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Between gas and groceries, many consumers find themselves turning to credit cards for short-term relief. Many companies are offering no interest or cash back on certain purchases, but can those rewards become punishments?

"It's really important, irregardless of the offer, to read the fine print on the back of the statement," credit counselor Larry Curtis said.

Take, for example, an offer for no interest on all grocery purchases over the next six months. Curtis said you should, first, find out whether the offer is retroactive. If it is, all the interest during the promotional period will add up and be tacked on to your balance at the end of the six months. Curtis said even if you're balance free, you'll still need to know what the future rate will be.

"After the six month period, you may be charged 12 percent or it could be 20 percent interest. You want to know approximately how much your payment is going to be," Curtis said.

Many credit card companies are also offering cash back on fuel and grocery purchases. Curtis said that offer is only good under one condition.

"The key is not to overcharge. Make sure you're staying within your limit and that you can pay that credit card balance off on a monthly basis," he said.

Otherwise, Curtis warns it could leave you contemplating another common offer--the balance transfer. Curtis said a zero-percent offer is tempting, but not always exactly true.

"A really good example is 'Ok, it is zero percent for 12 months, but if you read the fine print it'll say 'Even if you pay one day late your interest could go as high as 29 percent,'" Curtis said.

He suggested it's only wise to transfer your balance if you plan on paying it off entirely before the zero interest period ends. If that's not possible, he recommended transferring only what you can afford to pay

Source : http://www.wgrz.com/