It can be a sound idea to transfer balances from credit cards with high rates to a new card that offers a super-low rate on balances transferred from other accounts. But make sure you understand what to look for.

Pay attention to how long the initial rate lasts. Be aware that not everyone will qualify for the lowest rate advertised and your introductory rate could be higher. Know what the regular rate will be once the introductory rate period is over and if that low rate will apply to new purchases as well or only to the balance transfers.

Is the special rate for initial transfers only? If this is the case, then only the accounts specified when you first apply for the card qualify for the special low-rate and subsequent transfers may be treated as cash advances – in which case you could pay a hefty cash advance fee and a higher rate of interest.

Check into the late-payment and over-limit fees. Will a late payment cancel the low-rate and make your balances subject to a higher interest rate? Some card companies will raise your rate even if you are late making payments on another credit card account.

If you do transfer balances to a new card, avoid the danger of late-payment fees on the old account by continuing to pay on the old account until you have proof it is at a zero balance. Then you may cancel it and close the account.