Getting a new credit card can feel exciting, but a lot of people rush into applications without fully understanding the card’s terms or how it fits into their overall financial picture. That’s when small oversights turn into costly mistakes.

Minimum payments barely chip away at your balance and allow interest to pile up. Neglecting ways to reduce your interest, like 0% APR periods, hardship programs or rate negotiations, can be costly. You'll pay more than you earn if you chase rewards while ...