Common Credit Card Mistakes to Avoid
The mistakes that cost the most money
The expensive ones all involve interest: carrying a balance, paying only the minimum (which stretches a balance for years, see minimum payments), and chasing rewards while carrying debt (no 2 percent reward beats a 20-plus percent APR). The fix is one rule: pay the statement in full every month. If you cannot, the goal shifts entirely to paying it off, not earning points.
The mistakes that hurt your credit
Others quietly damage your score: missing a due date (set autopay), running high utilization (keep balances well under the limit, see utilization), closing old cards (which shortens your history), and applying for too many cards at once. Each is avoidable with a little awareness.
The mistakes that waste value
Finally, the ones that leave money on the table: paying an annual fee you do not use (run the math in are annual fees worth it), hoarding points until they devalue, redeeming for low value, and missing a welcome-bonus minimum spend. Used well, a card pays you; used carelessly, it costs you. See protect your welcome bonus.
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