If you're carrying a heavy balance on a high-rate card, most probably, you should know from your experience how hard it may be. The thing is, when applying for a card with great intro rates we do not bother much about the ongoing APR that can be much higher compared with the teaser rate. And somehow it becomes more and more difficult to pay your credit bills.

Fortunately, there are cards that allow solving this problem. Balance transfer cards are specially designed for those who want to pay off their high-rate debts on more favorable terms. So, what should you know before transferring your balance onto a new card?

First off, you need to have good or excellent credit history to qualify for top balance transfer deals. However, there are some plastics for fair score that give quite low rates on balance transfers. Capital One credit cards can be a good example. The strong point of these cards is that they come with no balance transfer fee, and this feature is really great in view of the fact that most balance transfer cards come with a 3% fee of the amount transferred.

So, if you want to make the most of your balance transfer card you should take a close look at certain credit features. 0% interest rates on balance transfers are great. But be careful! Make sure you can pay off your debts within the introductory period. If you are not sure, you'd better choose the card giving a low fixed rate on balance transfers. These cards are also worthwhile, and the choice of the right card depends on your habits and your situation.

Pay close attention to ongoing interest rates on the card. And keep in mind, if you want to benefit from your balance transfer card you should never use this card for making new purchases. You may notice that the best balance transfer offers are rewards cards so you may get tempted to charge more with this card. If you plan to cut your debts and benefit from a balance transfer card, you should forget about shopping with this card. Otherwise, it may end up in even higher debts, so be careful when using balance transfer cards.

Just like with any other card, it makes sense to check out credit fees, like no annual fee, over-the-limit fees, late fees, not to mention a one-time balance transfer fee. A balance transfer fee generally equals to 3% of a balance transferred. So, if you are going to shift a heavy balance, pay close attention to this fee. It may be capped, like $75 or $90 maximum, or uncapped, meaning you will pay 3% of your balance with no maximum.

In order to avoid any mix-up, you'd better wait until the card issuer of your old card sends you a bill with a zero balance. After this, feel free to eliminate your debts with a new balance transfer card.