How to Transfer a Credit Card Balance From a Joint Account to a Single Account
- 1). Look up the credit card balance for your joint account, using your most recent statement or your online account management option, if you have it.
- 2). Discuss with the joint cardholder how much of the balance each of you will be responsible for paying. You might divide the balance in half or base the amounts on how much each of you has recently charged, for instance. The joint cardholder either needs to send a payment for his part of the balance to the credit card company or follow the rest of the steps on his own to transfer that amount to a different credit card.
- 3). Gather your credit card statements for each credit card account on which you are the sole owner. Subtract the current balance from the credit limit on each card to determine how much available credit you have.
- 4). Choose the credit card to which you want to transfer your part of the balance from your joint credit card account. The card needs to have enough available credit for the balance. You also have the option of splitting the balance among multiple cards. Remember to consider the interest rate for balance transfers, which should be listed on the credit card statement, as well as the fees for balance transfers, which are on your card agreement.
- 5). Apply for a new individual credit card account if you do not want to transfer the balance to any of your current cards. One of the benefits of a new account is that you might be able to find a card with a promotional offer for a low interest rate on balance transfers.
- 6). Call the credit card company for each card to which you are transferring a balance. Set up a balance transfer by giving the credit card number for your joint account and the amount of the balance you want to transfer.
- 7). Continue making at least the minimum payment on your joint account until you have confirmation that the full balance has been transferred to other cards. If you fail to make a payment, this could hurt your credit score.
- 8). Close the joint credit card account either by calling the credit card company or writing a letter requesting that the account be closed.