What are common traps with balance transfer credit cards?

I'm looking for a balance transfer credit card, what should I look for to avoid problems with my balance transfer?
Expert answer by Mira Nurdin,
6+ years in marketing and finance, online shopping guru
People often fall into balance transfer cards problems because of the unexpected end of the introductory APR period (0% purchase APR for 12-18 month) or a failure to understand the terms of the intro APR.
Here are some typical situations with balance transfers:
  1. It is common to get a 0% intro APR on purchases only and not on balance transfers. Pay attention to the exact terms of the card APR.
  2. Intro balance transfer 0% APR applies usually to the balance transfer, made within a 30-90 days of the account, usually, 3% BT fee applies to the amount of the transfer. Make sure to understand and take into account all fees.
Some cards don't have a penalty APR and don't charge you a late payment fee. Some examples are Chase Slate or Barclaycard Ring card.
 
intro purchase APR 0% for 15 monthsregular APR15.49 - 24.24% (V)
intro BT APR 0% for 15 months, 0% BT fee 60 days 5% BT fee $5 min
fair credit required

no annual fee

0% intro APR on purchases and balance transfers

0% BT fee for 60 days

free FICO score

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intro purchase APR N/Aregular APR10.24% Variable
intro BT APR N/A no BT fee
excellent required

A low, variable APR on purchases, balance transfers, and cash advances

No annual fee

No balance transfer fees

No foreign transaction fees

Chip technology, so paying for your purchases is more secure at chip-card terminals in the U.S. and abroad

Free online access to FICO® Credit Score

read review

 

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