Good advice on credit card balance transfers?

[brentspeak]

I'd like to transfer the balance of my Wachovia (Walk-Over-You) Visa credit account over to a credit card which touts one of those 0% introductory APR deals. Are these transfers rip-offs, or as good-as-advertised? Once the balance is transferred, do either or both banks normally screw around with the customer?

[likesmountains 52]

1. I did this a few times to get rid of my credit card debt...it worked out great for me..

I was able to get rid of several thousand dollars (ok, many several) of debt at no interest in a few years..the trick is not to charge anything on the new 0% cards..I am debt free now!

[NMDemDist2]

2. read the fine print, they usually only last for 6 months or so

which isn't a bad thing IF they don't charge interest on the entire transfer if it's not paid in the 'grace' period

Credit card companies are rip offs, just read the fine print to make sure they don't a bomb loaded in there.

the bad thing about the balance transfers is that they are considered a 'cash advance' and the interest rates are usually MUCH higher on those than on purchases. so if you can't pay the balance during the 0% interest period make sure it's worth making the move to pay higher interest on the remaining balance once the grace period expires

[Kali]

3. READ EVERTHYING carefully and closely

they CAN save you a lot on interest, but be careful and get rid of the "empty" card you transfer from. Otherwise you will be digging a very deep deep hole that will be VERY hard to get out of.

Watch for transfer fees, penalties for late payments, yearly fees, membership fees, etc etc etc