Solution- Always pay in full or switch issuers.

Interest Backdating
The majority of credit cards charge you interest from the day a charge is posted to you account if you don't pay in full. Some however, charge from the date of purchase even before the store is paid on your behalf

Solution- Switch cards or always pay your bill in full and on time.

The Right to Offset
If you have an account at the same bank that issued you your credit card, you may have signed and agreement that allows the bank to take those funds if you fall behind on your credit card payments.

Solution- Bank at separate institutions or pay on time

Fees Are Negotiable
You may be paying far more in annual fees and interest rates than is necessary for the privilege of using your credit card.

Solution- Since competition for new credit card holders is fierce, annual fees and interest rates are negotiable. Additionally if you are a good customer your bank may be willing to drop the annual fee and lower the interest rate. One need only ask!

Interest Rate Hikes Can Be Retroactive
Some banks offer a low "teaser" rate to get you to sign on with them. When this introductory period ends your existing balance can be subject to the regular (higher) rate.

Solution- Pay in full before the rate increase or close the account.

Great Intro Offers Often Come With Strings Attached
Some of those incredible offers you get with $10,000 credit limits often have no grace period. You will be charged interest the day you buy even if you pay it off in time.

Solution- Toss it!

Shortened Due Dates
Most credit cards offer a 25 day grace period before interest is charges. Some banks will shorten this to 20 days but only for customers who pay in full monthly.

Solution- Ask for the full 25 day grace period.

The Disappearing Act
Sometimes banks lure you with extra benefits such as lifetime warranties, insurance against lost items purchased or discounts on travel. Many have cut back on these extras without notice.

Solution- Read your annual report for changes. Switch card issuers if needed

Double Charges On Cash Advances
Most banks levy finance charges and transaction fees on cash advances. Interest begins on the date of the advance and the transaction fee can be up to 2.5% of the amount taken. Even if the issuer advertises "no finance charge", transaction fees may still apply.

Solution- Limit cash advances. Always try to have some emergency funds on hand.

About Monthly Minimums
You may think a low monthly minimum is to your advantage. Think again. Some issuers advertise monthly minimum payments of 2-3% of your balance. By paying the minimum payments you carry your balance  out longer and the bank makes more money from the finance charge. Up to 90%+ of your minimum payment can go to interest alone thus taking years to pay off your balance.

Solution- Pay your balance off completely or at least pay all you can afford each month. 

Debt Consolidation & Credit Counseling

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