When transferring a balance to a new credit card, it's essential to consider any balance transfer fees. Many cards charge a fee of 3% to 5% of the transferred amount, which can add up quickly. This fee could negate the savings from the introductory 0% APR if you're not careful. It's important to calculate whether the cost of the transfer fee is worth the interest savings. Additionally, after the introductory period ends, the standard APR will apply, so it's crucial to pay off the balance before the rate increases.

Another thing to consider when transferring a balance is how long the promotional rate lasts. If you're unable to pay off the transferred balance within the 0% APR period, the remaining balance will start accruing interest at the cardit's regular APR. Additionally, some cards may charge retroactive interest if the balance isn't paid off in full by the end of the promotional period. To avoid this, it's important to create a repayment plan to ensure the balance is cleared before the introductory rate ends.