Your credit cards are close to their limit and your minimum payments are barely covering your interest rate.

You open the mailbox and see a light at the end of the tunnel. A new creditor is offering you the chance to take all of that debt, put it on one card and pay no interest.

It seems like heaven. But some experts say low or no interest offers can carry some negative consequences if consumers don’t know what they are getting into.

Smart Finance Moves | Refinancing Tips

Candy Wright, of GreenPath Debt Solutions, said people usually do one of two things when getting these offers in the mail. People usually either jump on the bandwagon without reading the fine print or spend too much time worrying about the fine print that they miss great offers, she said.

Wright said consumers should start by considering what they would use the card for.

If transferring a large balance or making a big purchase, the time frame of repayment needs to be considered. If the balance is not paid off by the time the great interest rate expires, a large interest rate may replace it.

Sometimes Wright says, the new rate is also retroactive to the date of purchase. "Someone with a large balance can be hit with a huge amount of interest they hadn’t planned on paying. People unaware of this can be bitten hard," she said.

Read The Fine Print

Before applying, consider that you may be denied. Just because you are pre-approved does not mean you will get the credit card. "The reality is that creditors do not actually have the ability to pre-approve someone for a credit card,” Wright said. “Nothing about your credit history can be reviewed until you give permission."

According to Wright, these pre-approvals are a marketing tactic and that approval or denial only comes after you give your permission to apply. When they do run your credit, an inquiry appears, and applying for too many offers can hurt your rating.

Gail Cunningham, of the National Foundation for Credit Counseling, said reading the fine print can help people win the balance transfer game.

Double check to make sure the rate applies to purchases as well as balance transfers and find out what fees are associated with both.

Cunningham said to keep an eye on transfer fees. Many times there is a 2 to 3 percent fee added on. If you are transferring a big balance, this can add up.

She recommends asking the issuer to waive the fee.

You Didn’t Win The Lottery

When it comes to transferring a large balance, Wright cautions to be careful.

"People who transfer a large balance from a high-rate card to a low-rate card see a significant dip in their minimum payment and it can feel like they just won a lottery," she said.

With a new low payment, some start spending again or slack on their payment plan. “These behaviors can lead to default situations, sky-high penalties and larger financial troubles down the road,” Wright said.

"Many well-intentioned people move their large balance to a low interest card and then start charging again," Cunningham said. “They rationalize that it won’t hurt because the interest is so low.”

This can lead to a larger balance and interest on new purchases. Zero interest balance transfers often only apply to the amount transferred and a higher rate is applied to new purchases.

When you make a payment, that money is often applied to the zero interest balance, leaving your new purchases collecting interest.

Once you begin one of these special interest deals, don’t miss a payment. The lender will often replace the low rate with a very high penalty rate in addition to late fees.

Other lenders can also increase your rates if you fall behind with another creditor. So, even if you make on-time payments to one card, they can raise your rates if you default with another.

Don’t Become A Shuffler

It’s also important to think long-term, Wright said. Choose a card that has a decent interest rate once the low-interest special offer expires.

If the special interest term comes up, it isn’t always a great idea to start shuffling around the balance to a new offer.

Both experts caution against credit card hopping, which means transferring to a new low interest card when one offer expires.

Those who hop from one card to another should be careful about the number of open accounts listed on their credit report, Wright said.

Cunningham said one of the most important things to do is not to fool yourself. "Moving debt around is not lowering your debt," Cunningham said “Using balance transfers does not improve your credit score.”

Wright advises closing accounts that have been paid off, especially if a larger interest replaced the zero interest offer.

Potential creditors also pay attention to those who hop credit offers.

"They pay special attention to people moving their money around to avoid paying," Wright said. "You may not get another offer like this if credit issuers think you have no loyalty, that you are not going to stay with them and that they may never do any gainful business with you."

Wright said interest-free cards are ideal for those who are extremely disciplined with their finances and knowledgeable about credit terms. Those who make late payments or aren’t as diligent with finances run the risk of making their credit worse.

"Basically, zero or low-interest credit cards are great if the consumer knows how to play the game," Cunningham said.