Separating the good card deals from the bad and the ugly is a never-ending challenge. Don't let the big hype distract you from the fine print. Because you could be in for a shocking rate hike if you're late with a payment.

Minimum payment = maximum pain.

When your monthly statement comes, there's a great temptation to pay only the minimum. Don't do it. If you possibly can, pay the balance in full every month. Otherwise it can take years, even decades, to get free of debt. For the latest credit information from the U.S. government - everything from changes in the bankruptcy laws and how to get a free credit report - just go online to ftc.gov or mymoney.gov.

What happens when 0% APR jumps to 19.99%?

Example: You shift $10,000 from your old credit card to a new card promising a 0% APR introductory rate. You pay $200 a month, the 2% monthly minimum, for three months. These three payments bring your balance down to $9,400. So far, so good. Then you're a day late with your payment and the rate jumps to 19.99%. Making the same $200 payment each month, look how long it now takes to pay off the balance. And look how much more money it costs you because of the extra interest you're paying. Payoff timetable at 19.99%: If you pay $200 a month, it takes 93 months to pay off $9,400. Plus, you're paying $9,093 in interest. That's a total of $18,493. A lot more than you bargained for.

A Trick That Can Hurt More Than a Late Fee.

Some credit card companies are endlessly inventive at finding new ways to separate you from your money. So if you're playing their card game, better know the rules, read the fine print, and watch out for their tricks.

One day late, years of higher interest.

A late monthly payment can cost you a lot more than a late fee. It can raise your rate in a flash. And that super-low introductory rate will disappear. In its place, you could find a shocker: Maybe 19.99% APR. Even 29.99%.Or higher.

Tip: Mail your payment at least a week in advance of the due date, and use the pre-addressed envelope. Hand-addressed envelopes could be held up in the mailroom and count as a late payment.

Hurting your credit score.

Some companies report a late payment to the credit bureaus. If a credit bureau lowers your credit score, you might have to pay a higher interest rate when you buy that new car or new home. And that could cost you thousands.

A Cash Advance Could Bury You in Debt
How a $2,000 cash advance grows into a $12,373 debt

Short-term gain or long-term pain?

With some cards, you pay one rate for purchases and a higher rate for cash advances. Worse, your payments might be credited to balances with lower APRs before higher APRs. It's a common trick with a painful lesson attached. As you can see by the example to the left. But you can choose to chart a different course. Tip: Pick a card with the same rate for everything.

Beware of credit card tricks.

On the road to financial independence, the right credit card can smooth the way. But the wrong card can throw up huge obstacles. Especially if you don't pay off your balance in full after each month's use. Of course, paying it off every month can be tough. But when you don't, the tricks some credit card companies pull can be a whole lot tougher.

Example:

To get a lower interest rate, you transfer the $8,000 balance on your old credit card to a new credit card with a 5.9% APR. Then you use your new card for a $2,000 cash advance. But there are two catches. 1) Interest on cash advances is 19.99% APR. 2) The fine print reads, "Allocates your payments to balances with lower APRs before balances with higher APRs." Which means that your minimum monthly payments are going toward the balance with the 5.9% APR for purchases. No payment amount is applied to the $2,000 cash advance.

Translation:

Until you pay off every penny of the $8,000 balance that's growing at 5.9% APR, you'll have a separate $2,000 balance growing at 19.99% APR. And slowly, quietly turning into a mountain of debt.

If an offer sounds too good to be true, it is.