Balance Transfer Fee

• The credit card company usually charges you a balance transfer fee for the transaction, and it's typically a certain percentage of the amount you transfer. According to Bankrate, the average fee is about 3 percent of the amount transferred. This can make the balance transfer expensive, especially if you want to transfer a large amount. For example, if you want to transfer $20,000 with a 3 percent transaction fee, the transaction will cost you $600. According to Money Watch, the best credit card for balance transfers in 2011 charges no transfer fee.
  
  

Interest Rate

• The best balance transfer credit cards usually offer a low introductory interest rate that must be maintained for at least six months by law. Some companies extend the promotional period longer. According to Money Watch, the best balance transfer credit card for 2011 offers an introductory rate of 0 percent for the first 12 months. When the promotional period ends, the interest rate goes up. The amount of the increase depends on your credit score, but it may be a dramatic increase in many cases.
  
  

Negotiations

• If you can't find a suitable offer, you can try to negotiate fees and interest rates. According to Bankrate, you can do this by calling the issuer and asking whether you can get a better deal. You may have more bargaining power if you have been doing business with the card issuer for a long time, you have made prompt credit card payments in the past and you charge large amounts to your credit cards.
  
  

Warning

• After applying for a credit card and getting approved, you may not get the credit card you wanted. According to Bankrate, you may get a card with different terms if you don't qualify for the card you wanted. If this happens, you can call the issuer to cancel the card. The issuer may also increase your interest rate if you don't manage your credit cards properly. For example, the low interest rate may disappear if you make a late payment or miss a few payments on your other cards.