Beware of these credit card traps
Credit cards can be a great tool for managing finances. But users must be aware of these traps:
1. The unsolicited cash advance. A low rate offered on a cash advance can rise steeply if not repaid.
2. The offer to increase the limit on an existing card. New laws mean you have to opt-in to these receive these offers which are becoming enormous and dangerous.
3. An instant credit limit of $21,000 on a new card.
Source: The Age