How to avoid headaches when transferring credit card balances
By Lucy Lazarony • Bankrate.com

The ads make it seem so easy. Transfer that hefty credit card balance to a card with a super-low introductory rate and save, save, save. What could go wrong?

Plenty -- if a credit card shopper fails to read the whole offer including all the fine print on the back. All those details matter and missteps can hurt a person's credit record and bottom line.

So get out that magnifying glass.

"You can't just read the bold print. Read the account agreement," says Mike Kidwell, vice president of Debt Counselors of America. "Make sure you agree with all the terms on that card. If you don't, don't go with it."

Here are some basic questions to ask as you comb through low-interest credit card offers.

• How long does the introductory rate last?
• What is the card's annual percentage rate after that teaser rate expires?
• Does the teaser rate apply to transferred balances or new purchases or both?
• Does that card have an annual fee?
• What about late fees and over-the-limit fees?

Watch out for balance-transfer fees
Another key thing to determine is whether there's a fee for transferring the balance. Some issuers charge transaction fees as high as 4 percent. So the higher that balance, the higher the transaction fee. A 4 percent fee on a $5,000 balance would cost $200. Some companies cap transfer fees at $25 or $50.

"People get tripped on that quite a bit," says Howard Dvorkin, president of Consolidated Credit Counseling Service in Fort Lauderdale, Fla.

Be prepared to read through the credit card offer a few times. A lot of the information is hard to decipher. For example, some offers waives fees for "initial balance transfers" only. These are the transfers that are authorized when the customer accepts the card and completes the balance transfer form.

In such cases, every other balance transfer is treated as a cash advance and is subject to cash advance fees.

"Unless it's very clear to you what the costs are, call the issuer and ask," says Gerri Detweiler, co-author of "Invest in Yourself: Six Secrets to a Rich Life."

Keep in mind that not everyone who gets an offer qualifies for the super-low rate. While an offer may boast a 3.9 percent teaser rate that bumps up to 17 percent after six months, a person may qualify for a card with 7.9 percent teaser and a regular annual percentage rate of 21 percent.

With one late payment, kiss that low rate goodbye
Also realize that it may only take one slip-up for that super-low rate to disappear. For example, a Platinum MasterCard from Fleet with a 9.99 APR jumps to 21.99 percent after one tardy payment.

Once comfortable with the terms of the offer, be sure to fill out the balance transfer form carefully. Incomplete information may halt or delay a transfer.

It's also a good idea to make the minimum payment on the old card while waiting for the balance transfer to take effect -- which may take anywhere from two to four weeks.