I have been asked so many times lately if it’s possible to transfer purchased applications from one iPhone to another and if it’s possible how to do it. Well the simple and direct answer is yes and the method is published on the web but to make it available for my visitors I will re-published here as below
Download and install the latest version of iTunes (see Resources).
Launch iTunes on the computer and click the “Store” menu heading, followed by “Sign In.”
Enter the account username and password used by one of the iPhones to log into iTunes. This ensures that both the iPhone and iTunes are linked to the previously purchased content you wish to share.
Connect the iPhone to the computer using its USB cable, and click the “Sync” button in iTunes. All the content currently stored on the iPhone is transferred to the iTunes library on the computer.
Launch the “Settings” application on the other iPhone and tap the “Store” button. Enter the same username and password used when logging into iTunes.
Connect the second iPhone to the computer using the USB cable, and click the “Sync” button in iTunes. The content from the first iPhone is now synchronized with the second iPhone at no extra cost.