Question re Balance Transfers

[Schebesta]

My wife currently has an existing credit card debt and I am looking to balance transfer it to a joint account that is run by myself and her. I.e. a joint account.

She will no longer be working and I will be the primary income earner.

I have spoken with ANZ bank and they said that my wifes name would need to be on the card in order for the balance transfer to happen.


1. Is this the case with every bank? I.e. Can I do a balance transfer from a card in my name to a card in my wife's name?
2. I was wondering what the best structure to setup for the new card is?
I.e. 2 primary cardholders or 1 primary and 1 secondary card holder.

Thank you in advance for your help.

 

[coolsteps]

My wife currently has an existing credit card debt and I am looking to balance transfer it to a joint account that is run by myself and her. I.e. a joint account.

She will no longer be working and I will be the primary income earner.

I have spoken with ANZ bank and they said that my wifes name would need to be on the card in order for the balance transfer to happen.


1. Is this the case with every bank? I.e. Can I do a balance transfer from a card in my name to a card in my wife's name?
2. I was wondering what the best structure to setup for the new card is?
I.e. 2 primary cardholders or 1 primary and 1 secondary card holder.

Thank you in advance for your help.

as far as i know you arent allowed a joint credit card account. I dont know of any provider that allows it. I asked westpac and they said its not allowed. only one name title can be a primary account holder but you can have many (additional) secondary card holders. correct me if im wrong? For BT the card accounts need to be in the same name. I've done many taking advantage of the 0% interest but investing the funds for the term.

 

[greenfrog86]

One of the other posters is right with regards to CC names - you can only have one primary cardholder with as many supplementary as the issuer will allow.

You will also need to have the card in her name - the tip here would be to get her to apply while she is employed to ensure approval.

Jehnavi You are right in pointing out that one should read the fine print, however for the disciplined credit card user, balance transfers are a very good way of managing short term finance needs.

They can indeed save lots of money, and they only really catch people out where they either transact while the balance is still outstanding, or where they do not repay the whole transferred amount in time and it converts to the cash rate which is usually higher than the purchase rate.