Be safe - read the fine print

Before you sign on the credit card line and get a brand spanking new credit card, there are a few things you should watch out for. Even though the fine print is exceedingly fine, make sure you read it before sending in that application.

There are fees hidden in confusing language, important information buried in long obscure paragraphs, and other tricks of the trade that will put you at a disadvantage unless you understand what you are signing.  Then there are those unbelievably low rates that hook you. However there are caveats to watch out for. The low rate may apply just to new purchases or is available only for a short amount of time (six months seems to be the norm) with a significantly higher interest rate to follow. Check this out so you are not surprised. The credit card companies may have the universal default penalty in play. This means if you are over thirty days late on a payment to another company (the gas company, the phone company), the interest rate for the credit card could go up.

So read over that tiny, headache inducing print before you sign up for a card that may give you a real financial migraine in the future.