Forums
Is it possible for me to do a balance transfer from an I'm an authorize user to a credit card that's just mine?
I am an authorized user on a major credit card. I make all the payments,have separate card # and my bank account information is used to make payments on this account. Now that I've started to establish my own credit, can I transfer the balance to one of my cards?
Generally speaking, it is possible that you can transfer the balance of a credit card you are an authorized user to that of one of your own credit cards. However, it is advisable to check with your credit card company and ask if you are allowed to do a balance transfer. Depending on the terms, conditions, and the credit limit available your creditor can tell you whether you will be able to do the transfer. Below I will provide you with an overview of a credit card balance transfer and what to look out for.
A balance transfer is the simplest way to consolidate debts so you can find relief from numerous minimum payments that get you nowhere. If you decide to use a balance transfer, you must commit to paying more than the minimum on the new combined balance. To do this, total up all of the minimum payments on your previous debts. Now add an additional amount, whatever you can free up from your budget. Pay that entire amount to the new balance every month. With determination, you can probably pay off the entire balance before the interest rate offer expires.
When looking for a balance transfer card, opt for an offer with a 0% interest rate and zero transfer fees. If you can’t find an offer that doesn’t charge fees or interest, look for a low balance transfer fee with a cap of $50-$75. You should also consider the applicable rate after the offer period ends. Look for a rate below 10% just in case you have a small amount of debt remaining.