also be approved. Why You Might Apply for a Balance Transfer Your reasons for applying for a balance transfer will usually correspond to one of the previously mentioned bene?ts -- saving money on interest or wanting to consolidate balances. You might also choose to take advantage of one for other reasons though. For example, you might think the general terms of your current credit card are no longer competitive in the market. A balance transfer credit card might be a better all-around deal. Now that you know you should apply for your balance transfer right on your credit card application, it's a good time to get your current account information in order. Then you'll be ready to apply when you ?nd the right offer. How Balance Transfers Bene?ts the Credit Card Issuers Involved Indeed, the issuing bank for your original credit card will miss out on long-term interest payments. But chances are good they've already pro? ted off of you through previous interest payments, annual fees, and other fees. The bene?t for them is that they can stop assuming risk on your account, and they come out ahead. They're paid off by the other credit card company. On the other hand, the new credit card company is happy to take on that risk for a chance at future pro?ts. Credit card companies are always looking for new customers. "Stealing" them from the competition is just one way they get them. Even if you get a low interest rate, your new