Whether due to confusion or carelessness, credit card mistakes are all too common. The fallout can be costly, no matter what the cause. Even a single slip-up can result in higher interest rates, lower credit limits, unwanted fees or dings to a credit score.New rules put in place by the Credit Card Act of 2009 and the Dodd-Frank Act of 2010 help, as does the formation of the Consumer Financial Protection Bureau, which monitors the credit card industry. But ultimately it’s up to you to use credit wisely.
Take a look at this slideshow on Kiplinger.com to see a detailed explanation on 11 of the most common credit card mistakes and to learn how to avoid making them. We have also included a simple list below.
1. Paying bills late
2. Bundling balance transfers
3. Making minimum payments
4. Using up all available credit
5. Ignoring monthly statements
6. Racking up foreign transaction fees
7. Taking cash advances
8. Spending to earn rewards
9. Paying excessive annual fees
10. Chasing teaser rates
11. Neglecting credit scores
Credit cards are a curse. The problem high interest rates which have little to do with one's credit rating in many cases. Credit is easily available but not easily repaid.
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