Balance transfers: No good deed goes unpunished.

Is transferring your high interest credit cards to another credit card company with a low interest rate offer a good move? The simple answer should be a resounding "YES", but it is not always the case. Transferring your balance will lead to a balance transfer fee that may be as high as 3%, and this is not all. If the balance is not paid in full, some companies charge you the entire interest accrued during the introductory period, even if you made payments on the principal. Another, booby-trap is the late payment penalty clause, some companies state that if you are late on your payment once, or pay less than the minimum by any marginal amount (ex. $.01) you may be subject to the current rate. The current rate could be larger than the rate you were paying on your previous card. It is not uncommon to see rates of 20% or more. Has this happened to you?