Are you in the market for credit card transfers? Without a doubt, balance transfer offers have the potential for cardholders to realize substantial savings. Note that I used the word potential here. When contemplating the possibility of transferring a balance from one card to the next, there are several factors to consider.

First, you’ll want to familiarize yourself with the terms of the offer. You can do this by reading the disclosure statement, which is sometimes also called the terms and conditions. You’ll find all the important details there, including information about interest rates, fees and payment periods, credit limits, and more.

Credit card transfers will often be advertised with a 0% or low introductory APR. These will usually be offered for 6 months and sometimes up to 12 months. They can be a great deal if you currently carry a balance on a card with a high interest rate. But you also have to look beyond that.

When I say look further, I mean you need to know what the interest rate will be when the introductory rate expires. If you’re going to aggressively pay off your current balance, then finding 0% APR or low-interest rate credit card transfers is a fantastic way to pay down principal while being charged little to no interest.

However, many people make the mistake of forgetting or not realizing that the default interest rates in the offer will take effect when the introductory period ends. Make sure you know exactly what those rates will be before you transfer your balance.

Be honest with yourself and ask yourself if you’ll be able to pay off your balance in full before the introductory period expires. If you don’t think you’ll be able to afford it, you need to make sure the interest rates are affordable and not excessively high.

Compare those rates to what you’re paying now, and that will help you determine if doing a balance transfer is actually in your best interest. You also need to be aware of any and all fees that are charged, such as annual fees, late payment fees, etc. All of these factors determine how much your credit is going to cost you.

And finally, and this is very, very important, you need to know what the balance transfer fee will be. Most major issuers now charge a fee to transfer balances from one credit card to another. In general, it ranges around 3% of the total to be transferred, but it can be higher or lower depending on the offer.