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 0% for 15 monthsregular APR13.99% Variable
intro BT APR 0% for 15 months no BT fee
excellent required

0% Introductory APR for the first 15 months on purchases. Plus, you'll get a 0% introductory APR for 15 months on Balance Transfers made within 45 days of account opening. After that, a variable APR will apply, 13.99%

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

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