How can I apply for a credit card? does the amount owed matter or is there a cap on amount before it can be transferred to your company? how long does it take for the whole process? i.e from the application submit till acceptance and balance transfer? how does the balance get transferred? I mean the process of transfer. Thank you

Answered on August 04, 2010
Updated on August 04, 2010
The content is accurate at the time of publication and is subject to change.
James Williams James Williams
Application and balance transfer terms differ from company to company. To know details of application process and balance transfers you should read terms and conditions of particular cards. On Balance Transfer Cards page of our site we've selected the best offers that allow you to move balance from one card to another on the best terms available. You can apply for balance transfer either right when you are filling out your credit card application or after you receive the card. Make sure you read terms, because some credit card companies will apply introductory 0% APR only if you send a request for balance transfer by a certain date provided in your cardholder agreement, if you do it later, your transferred balance may be subject to different rates. Desired transferred amount including fees should not exceed your approved credit line or a portion of your credit line. The whole process usually takes 2 to 4 weeks, but may take up to 6 weeks in some cases or record short 48 hours. You will get a notice from your new issuing company stating that balance transfer is complete. You should continue to make payments to the old credit card issuer until you get from them a billing statement with a zero balance.
All rates and fees, and other terms and conditions of the products mentioned in this article/post are actual as of the last update date but are subject to change. See the current products' Terms & Conditions on the issuing banks' websites.

User Comments about This Question

BROWSE MORE QUESTIONS ABOUT Balance Transfer Cards:

Unfortunately, you won't be able to transfer the balance of one Wells Fargo credit card to another Wells Fargo credit card as balance transfers between two cards of one issuer are not allowed. You will need to apply for a credit card from a different issuer.
When you first face credit card issues, some phenomena can come as a bit of a shock. For example, balance transfers may seem unintelligible, but in fact they are quite easy to understand. You have a balance on card A and then you transfer it onto card B. Cards for balance transfers usually have low intro rate offers on balance transfers, so for the first time you may have even a 0% APR offer. That will allow you to pay off some or all of your balance with little interest and save quite a lot. So that is quite an option. Note that balance transfer cards with attractive low rate intro offers...
Unfortunately, you won't be able to transfer the balance of one U.S Bank credit card to another U.S Bank credit card as balance transfers between two cards of one issuer are not allowed. You will need to apply for a credit card from a different issuer.

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