by 
The Curious Bag
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Transferring a balance from a high-interest credit card account may seem appealing, especially if the new card offers a much lower rate. However, it is important to be aware of the pitfalls of balance transfers.
Introductory Rates
The introductory rate, or teaser rate, is usually what lures most people into a balance transfer. One that lasts for six months is a good start, but be aware that rates can jump significantly after this period.
Be Realistic
If you plan to pay off your balance before your teaser rate ends, be sure you do it. Unless the post-introductory rate of the new card is significantly lower than the one you are paying now, you may be better off negotiating with your current card company for a lower rate.
Fine Print
Sometimes only the initial balance transfer qualifies for the introductory rate. Every transfer after that is considered a cash advance, and fees apply.
New Purchases
Introductory rates often apply only to the balance you transfer from your old card. New purchases may incur much larger finance charges, and your payments will be applied to your lower-rate transfer first.
Fees
Interest rate is not everything. If your new card charges an annual fee, a balance transfer fee or exorbitant late fees, you may be better off where you are now.
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