How to Transfer Credit Card Debt to a Spouse
One of the fastest ways to improve a credit rating is to transfer some of your credit card debt from your cards onto your spouse's credit cards. Be sure the cards you are using to make the transfer do not have a joint account and are separate. This method of alleviating debt is recommended only when the spouse does not already have a large amount of debt . If your spouse has very little credit on credit cards, this may be the best option for your financial status and credit score.
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Instructions
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Apply for a Card
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Search the Internet and talk with your financial institution about the best credit card interest rates you can find. Specifically look for a credit card that offers a low interest rate for credit card transfers.
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Choose a credit card that best meets your needs.
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Have your spouse apply for the credit card. Be sure he or she does not include you as a cosigner. The card needs to be opened in his or her name only.
Transfer the Credit
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4
Determine how much credit you are going to transfer to the new card.
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5
Once approved for the credit card, explain to a customer service rep what you want to do. You may have to use a credit card check written out to yourself, or the credit card company may be able to deposit cash into your checking account.
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Write a check out to your spouse or simply pay down your spouse's credit card with a payment.
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Tips & Warnings
Be sure to read all of the fine print when using credit card checks or taking using a cash advance for APR restrictions and guidelines.
Ask about promotional offers before making the decision on a credit card.
