Credit cards can be a great convenience, but they are not problem free. The first thing to remember is that you are actually barrowing money. Which means, unless you pay off the balance with in the specified time period you will be charged interest.

The secret to protecting yourself is understanding the terms and conditions of your particular card. This is getting more and more difficult. According to Educating Rico: The fine print, a story on America Public Media’s Market Place Money, changes in terms and conditions can sneak up on you.

Pay attention to any changes in the terms and conditions you receive from your credit card company, and if you don’t understand them, call and ask. Usually you’ll find a toll free number – use it and don’t be embarrassed to ask lots of questions; after all, its your money.

Senior BofI offers credits cards through BofI and we’re always happy to answer any question you might have.