Deferred interest plan: The idea of a deferred plan sounds fun but there is a catch. In case of a discount season, you are allowed to spend a certain amount from your card, which mostly is with large items. In case you are not able to pay of the charge within that period then after the sale season is off the interest for that amount kick in and these interests are very high. So be careful when thinking of deferring payment.

Beware of identity theft: This is not a new problem with cards and accounts. The banks are partially responsible for the problem. The only possible solution is to keep passwords and computers protected.

When something like this happens, block your card immediately and reduce all possible statements by having ‘opt out’ option with your card company.

Use a credit card if you are willing to plan and organize your expenditures monthly. Never use a credit card as a substitute for purchasing when you can not buy the product as this will force you to go on a spending spree. These are some of the things about a credit card that many people are willing to look over but end up paying the brunt of it.

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