MONTHLY MINIMUM PAYMENTS: The vast majority of credit card companies only require consumers to pay off a monthly minimum--that's 2% of your total balance. This may seem like a good deal, but every time you pay off the minimum requirement, the APR racks up more points against your balance, increasing your overall debt.
GRACE PERIODS: If you pay your bill in full and on time each month, no interest has time to accrue. Most credit card companies have a grace period of about one month--the length of a credit card billing cycle. During this time, no interest is accrued on NEW charges, but old charges continue accruing.
 
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