Borrow from Peter to pay Paul

Discussion in 'Credit Talk' started by Diane143, Aug 10, 2002.

  1. Diane143

    Diane143 Well-Known Member

    If my husband get the First Premier card where the fees are almost as much as the credit limit($250), can I pay it off with my low rate card? Thanks
     
  2. GEORGE

    GEORGE Well-Known Member

    You can pay ANYBODY'S card off...

    If you gave me your credit card number and payment address, I COULD PAY YOUR CARD FOR YOU...and I don't even know you.

    My wife and I do BT'S all the time...MINE TO HERS...HERS TO MINE...
     
  3. Diane143

    Diane143 Well-Known Member

    Great. I think it stinks that you are maxed out as soon as you get the card (the score must include that) but if he gets it and I can put it on my card then he will be in the clear to use it as a credit card even if the limit is low. I hope he gets it. Thanks
     
  4. jrjr35

    jrjr35 Well-Known Member

    GEORGE, are you offering?
     
  5. Diane143

    Diane143 Well-Known Member

    Hmmm I just thought of something. What ist he difference between paying off one card with another card and a balance transfer? If the card says you cannot do balance transfers then is that a problem? I am sure this is a stupid question. Diane
     
  6. Diane143

    Diane143 Well-Known Member

    I would take him up on that offer LOL. BTW in the above post I forgot to mention that my husbanbd is an AU on the card that I would use to pay off his First Premier.
     
  7. GEORGE

    GEORGE Well-Known Member

    I BT (BALANCE TRANSFER) $1,000 from CITIBANK to MBNA...MBNA has a $1,000 payment posted...CITIBANK has a $1,000 charge.

    PAYING OFF ONE CARD WITH ANOTHER CARD IS A BALANCE TRANSFER.

    If your card does NOT allow BT'S your only other option is a CASH ADVANCE into your checking account at your bank...then mail off a check to the other card...(THIS IS A BAD WAY TO DO IT)...

    What card has NO BT'S ALLOWED???
     
  8. Diane143

    Diane143 Well-Known Member

    I seem to remember some restrictions on First Premier but I am not sure-it was more a hypothetical. However, my real concern was whether or not it would be considered a balance transfer when my husband is only the AU on the card that we would use to pay off the First Premier balance? Isn't it only considered a balance transfer if you transfer your own card to another card of your own? I hope this is not too confusing- I am new to the whole balance transfer deal. Thanks
     
  9. GEORGE

    GEORGE Well-Known Member

    A BALANCE TRANSFER CAN GO TO ANY BANK OR BUSINESS ON BEHALF OF ANY PERSON...

    MBNA will even BT your gas bill, trash, phone, even DIRECT DEPOSIT into your checking account...
     
  10. Diane143

    Diane143 Well-Known Member

    Thanks for the info!!! Diane143
     

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