Credit Card Icon

3. Credit Card Pitfalls

The biggest risk of having a credit card is ending up in debt, and most credit card pitfalls relate to this or your personal security. In this section, we investigate the following seven common credit card issues:

  • High interest rates
  • Getting stuck making minimum payments
  • Having a high credit limit
  • Using a credit card when you can’t afford it
  • Putting purchases on a balance transfer credit card
  • Letting other people use your credit card; and
  • Adding secondary cardholders to your account

By looking at these pitfalls, you will learn how to reduce the risk of credit card debt and avoid other problems that people often face when they have a credit card.