I’ve also noticed that many credit card companies set the due date as a Sunday or holiday.  So let’s say that the bill is due on the 5^th of the month, and that’s a Sunday.  So really, you have to treat the bill as falling due on the 3^rd, and mailing your payment accordingly, because even if the payment would arrive on the 4^th (Saturday), it won’t be processed by the company until the 6^th, and by then it will be late.

 

5. The portent of over-limit fees.

 

Credit card companies can only do so much when it comes to giving the holder simple considerations.  Rather than simply decline the transaction when a person goes over his credit limit, they reserve the right to approve the charge anyway, and levy a large fee for your doing so.

 

6. Ungraceful grace periods.

 

Grace period refers to the time frame wherein a credit card holder is allowed to pay his or her payment after the date of the charge, before interest is charged. The basic premise when it comes to grace period is that is available for a period of usually around 25 days. But beware, because the time frame can vary from card to card and transaction to transaction.  Some transactions, such as cash advances or balance transfers, often have no grace period.

 

7. Payment and repayment distributions.

 

Repayment on credit card accounts can take many, many years if you don’t allocate the supposed payments properly. When you use your credit card for cash advances and purchases, or when you carry a balance, additional rates are then charged that are even beyond the promotional period. Be aware that your repayment amount could total 2 to 4 times the original amount.

 

8. Tricky balance transfer fees and misleading inactivity charges.

 

Balance transfer rates are a big joke when you really think of it. Imagine, these credit companies offer low introductory rates but when you decide to transfer your balance, these sneaky fees will cost you through transaction fees. Another credit card fee to watch out for is an "inactivity charge".

 

9. The confusing "bait-and-switch" card offers.

 

If there’s one thing that you should always be on guard against is the bait-and-switch card offers. These are direct mail offers that advertise a low interest premium card, but also state that if you are not approved for that card, another one will be issued instead. Since these advertisements offer intriguingly low interest rates, most people immediately indulge into the offer without realizing that the card your issued may carry a higher interest rate.  By the time the card comes in the mail 2 or 3 weeks later, you’ll have forgotten what you were offered, and just stick the new card in your pocket without reading the fine print that came with the card.

 

10. The unending spin of two-cycle billings.

 

While most credit card companies use a standard one-month period to compute your interest and charges, there are others that use a different method to compute interest