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If you listen to some consumers, you'd think all of the 0% balance transfer no annual fee credit cards have all magically disappeared from the market. Horror stories abound about people signing up for what they thought were these cards, only to be hit with high fees later. Believe it or not, these elusive credit cards do still indeed exist. It's just a matter of knowing what to look for. Here are some tips to keep in mind.

1. How Long Is The 0% Really 0%?

The first thing you need to ask when looking for 0% balance transfer no annual fee credit cards is how long does the 0% interest rate last? After all, if it's only a 6-month offer and you owe thousands of dollars, chances are you won't have time to pay it off before the "real" interest rate kicks in.

Which brings us to point number 2...

2. What's the "Real" Interest Rate?

If the 0% offer isn't good for the life of the balance, what does the rate go up to when the offer expires? If you're looking at a 22 percent interest rate after six months, you might be in worse shape in six months than you are right now. In this instance, the 0% balance transfer no annual fee credit cards can be your worst nightmare – not your best friend.

So how do you avoid the nightmares? By knowing what's out there. Which brings us to our other points...

3. Life of Balance Offers Do Exist

No matter what your credit card companies want you to believe, life of balance credit card offers are out there. However, 0% balance transfer no annual fee credit cards that offer a 0% interest rate for the life of the balance are very hard to find. Even if you do find them, you have to have excellent credit to qualify.

If your credit is less then perfect, this type of card isn't going to be an options. That being said...

4. There Are Suitable Substitutions

If you don't qualify for the 0% balance transfer no annual fee credit cards that offer a 0% rate until the balance is paid in full, opt for a low-interest fixed-rate card instead. A low interest rate of, say, 9.9% over the life of the balance is a lot better than a balance transfer of 0% that jumps up to 22% a few months after you transfer your balance.

5. Get To It

So now that you know what to look for, try to see if you can find some 0% balance transfer no annual fee credit cards that you qualify for. If you can't, then opt for a low-interest fixed-rate card instead. Then, as your credit improves, try for the 0% balance transfer no annual fee credit cards again.

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