We all know that you can transfer a balance from one credit card to another, but what about transferring credit card ownership to another person?
To answer that specific question: No, you can’t simply put a credit card that you applied for individually in someone else’s name like you would if you were selling your car. After all, the issuer approved YOU for the account based on YOUR credit history and disposable income. The card’s spending limit and terms are therefore tailored to your particular financial situation, and another party would have to submit their own application in order to see if they qualify for the same offer.
Balance Transfers: The Closest You’ll Get to Transferring Ownership
While you can’t just put your entire credit card account in someone else’s name, it is possible to give them your debt. Credit card companies offer the ability to transfer balances from one card to another, even if they’re not held by the same person, as long as both parties agree on the transaction.
As such, you can indeed shift your liability for the amount you owe on a credit card to someone else if that person is willing to do a balance transfer on either a new credit card or one of their existing credit cards, using your account number as the source of the transfer. You just can’t ensure that their card will offer the same terms as yours. However, if they have better credit standing than you, they might be able to garner superior terms and thereby lessen the burden imposed by the transferred debt in the process.
Joint Accounts & Authorized Users
The idea of transferring credit card ownership brings up another important point as well: how to handle a joint account or a card that has an authorized user if you no longer want the other party to have access to your finances.
Even the most promising relationships don’t always end up being permanent, after all, and figuring out how to handle shared credit card accounts can be almost as messy as determining who gets the dog (which is why it’s typically best not to share such things with a roommate, a boyfriend, or a girlfriend).
Nevertheless, if you do find yourself in the unfortunate situation of sharing a credit card with someone who is no longer in your life, it’s important to know what your options are. They include:
- Removing an Authorized User: Being an authorized user on a credit card account merely enables you to make purchases by tapping into the account’s credit line. In other words, control of the account (and liability for it) is under the account owner’s control. As the main accountholder, you can therefore choose to add or remove authorized users as you see fit.
- Canceling a Joint Account: If you have a joint credit card account with someone, either party can cancel the account as long as it is in good standing and there is no unpaid balance. You can typically do so over the phone or through your online account.
Now, things do get a bit trickier if your joint account has an unpaid balance.
Technically, both parties are responsible for the debt and it has to get paid one way or another. The credit card company isn’t going to care about your relationship problems. Interest will continue to accrue, and missed payments will be reflected on both parties’ credit reports. Who pays what is also typically something that you and the other involved party will have to figure out amongst yourselves because credit card companies aren’t even beholden to divorce agreements that dictate responsibility for various types of debt.
So, unless one person steps up to pay the entire bill or you can arrange to send separate checks for the full amount, making a pair of balance transfers is probably going to be your best bet. More specifically, you can each apply for a 0% balance transfer credit card in your own name and then transfer half the balance to each before closing the original account.
While this type of financial finagling isn’t likely to save your relationship, you’ll at least have credit card autonomy.
Was this article helpful?
Disclaimer: Editorial and user-generated content is not provided or commissioned by financial institutions. Opinions expressed here are the author’s alone and have not been approved or otherwise endorsed by any financial institution, including those that are WalletHub advertising partners. Our content is intended for informational purposes only, and we encourage everyone to respect our content guidelines. Please keep in mind that it is not a financial institution’s responsibility to ensure all posts and questions are answered.
Ad Disclosure: Certain offers that appear on this site originate from paying advertisers, and this will be noted on an offer’s details page using the designation "Sponsored", where applicable. Advertising may impact how and where products appear on this site (including, for example, the order in which they appear). At WalletHub we try to present a wide array of offers, but our offers do not represent all financial services companies or products.
FAQs
While you can't just put your entire credit card account in someone else's name, it is possible to give them your debt. Credit card companies offer the ability to transfer balances from one card to another, even if they're not held by the same person, as long as both parties agree on the transaction.
Can you transfer someone else's credit card balance to your own? ›
Is it possible to do a balance transfer from someone else's card? Yes, but only some providers let you transfer another person's balance to a credit card in your name. Barclaycard is one of them. These providers may restrict who you can transfer a balance from.
