4. Not reading introductory terms carefully: Often people apply for credit cards for the low introductory rate, and are horribly surprised when it comes to an end. It is mandatory that you read the fine print so that you know when the intro period will end, and be aware that the end of the period could mean a rather high interest rate on balances you have accrued during the intro period. Even if you transfer a balance for the intro rate, try to create a plan to pay off the balance before the introductory period ends. Also remember a late payment or exceeding card limit can mean an immediate end to the introductory interest rate.

5. Ignoring monthly statements: Sometimes you will only make blunders to make your card issuer happy. Another big blunder is ignoring your monthly statements. It is better that as soon as you receive your monthly credit card statement, take a few minutes to read it patiently. All are humans so mistakes do happen, so make sure that there are no erroneous charges. A sudden appearance of unfamiliar charges can also be a signal of identity theft. Reading your bill can help you understand how long it will take to pay off your debt. Also, the length of time required to retire your balance by making minimum payments is also displayed. Pay attention to the various interest rates you pay on purchases, cash advances and other charges. After checking the entire statement if you find some errors, then call your lender immediately to report.

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