Tell a newbie about Balance Transfers!

[FreudianSlippery]

I'm totally clueless about all this stuff.

I've had one credit card which is normally paid off in full (basically just to improve credit rating). DH has just got his first one in more than a decade (long story, exW ran up debts in his name, blah blah blah) - both with same bank.

We need to buy DD a new bed ASAP but DH's card hasn't arrived yet so we will use mine. DH's is interest free for 6 months, and has a free balance transfer thing.

Does that mean I can transfer the balance from my card onto his? And will it then get no more interest? We will be able to pay it off in a month or two, so well before the six months is up.

Please? :)

I'm pretty sure both cards have to be in the same name to do a balance transfer.

Have a look on the moneysavingexpert site or anything connected to Martin Lewis- he's annoying but very good.

You cant transfer a balance from your card onto his card. I'm not sure if he got you an extra card but still his name you might get round this. Ring up your credit care provider - they are pretty good with this advice.

Ah ok. Fair enough. I'm sure I remember my parents transferring balances between them but I must be wrong!

Never mind, the interest won't be that much really.

A 'balance transfer' in credit card terms usually refers to the ability to take all the outstanding balance from an exising card (in your name) and moving it to the new account (also in your name). There is usually a fee for doing this... it is not free... even if the balance doesn't attract interest for a few months.

If both cards refer to the same account you will be building up one balance whoever does the spending. But if, as it sounds, you have one account and he has another - it's irrelevant that they happen to be with the same bank - then you can't transfer your debt to his card.