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Beware the bait and switch. It could all be very legal. Say you've signed up for a card because of its promoted low rate, but you actually get a card with a higher interest rate. In the fine print of that long, illegible contract is likely the wording, "for qualified applicants only." If your credit report is not perfect, you could be issued a card with a higher rate. The contract you signed said that could happen. So be sure to check the interest rate of a new card before you use it.

Having too many credit cards is a recipe for trouble. Not only are you more likely to use them and get into debt, but with so many cards, there are a variety of due dates and more chances for being late on payments, which, of course, leads to higher fees and interest rates.

Know your interest rate can (and likely will) change. Using what's called a "universal default clause," credit card companies have the right to raise interest rates either because you were late on any bill, not just on this one credit card. And even if you're not late, with advance notice, they can up the rates as they choose because that's somewhere in the fine print. too. Oh, and also, know that if you are just paying the minimum fee on your credit card balances, you are effectively paying double for your purchases. That's how interest -- and high interest, especially -- works.