Read The Fine Print

I'm usually very good about reading the fine print before I accept an offer...Especially if it is a credit card balance transfer offer. But no matter how on top of it I think I am, I'm not perfect. And I made a costly mistake...$944.25 to be exact.

December 2007 I bought my Mom new windows for her house. The offer was if I used my Home Depot credit card it would be no payment, no interest for 12 months. So I was thinking, great...I have a year to pay this off. But what I missed was that even thought I didn't have to pay any interest, interest was accruing. And if I didn't pay the full balance of by the end of the offer all the accrued interest would be added to my account.

I literally had $2,500 left to pay and WHAM! They added the $944.25 to my account. So I went from having $2,500 left to pay off to $3,444.25 to pay off. I was pissed, but I couldn't be mad because it was my fault. I IMMEDIATELY balance transferred the remaining balance to one of my major credit cards. I haven't closed the Home Depot account but I can promise you that I won't be using it unless there is some dire emergency at my house in Atlanta, my apt in NYC or at my Mom's house.

So please, don't get caught like me. Read the fine print and know what you are agreeing too when you sign on the dotted line.