GREENSBORO, NC -- This right here, this credit card, it's how many paid for the holidays.

That's not a bad thing, especially if you get rewards from the credit card--and you pay it off in full.

But if you simply added to credit card debt that was already there and you have a high interest rate, you may want to transfer your balance to a 0% credit card to pay it down faster and for less money.

Here's a few things you need to know before you do a balance transfer:

*Zero percent interest rate offers usually have a specific time period. You'll want to make sure you can pay off the debt in that time or if you can transfer the balance to another card.

*The goal of the balance transfer is to pay off debt—so that means you should not use this card.

*Balance transfers usually have a fee of 3% or more of the balance. Is your debt big enough to make a transfer worth it?

There's an easy way to answer that question. Magnify Money has a calculator for balance transfers. You type in your debt amount, the interest rate and what you can afford to pay per month.

It then comes up with how long it will take you to pay off the debt and it calculates how much money you would save and the time it would take.