Limited Options

While credit card balance transfers are generally not allowed between individuals, there are a few exceptions.

Barclaycard

Barclaycard is one of the few issuers that allows you to transfer a balance from another person’s card onto your own. This is known as a “third-party balance transfer.”

Eligibility Requirements

Eligibility for a third-party balance transfer with Barclaycard is strict. Both you and the other person must have eligible credit cards with Barclaycard. Additionally, you must meet the following requirements:

• You must be able to prove a financial relationship with the other person, such as being a spouse, parent, or sibling.
• The other person must agree to the transfer and provide their account information.
• You must meet the minimum credit score and income requirements set by Barclaycard.

Process

To initiate a third-party balance transfer with Barclaycard, you’ll need to contact customer service. You’ll need to provide the necessary information about both your card and the other person’s card. Barclaycard will then review the transfer request and make a decision.

Other Options

If you’re not eligible for a third-party balance transfer through Barclaycard, there are other options available:

• Joint credit card: You can apply for a joint credit card with the other person and transfer the balance to the joint card.
• Loan: You can take out a personal loan and use the funds to pay off the credit card debt.
• Balance transfer service: There are companies that specialize in arranging balance transfers between different cards. However, these services may charge fees.

Conclusion

While credit card balance transfers between individuals are generally not allowed, there are a few exceptions, such as Barclaycard’s third-party balance transfer program. If you’re considering this option, be sure to carefully consider the eligibility requirements and process. Alternatively, you may want to explore other debt consolidation options such as joint credit cards, loans, or balance transfer services.