Whatever you do, don't kid yourself when it comes to those tempting
introductory offers. You may think you're going to pay off that balance
in full by the time that low rate bumps up to a frightening 18% APR
or higher.
But those institutions are banking on the fact that
you won't.
You also want to make sure that the interest rate touted on the card
offer doesn't only apply to the balance you're going to roll over. Some
card issuers actually charge you two interest rates - one for your transfer
balance, and one for new purchases.
Rates can also increase sharply if you're late on a payment. That's
often a permanent rate change, so if you fall into that trap, you're
probably going to have to change cards altogether.
But you should first give your card issuer a call to see if you can
return to the lower rate.
