Credit card balance transfers are a favorite of many, are you prepared? Are you currently looking at an advertisement for switching credit card companies by transferring your balance from one credit card to another? It’s important to remember that while many of these offers are actually great deals, balance transfers and card-switching is not something to jump into, eager as you may be. You’ve gotta do your homework first: If you do enough initial research and investigating in order to determine whether it in fact is worth it or a good idea to make the transfer BEFORE you make the transfer, you’re sure to have a better outcome.

First ask yourself “is this credit card balance transfer actually worth doing”? Half the time these attractive ads and super credit card deals advertise extremely low rates in an introductory period if you transfer your current balance from an existing credit card onto the new one. These offers are everywhere — online, in your mailbox, stapled to telephone poles, you name it, you have to determine if this is really a good deal and more importantly if it is a really good deal for YOU. Because sometimes you’ll actually end up paying more in fees and interest in the long run than you would have by staying with your old card.

Get into the details and read carefully through the fine print. Read every word, all of it. Read it several times if you have to until you make sure you understand exactly what it’s saying. It may look like a bunch of bank jargon to you but be sure that this information should be critical to your decision. Call the card company if you feel the need to ask questions to another person. If the offer is solid and they really want to make the sale, you can bet that they’ll help you out in any way possible.

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It’s important to make sure that you qualify for the offer being stated before you initiate a credit card balance transfer. Sometimes you may not even be eligible for the special rates being offered. If your credit rating is bad or your history has some issues you may need to do a reality check before taking the big plunge. Make sure the offer you are going for is one that you can get the most benefit from. There are also certain situations that can cause you to lose the low interest rate that you are getting, something as simple as one late payment can mean your rate jumps up as high or higher than your previous card.So remember, it’s important to do your research before jumping into a credit card balance transfer, read the fine print and ask questions to determine which credit card and deal is the right one for you.