debt. If your available credit limit on your new balance transfer credit card is high enough, you might be able to consolidate multiple credit card balances onto a single card. Why is it a good idea to consolidate? This can make it easier to pay off debt, as you'll have only one due date and one set of credit card terms & conditions to worry about. Applying for a Balance Transfer -- When, How and Why? Now that you have a better idea of what balance transfers are all about and why you might want to consider one, let's talk about the application process. When to Apply for Balance Transfers The best time to apply for a balance transfer is when you initially apply for the new credit card itself -- not transferring to another credit card you've had for a while. This is because introductory balance transfer rates (which are usually very low) start from the day you're approved for the card. They do not start from the date of the transfer itself. If you want the best deals, apply early. Otherwise your balance transfer might be assigned a different interest rate, like the purchase rate or even higher cash advance rate. How to Apply for a Balance Transfer You can generally request a balance transfer right on your credit card application. You'll simply include details about your existing account and balance. Note that getting approved for the credit card in general does not mean your transfer request will