Of course, it can't be that easy (is anything?). There are a couple of pitfalls you'll want to watch out for: 

How low can they go? More and more issuers are promoting balance transfers at very low introductory rates. If you really want to use one of these super-low-rate offers, mark your calendar. In a few months, when the rates go up, you're going to have to switch again?or pay a lot more. 

Nickel and dinning us? Some issuers charge fees for balance transfers or purchases made with convenience checks. If that's the case, call your card issuer, explain that you are using the checks to pay off other credit cards, and ask them to waive the fee. Many will be willing to oblige?especially since they will be getting an instant outstanding balance! 

Another tip: Don't let the location or the size of the credit card company deter you from switching. People have told me they are afraid to take out a card with a bank across the country because they are worried that the card may not be accepted by local merchants. Credit cards are not like personal checks. Every merchant that accepts Visa or MasterCard must accept every Visa or MasterCard, regardless of the issuer. 

Or maybe you want to stick with a local bank because you like the comfort of knowing your bank is right around the corner in case of a billing problem. Just keep in mind that federal law requires you put your billing disputes in writing to the card issuer whether they're five miles away or five hundred. 

Finally, the solvency, or "safety," of the card-issuing bank shouldn't be a major concern. After all, you have their money, and not vice versa. If the bank that issues your card does go under or get bought out, the new bank that takes over will probably continue the card program (since credit cards are usually the most profitable area of banking), or at worst, the card portfolio will be sold to another bank. 

How much can you really save by switching to a cheaper credit card? 

Suppose you have a balance of $1,000 on a credit card that carries a 19.8 percent interest rate, a full grace period, and a $20 annual fee. If you make only the minimum monthly payment of 3 percent per month, you will pay a little over $165 in interest over the course of one year. If you continue making only minimum monthly payments for the rest of the loan, it will take you eight years and three months to pay it off, and you will have paid $843 in interest over that period of time! Plus, you will pay eight annual fees that total $180. 

Now suppose you carry a credit card with an interest rate of 14 percent and a $12 annual fee. If you make only the minimum monthly payment of 3 percent per month, it will take you six years and six months to pay off the balance, and you will pay $455 in interest over that period of time. Your annual fees will total $84. 

Your net savings by switching from the high-rate card to the lower-rate one would be $483.96!