A balance transfer can be denied for several reasons.
Some reasons why a balance transfer can be denied are requesting to transfer too much money, attempting to transfer a balance from a card that is issued by the same lender or having a low credit score.
You may also be denied a balance transfer if you're trying to transfer a balance to a new balance transfer card and your application for the new balance transfer card is denied.
If you do get denied a balance transfer you can contact the credit card issuer to find the specific reason for the balance transfer being denied.
0% balance transfers can also be used for paying off certain types of loans like personal loans, student loans and auto loans, by transferring the debt of the loans to a new credit card.
Using the 0% balance transfer to pay off a loan can save you money on the interest.
Although you must also have a plan to be able to pay off the entire loan balance after the balance transfer before the introductory 0% APR period is over, or you can face higher interest rates on the balance that is remaining.
Although you have to find out if your card accepts loan or balance transfers as not all balance transfer cards allow you to transfer loan debt.
Also check the card issuer's policies to confirm they permit transfers of your certain loan type, like persona, auto or student loans.
You should also determine if the possible savings on interest are worth the balance transfer fee which is often 3% to 5% of the amount transferred.
The balance transfer can often be done online or by phone and by providing your new card company with the loan details.