Credit Card Balance Transfer: Avoid headaches and extra fees when transferring credit card balances.

Although it may appear easy to balance transfer credit card debt from one card to another, there is a potential to harm credit scores and void the introductory offer.

Be sure you review:

* How long the low or 0 introductory rate lasts.
* The card's annual percentage rate after the intro rate expires.
* If the rate applies to balance transfers balances, new purchases or both.
* If the card has an annual fee.
* Does it have late fees and over-the-limit fees.
* Are there balance transfer fees.
*Another key thing to determine is whether there's a fee for transferring the balance. Some issuers charge transaction fees as high as 4 percent. So the higher that balance, the higher the transaction fee. A 4 percent fee on a $5,000 balance would cost $200. Some companies cap transfer fees at $25 or $50.

Read through the credit card offer closely. Some offers waive fees only for initial balance transfers. These are the transfers that are authorized when you accept the card and complete the balance transfer form. In such cases, every other balance transfer is treated as a cash advance and is subject to cash advance fees.

Just because you may have received a balance transfer offer doesn't mean you qualify for the low introductory rate. While an offer may boast a 3.9 percent teaser rate that bumps up to 17 percent after six months, a person may qualify for a card with 7.9 percent teaser and a regular annual percentage rate of 21 percent. With one late payment, you may void the introductory or transfer rate.

Once comfortable with the terms of the offer, be sure to fill out the balance transfer form carefully. Incomplete information may halt or delay a transfer.

It may be wise to make the minimum payment on the old card while waiting for the balance transfer to take effect. Otherwise, you may end up with a later fee on your old card.

The new card company may send a notice once the balance transfer is complete. Be sure to call the old card company to verify transfer. Write down the name of the person you talked to, the date, the time and what was said. Or you can wait until your old credit card company sends a billing statement with a zero balance.

Cancel the old card to avoid the temptation of an open credit line. And, too many open lines of credit can affect your ability to qualify for other credit. Lenders view any open credit lines on all unused credit cards sitting in a consumer's wallet as potential debt.

Too often, people make only the minimum payment, which makes it difficult to pay off the balance.