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Investigate an offer before enrolling. Contact your local Better Business Bureau, consumer protection agency, or state Attorney General’s office to see if any complaints have been filed against a particular promoter of gold or platinum cards.

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Car Rentals: The potential problem here is similar to the case above with hotel reservations. Car rental companies will place a hold on your account for an amount over and above the actual cost of the rental to insure them against possible damage to the vehicle you rent. But the advantages of using a credit card for car rentals can be many. The perks include free road service, discounts at particular rental agencies, cash rebates and car-rental insurance.

Guide to Managing Credit -- Whether your credit is stellar or in the cellar, our guide will make it better. FAQ about credit cards -- Sixteen of the most frequently asked credit card questions.

Advantages and Disadvantages of Using Credit Cards.

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Hotel Reservations: It is important to understand how hotels charge for rooms and services through your credit card. The important issue here is the extra amount the hotel charges as insurance over possible damage to your room. This is over and above the amount estimated for your room and services charges. This total amount can put you close to your credit limit because the amount is frozen on your account and the difference between this and your credit limit will be the amount of credit you have available until you check out and the actual payment of your bill occurs. It is therefore important to find out from the hotel what these charges are right from the start. It is often more convenient to use Travel and Entertainment(T&E) Cards for these purposes because they do not come with a credit limit. This is one advantage of the American Express Card® or the Diners Club Card®, for example. A number of credit card companies have special arrangements with specific hotels which provide special discounts to their cardmembers. Often these perks also extend to restaurants and other entertainment items such as tickets. This synergy of merchants has been accelerating recently, and the dilligent consumer who takes the time to properly research various credit card offers will find a number of benefits resulting in significant savings.

Credit cards can come in handy in a pinch, but can end up squeezing you dry. Finding the best rates and reading the fine print will save you from falling into a black hole of debt. Here are our most frequently asked questions about credit cards with answers from the team of experts.

Additional benefits Travel and emergency assistance $5,000 minimum credit line Automatic travel accident insurance up to $500,0003 Automatic auto rental insurance3 Extended warranty protection3 Worldwide acceptance and cash access at more than 24 million locations Convenience checks at no extra charge to access your account where credit cards are not accepted Additional cards at no extra charge

Amount Due. The minimum monthly payment you must make.

Paying only the minimum will cost you an exorbitant amount of money in interest and take forever to pay off. For example, if your credit card has a $5000 balance with 15 percent interest rate, it will take you 21 years and five months to be rid of your debt if you only pay the minimum. In that time, you will pay $4,757.98 in interest.

These used to be more prevalent than they are now. They have become much more common with ATM cards than with credit cards. The issuing bank or company actually charges a fee (usually about 50¢) for every transaction you make with their card. This is a particularly costly and unnecessary charge and one which must be looked for before a particular credit card account is accepted.

Credit Cards with Rewards

Convenience Checks. These come from credit-card issuers. You use these checks to pay off the debt you have on other cards, which transfers your debt to the card that gave you the check. The typical inducement? A special low rate. But that rate may last only a few months. If you pay late or exceed your spending limit, some cards are imposing interest-rate penalties as high as 24.9 percent, says Ruth Susswein, executive director of Bankcard Holders of America. Check the fine print before accepting any low-rate offer.

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Travel and Entertainment Cards: T&E cards includeDiners Club® and American Express®. They differ from regular credit cards in that they require that customers pay their outstanding balances each month. They also tend to have high annual fees and to be accepted in far fewer places than credit cards from VISA, MasterCard and Discover. Because of their exclusivity, however, T&E cardholders usually obtain special benefits and incentives from card issuers. Holders may accrue points through airline travel, hotel stays and other business and entertainment expenses which are converted into cash or discounts. One advantage of such cards is the absence of a set spending limit. As long as a customer does not attempt charges which are clearly unpayable, there is no problem since the issuing company knows the amount will be repaid over the next payment cycle. Part of the appeal of these cards is the vanity factor which comes with the prestige of owning them. At the other end of the scale, gas cards are a form of Travel and Entertainment cards and are much easier to obtain.

What type of credit card? There are various types of credit card, other than standard cards, that you may want to choose between.

Interest Free Period Most cards provide you with interest free credit for a number of weeks. You should find out how long this is for.

Co-Branded Card. A co-branded credit card is sponsored by both the issuing bank and a retail organization such as a department store or an airline. Cardholders may get benefits such as discounts or free merchandise from the sponsoring merchant based on account usage and terms.

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Principal. Principal reflects the actual dollar amount of the purchases you made, or the balance that remains on your loan or credit card account.

You can request a copy from each of the three major national credit bureaus: Equifax, Experian and TransUnion. Checking your credit can cost you as much as $9 per report, although it differs from state to state.

Understand key numbers before you sign: What is the APR, annual fee, grace period, penalties, late payment charges, over-the-limit fees, and interest rates on any cash advances, and under what circumstances the card company can change your interest rate (or any other terms of the deal)?

To hang on to the credit card business, many other states loosened state usury limits.