Can I Transfer My Credit Card Balances to My Husband's Card?

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It is possible to transfer your credit card balance to your husband’s credit card. In emergencies or to take advantage of your husband’s lower rate credit card, it often makes sense to consider transferring your balance. Credit card companies have different methods for transferring balances. Also, you should always consider fees, interest rates and long-term payment commitments before initiating any balance transfer.

Special Offers

If you are transferring the balance because of a special promotional interest rate, it is essential that you fully understand the terms and conditions of the offer. For example, a 0 percent promotional offer may only apply the promotional rate for a limited time. In some cases, once the promotional period expires, the interest rate will rise considerably. You should, therefore, consider the true-long term costs associated with the balance transfer. It is possible that some promotional transfer offers will end up costing you more money in the long run.

Fees

In many cases, the credit card company will charge the balance transfer as a cash advance. Additionally, the interest rate charged for cash advance is typically higher than the interest rate charged for purchases. This is especially important if you can’t pay off the transfer during the promotional period. Your credit card company may also charge a fee for the balance transfer. The credit card company will add this fee to the transferred amount. Typical fees average 1 to 5 percent of the transferred amount. Make sure you consider all the costs associated with the balance transfer offer. Also, the balance transfer will result in a new monthly payment. Make sure you can afford this new monthly payment prior to initiating a balance transfer.

Liability

Transferring the balance of any credit card to your husband also transfers the liability of that debt. Be sure to discuss the balance transfer with your husband and carefully consider the consequences and liability associated with the balance transfer. A large transfer may also affect your husband’s credit rating. If your husband needs to apply for new credit, transferring the balance to his credit card may affect his ability to qualify for new types of credit.

The Process

The specific transfer process varies by credit card company. Typical transfer options include written transfer documents, online transfer requests and transfers over the phone. To avoid delays, make sure you list your account information correctly on any transfer documents. Depending on your credit card company it will take between 24 hours to seven business days to process the transfer. Once you initiate the transfer, you will not need to do anything else to finalize the transfer.

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