Avoid credit card traps

The word credit card comes in a dual package. On one hand it enables you the facility to buy now and pay later. On the other hand the moment you are using the plastic money or credit card you are adding a credit to your name. A credit card seems to be a very attractive item to possess but when you see an interest of 18% on the credit card, you start looking for lower interest credit card. While your search you see these,

0% interest for the first six months*
No annual fees*
A low fixed rate of only 8.9%*

Conditions apply

With the above three offers, everything seems perfect about the offer of a credit card. No doubt everybody would love to possess it. But unfortunately most of us don't see those * items, which says conditions apply. This suggests:

Unless you count the deferred interest we will charge you provided the payment of the full balance transfer amount is not done once the promotional period ends.
Except the ones we charge for "late payments", going over your balance, there are charges for cash advances, balance transfers, membership in "rewards" programs, etc.
The rates are fixed for the first month, but later we may change it without notice incase of late payments, going over your balance, changes in the prime rate, or just because we want more of your money.
Rate depends on your credit score. (Which we already checked and intend to charge you 19.8% or we wouldn't bother sending you this great offer.)
A payment may be late if we just don't get around to processing it in time no matter when you actually mailed it to us.
May not be great in all states.

Solution

Read all of the fine print. If you are not clear on something ask someone else what they think it means. Ask an attorney friend, CPA (certified public accountant), financial planner, banker or other person in the financial industry.
Don't apply for a card unless they tell you what your actual rate will be. This is hard because most of them are not set up to tell you. Generally you will need to know your credit scores and have a copy of your credit report handy. Try to find a card that gives you a confirmed rate before you apply. A conscientious company will first request a copy of your credit report from one of the credit bureaus before quoting you a rate. Look on http://www.bankrate.com/ for current rates offered by various credit card companies and banks. Often smaller banks and companies offer better deals and are not as strict or hard to deal with. Check with your local banks also. At least with a locally issued credit card "you know where they live".
Always mail your payment at least 7 days before it is due. Or try paying through the Internet. Many companies now offer online payment method. It can also save you time and stamps.
Check your statement each month to be sure you are still at the same interest rate you signed up for. If your rate has been increased, look for a late payment fee, or some other reason for the increase. Call the company and ask them why they increased your rate. If your rate was unjustly increased (they processed the payment late or credited it to your account late, but it was not received late) then ask them to change your rate back to what it should be.