Newsweek gives us the following 10 Credit Card Pitfalls:

1. Your credit card issuer can change the terms of your agreement at any time with as little as 15 days notice. You can "opt out" of the changes, but your account will be closed, which can hurt your credit score.

2. If you're late on a payment to another creditor, your credit card company can raise your interest rate thanks to the Universal Default Clause.

3. Your credit score has become a vital statistic when it comes to applying for credit, and it can be widely shared. Make sure your credit report is accurate, and dispute any errors with the credit bureaus.

4. There is no limit on the fee a credit card company can charge you for even being 1 hour late with your payment. The average fee today is in excess of $30; ten years ago it was about $13.

5. There is no federal limit on the interest rate you can be charged for credit card purchases. Some default rates are as high as 31% today.

6. It is possible to negotiate a better interest rate, and it never hurts to ask. If they refuse, you can probably transfer your balance to a card that offers a lower interest rate.

7. Most lenders prefer a debt-to-income ratio of at or below 36%. Try to keep your credit card balances low, and don't max out any one card.

8. Specialty cards (i.e. department store) and rewards cards generally carry a higher interest rate than "regular" credit cards. If you use specialty or rewards cards, don't carry a balance.

9. One late payment can result in a drop of up to 100 points in your credit score, so make sure your payments are on time, every time.

10. If you need help dealing with debt, get it before the problem gets out of hand.

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