Beware: Credit Cards Catches are Just Round the Corner

by : Andrea Domini

When you get an extremely beneficial offer that is so hard to resist, think twice before you agree to make a deal. Especially if it concerns some financial matters. And be all eyes and all ears when it comes to your credit card deal. As people, whose professions are related to finances and banking, have a purpose to profit to the maximum.
Well, this doesn't mean you have to be too suspicious about your creditor's every word. Just be very careful while studying the terms and conditions of your credit card deal. There are some things that can slip your attention.
The TANSTAAFL truth is worldwide known. But we are all just human beings and sometimes everybody makes mistakes. And once you get a tempting and profitable suggestion, you just go for it. But it is so disappointing to find yourself one day in a credit card debt up to the armpits, because you had no idea about the double rise of the interest rate, and that your credit limit is lower than you thought.
In order to avoid such fatal mistakes all you need to do is to know the pitfalls that are hidden between the lines of a credit card application.
Credit Card Traps
What credit card issuers usually do is highlighting beneficial terms and conditions of any credit card offer. When it comes to the deal's drawbacks they skillfully conceal them in the fine print. The fine print hides much interesting facts about your credit card.
For example, it might tell you that your APR will be significantly higher in 12 months, than it is at the moment of you signing the application.
It can also inform you about the exact date of your fee free period expiration.
Another trap that you might get into is your poor or bad credit history. Under these circumstances you will probably be offered a lower credit limit or higher interest rates. This you also can learn from the fine print.
After your trial period runs out your 0% or low APR might change into a much higher one. Here you might want to read the fine print again.
The fact that your interest rate will rise in case you don't manage to make your monthly payments on time might also be veiled behind the fine print.
So, the main thing to keep in mind is reading carefully every paragraph of the application statement, learning all terms and conditions and especially the ones in the fine print is the key to your most profitable, rational and reasonable choice.
Now you might think that credit card companies try hard to trick money out of you - so much important points they attempt to hide. If you do, just imagine what risk they take giving you an opportunity to get an unsecured credit card. In case you are unable to pay your credit in full your creditors lose a great deal of money.
So, in order to make it up for the risk taken credit card issuers just try to draw your attention to more beneficial terms, thus attracting more customers.
But you are a customer and the truth is on your side. Especially, if you are a grounded credit card holder, who knows all rules and commitments.