How do I change the primary owner of the credit card? ›
Call a customer service representative at your credit card issuer and explain that you want to take all liability for the account. In other words, you want the account in your name alone.
Is it a good idea to transfer credit card balances? ›
A balance transfer credit card is an excellent way to refinance existing credit card debt, especially since credit card interest rates can go as high as 30%. By transferring your balance to a card with a 0% intro APR, you can quickly dodge mounting interest costs and give yourself repayment flexibility.
Can credit card be transferred? ›
You can only transfer an amount equal to the credit limit of the new credit card. For example, if the outstanding credit card balance on your existing credit card is Rs. 75,000 and your new credit card has a credit limit of Rs. 50,000 then only Rs.
Can you change your primary credit card holder? ›
Authorized users will always have some limitations because they ultimately aren't responsible for the credit card account. Generally, card issuers don't let authorized users: Become the primary cardholder. Change the mailing address, contact information or account PIN.
Can I share my credit card with another person? ›
Two people who want to share a credit card can do so with either an authorized user arrangement or a joint account. The main difference between an authorized user arrangement and a joint account lies in who is legally responsible for paying the bill.
How do you do a credit card balance transfer? ›
How to transfer a credit card balance: A step-by-step guide
- Decide how much to transfer. Typically, credit card issuers determine how much an applicant can transfer to a new credit card. ...
- Apply for a balance transfer card. ...
- Initiate the balance transfer. ...
- Wait for the transfer to go through. ...
- Start paying off the balance.
While it's not standard practice, someone else can pay your credit card bill. Creditors want bills paid on time; they're not terribly interested in whose pocket the money comes from. As long as they're using legal tender and they can ensure the payment is applied to the correct account, it can be done.
Can you balance transfer a credit card in someone else's name? ›
You can complete a balance transfer to an account in your name, or in the name of your additional cardholder. Additional cardholders can also request balance transfers to accounts they are named on.
If you need to change your name on a credit card account, follow these steps:
- Update your government-issued IDs. ...
- Contact your credit card issuer. ...
- Gather required documents. ...
- Submit your documentation.
After the death of a cardholder, their credit cards are no longer valid. If the card is part of a joint account and the deceased is the primary cardholder, you can't use the card — not even for legitimate expenses of the deceased, like a funeral or final expenses.
What is a disadvantage to a balance transfer? ›
Cons of a Balance Transfer
You will typically pay a fee of 3% to 5% of the amount transferred. In most cases, there is a minimum amount for the balance transfer fee, and the lower percentage usually applies only to balance transfers made shortly after you open the credit card.
How much will it cost in fees to transfer a $1000 balance to this card? ›
It costs $30 to $50 in fees to transfer a $1,000 balance to a credit card, in most cases, as balance transfer fees on credit cards usually equal 3% to 5% of the amount transferred. Some credit cards even have no balance transfer fee, but it's rare for cards that do this to also have a 0% introductory APR on transfers.
How much money can you transfer to a balance transfer credit card? ›
Many issuers are generous, giving cardholders the ability to transfer their full credit limit, but in some cases, your transfer limit may be capped at 75 percent of your overall credit limit. Some card issuers also have internal rules for balance transfers.
Can I give my credit card to someone else? ›
The bottom Line
It's never a good idea to share your credit card because at the end of the day, you cannot control another person's spending. Your card issuer may have very strict rules against sharing your card, and you could be opening yourself up to more trouble than it is worth.
Can an authorized user take over a credit card? ›
So, can an authorized user become the primary cardholder? Ultimately, the actions an authorized user can and cannot take will depend on the card issuer's policies as well as permissions granted by the primary account holder. In other words, authorized users can't become the primary card holder.
Is it legal to give someone your credit card to use? ›
Not Illegal, Just 'Prohibited'
According to National Consumer Law Center Associate Director Lauren Saunders, it's not illegal to lend someone else your credit card. In other words, that little loan is not breaking any federal or state laws. But there's a good chance you're violating your credit card contract.
Can you remove a co owner from a credit card? ›
The owner of the card can call the credit card issuer to have authorized users removed.
