Your credit card company is not your friend. They have one goal in mind and that is to make money off of you. You will probably not find any sympathy from them if you are unable to make your credit card bill.

How will my credit card try and trick me?

Your credit card interest rates could rise and you would not even know. If your credit score drops or you are late or fall behind to one creditor it can trigger a jump in interest rates on a card even if you are current on it. Sometimes your interest rate will go up just because you are close to the credit limit.

The due date for your credit card could change without notification

Some lending institutions have been accused of changing payment due dates on customers. Some credit card companies have shortened the payment cycle from 31 days to 20. Banks and credit card companies make a lot of money off of late fees. The average late payment fee has more than double in the last 10 years at more that $35.

Your credit card company may charge your for conversion of foreign currency

Once of the surprises I got when I got my credit card statement after a trip to Ireland was that there was an additional 3% charge for currency conversion for using the card in a foreign country. I had never heard of such a thing. Some of the other hidden bank fees would include fees for cash advances, paying your bill by phone, balance transfers and more.

What does mandatory arbitration mean for my credit card statement?

Mandatory arbitration is a real ugly clause to have in your credit card contract if you are a consumer. Over 70% of credit card contracts have clauses that state that disputes must be resolved in private arbitration forums. If you have a disagreement with your credit card company, you cannot even take them to court. A recent study has shown that close to 99% of consumers loose in arbitration.

Credit cards are not going away but I hope that you think twice before using plastic. If you cannot afford something you are probably better off not buying it. Use a debit card instead of a credit card. Being debt free will give you peace of mind.