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A lot of bad stuff is happening in the Credit Card Industry lately. Credit card issuers are playing a very adroit game with their consumers and the consumers have no option but to fall in those traps. However an informed consumer can always fight the battle to establish his rights. Purpose of this article is to make consumers aware and give them some solution on how to tackle those catches.

1. Most important among all traps that card issuers use is with the Interest Rate. When you default any payment, you don't know what the actual rate of interest is going to be charged. They can charge 20% or even more. Another thing is, suppose your payment date is on April 12, but if they close the business day at 10 a.m. then what you will do? The solution may be staying alert. You can have a talk with your credit card company and describe your problem. I think they will help you as they don't want to lose customers.
2. The trap of grace period is another thing you must be careful about. It may happen that you know you have a grace period of 15 days and you prepare your payment on the basis of that but some traps can make your grace period shorter than what you think. So be careful about your billing period and the grace period.

As a customer what you can do to avoid such traps:

1. First and foremost important thing is that you must be very watchful about your credit card account. You should know the billing date and purchase accordingly so that you can maximize your grace period.
2. Watch out for the changes with the rules of the credit card companies, the Government and the Federal Reserve.
3. You should have a clear knowledge over the credit card agreement, mostly the section of fine for default payment.
4. This is the best and most easy option for the consumers to avoid credit card traps. Just pay your bills on time and if possible one or two days earlier than the normal payment date, so that there will be no such options open for the card companies to push you into their traps.

Contributed By: charlsking

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