Presented as an introductory offer, balance transfers are designed to entice new cardholders, so there is usually plenty of competition within the market. This means you can compare a number of balance transfer offers to find the right one for you.

But to do that effectively, you need to know what to compare. Here are the most important factors you should consider when comparing balance transfer offers, to help you find the balance transfer that best meets your needs.

Balance Transfer Rate: Not to be confused with the card’s purchase rate or cash advance rate, the balance transfer rate is the introductory interest rate applied to any balances transferred onto the card as part of the balance transfer offer. Try to choose the balance transfer offer with the lowest balance transfer rate, as this should save you the most in interest.

Length of Introductory Period: Each balance transfer offer is offered over a specified period of time. Choosing the longest possible introductory period should give you more opportunity to pay down your transferred balance. Be careful not to be too relaxed with a longer introductory period. Set out a repayment plan from the start, to steadily pay down your balance and make the most of the offer.

Revert Rate: At the end of the introductory period, any transferred balance left unpaid will attract the card’s revert rate. This may be the card’s purchase rate, which is usually lower, or the card’s cash advance rate, which is usually higher. If you think you may have a balance remaining at the end of the intro period, the card’s revert rate is important. The higher the rate, the more you will pay in interest.

Balance Transfer Fee: Many cards now charge a fee on balances transferred. This balance transfer fee is either a fixed amount, or a percentage of the transferred balance. Be sure to calculate the cost of the balance transfer fee before you apply to make sure the offer is still worthwhile.

Balance Transfer Limits: When you transfer a balance, you may be limited in the amount you can transfer. This is usually expressed as a percentage of your approved credit limit. So, if you are approved for a $10,000 credit limit with a balance transfer limit of 90%, you may transfer up to $9,000 as a balance transfer.

Annual Fee: When you transfer a balance, it’s usually to save money. However, the money you are saving on interest may be cancelled out by a high annual fee, especially if you are paying off the balance transfer over a number of years. A card with a lower annual fee may help you to save more in the long run.