Balance transfers and introductory rates can make it very worthwhile to shop around and be choosy about the financial products you purchase. If you are carrying a balance on your credit card, you can get another card that has a low introductory interest rate and transfer the balance from your old credit card to the new credit card.

Be careful about the time line for introductory rates. The low introductory interest rate does not last forever. Most cards have a 6 month introductory rate. Some have 12 months. After this time the rates return to normal, which, in most cases is close to 20%.

Another easy slip up that will fast track you to the regular rate is a missed payment. Even one missed or late payment on your new credit card can be the basis for eliminating your introductory low period.

You should also be careful about adjustable rate programs, which can vary the interest rate significantly. In these programs, the interest rate is tied to the prime rate which is dictated by the government. If the interest rates are rising, this can be very costly and eventually put you over the top.

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