I am considering Citibank balance transfer credit card for myself (with a 0% balance transfer offer)and wish to help a family member who has high interest debt and want to transfer their balance to mine so they can get out of debt faster. Is this possible and/or commonly done? Also is there any tax consequence for doing this?
If you give them a loan (do document that) and don't charge interest you effectively give them a gift of whatever interest would be fair (check the federal rate and add a percent or two).
So the answer is no unless that amount of interest exceeds $15k in which case you have a whole host of other issues to worry about.