Featured Image If you’re looking for ways to save money, transferring a high rate credit card balance to a lower rate card could make a big difference. Many lenders send promotional balance transfer offers, but it pays to be alert. Tips for evaluating a balance transfer offer: Make sure the balance transfer rate for the new card is much lower than your current rate. Determine the length of the special rate offer and whether or not you can make a significant difference in paying down the balance during that time. Beware of balance transfer fees. Some lenders charge a 3-5% up-front fee, which adds to your cost. A 3% fee on $4,000 would be $120. Be sure the card also offers a good rate for new purchases and that there are no annual fees. Don’t run up additional balances on old cards once you have transferred those balances. You may want to consider closing some of them.