If your bank allows it, you can add someone else's credit card as a payee to your online account. Then, you can make minimum payments or more to their card using your savings or checking account. Other options could include making credit card payments in person or calling in.
Yes, you can pay the credit card bill of a family member in India if you have their permission and access to the necessary account details. You can typically make payments through online banking, mobile banking apps, or by visiting the bank in person.
Debt Ownership: Legally, parents are not responsible for their adult child's debt unless they co-signed a loan or are otherwise legally obligated. Bankruptcy: If an adult child files for bankruptcy, parents typically do not have to pay off that debt, unless they are co-debtors. Support vs.
Yes, you may as long as you have the following information: Bill Provider's Name: You should know the name of the bill provider, which is the company or entity responsible for the bill you wish to pay.
If you use online banking to pay your bills, you can pay the credit card bill through your online account or mobile app. Simply add the name of the credit card company as a payee and include the account number of the person whose bill you want to pay.
Set up a power of attorney for finances
You can also choose a friend or family member to act on your behalf by creating and signing a document called a power of attorney (POA) or “durable” power of attorney.
Expert tip from Thomas Brock: Anyone can pay off your debt, but this can lead to tax complications, credit reporting issues and a strain on personal relationships.
Technically, anything you transfer to someone else without receiving full value for it in return is considered a “gift” by the IRS. This includes paying cash, check, or transferring money to pay off someone's credit card without the intent to receive payment back.
Unfortunately, credit card debt isn't wiped clean when a cardholder dies. That debt is still owed to the card issuers and must be paid by the estate or remaining signatory on the account.
A common misconception is that you could inherit credit card debt from your parents if you were listed as an authorized user on the account. This is inaccurate. You are only held liable for consumer debt if you applied for the account or the loan with your parents as a co-signer or joint owner.
Generally, no. But there are certain circumstances where children may have to pay off the debts left by their parents. A son or daughter will have to pay the debt of their mother or father, for example, if the childco-signed on a loan or is a joint account holder on a credit card.
In general, the surviving member/legal heir is not personally responsible for paying the debt of the deceased person from his/her personal assets unless he/she has inherited assets of the deceased person, in which case they will be liable to pay the debts to the extent of value of the assets inherited.
There are a few different ways someone could pay a cardholder's balance, typically this includes: online, by phone, via mail, or in person. The person paying the bill will typically need to know who the credit card issuer is, the account number, and the balance due.
Pros. Build their credit history: The primary reason to add your child as a user is to start building their credit early. Teach them good money habits: It's up to you whether or not you allow your child to actually use the card. If you do, it's a great way to teach them financial literacy and responsible spending.
If someone you care for is falling behind on their mortgage or if you simply want to give them a gift that will last a lifetime, it is possible to pay for their mortgage. You can put down a large payment on the mortgage, either anonymously or not, or you can put someone else's mortgage into your name.
Bottom Line. California doesn't enforce a gift tax, but you may owe a federal one. However, you can give up to $19,000 in cash or property during the 2025 tax year and up to $18,000 in the 2024 tax year without triggering a gift tax return.
Typically, directly paying a bill or other expense on behalf of someone else counts as a gift, and any amount paid applies toward the annual gift tax exclusion limit. However, there are two notable exceptions to this rule that don't count toward the exclusion amount.
Answer: If a friend or family member pays your student loans off, it is probably a non-taxable gift to you. However, your friend or family member may be responsible for filing gift tax returns and for paying any applicable gift tax on the payment.
If you know what you're doing, you can negotiate with credit card companies and settle outstanding balances for $0.50 on the dollar or less. A word of caution though … you can't just call up the credit card companies and tell them you want to pay off your son or daughter's debt for less than full balance.
If you don't pay the amount due on your debt for several months your creditor will likely write your debt off as a loss, your credit score may take a hit, and you still will owe the debt. In fact, the creditor could sell your debt to a debt collector who can try to get you to pay.
Commissioner of the Internal Revenue, if you paid the expenses and had no legal obligation to do so, they can be considered a gift from you, and allow your son to deduct the expenses in the year paid.
Joint accounts
you're each liable for the other's debts. if you lose mental capacity and do not have an LPA, the bank may restrict the account to essential transactions.
Yes, someone else can pay off your debt, but there are considerations you must make beforehand to ensure there are no unintended consequences.