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Step 1
Look for cards that offer 0 percent APR on balance transfers. This means that, for at least a limited amount of time, you won't have to pay any interest on the balance you intend to transfer.
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Step 2
Check to see what interest rate is charged on new purchases. Sometimes you may get a great rate on the balance transfer but a sky-high rate if you make a purchase. If you plan to use the card for purchases, you may need to choose another card.
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Step 3
Find out how long the low rates apply. Usually the low "teaser" rates on a balance transfer credit card will only last for several months. Each card is different. Some cards may give you the low rate for six months, and others may last up to a year. You'll want to choose the card that gives you the longest time at the lowest rate.
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Step 4
Read the fine print closely to find out if balance transfer fees are charged. Some cards may offer a low interest rate but charge a percentage of the balance transfer in fees.
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Step 5
Be aware that you have to qualify for certain interest rates. Although some card issuers say they are offering you 0 percent APR, they aren't telling you that it's not a done deal. Depending on your credit, you may or may not qualify for this low rate. Your credit may allow you to qualify only for a 15 percent interest rate instead of the advertised 0 percent.
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Step 6
Decide which card will do you the most good in the long run. You want to get the most out of your balance transfer credit card, so look for no fees or low fees, the lowest interest rates and the longest amount of time with the "teaser" rates.
