I had heard that it is best to open a new credit card account and then wait to make a balance transfer after you get your first statement. Is that the best way to do it? Or is it okay to do the balance transfer when you first apply for the card on the initial application?

Answered on August 05, 2010
Updated on August 05, 2010
The content is accurate at the time of publication and is subject to change.
Amy Miller Amy Miller
Balance transfers can be beneficial and help you pay off your balance faster and save on credit card charges if handled right. You are absolutely right considering all aspects before making the application. You probably know that every credit inquiry is recorded in your credit history, and recent credit card applications constitute 10% of your credit score. Application for a balance transfer can hurt your credit score, though experts say it is typically five points or less. If you make balance transfer after you get your card, you will already know your approved credit line, and if it is enough to transfer your entire balance, and you will also be able to calculate your debt to credit ratio, which also determines about 30% of your credit score. At the same time some issuing companies offer better terms if you apply for balance transfer at the time of online application or shortly after, otherwise 0% introductory APR is not guaranteed. Balance Transfer rules do differ from company to company and to know details of the particular offer you liked, see terms and conditions on the card application page.
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.

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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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