You'd like to think that low interest rate credit cards were something you could take at face value and that a 4.99 percent rate was exactly as it seemed. Unfortunately in the world of credit cards, things aren't always what they appear to be on the surface.

Millions of consumers apply for low interest cards thinking they're getting the deal of a lifetime, only to find later that they'd been had. In today's economy, with whispers of "recession" on the wind, you've got to watch every penny closely. Throwing money away on unreasonable finance charges is never a good idea. If you want to avoid falling into the common low-interest credit card traps, there are certain pitfalls you need to watch out for.

Teaser Rates

Introductory rate offers, otherwise known as "teaser" rates are one of the ways credit card companies lure in consumers. You think you're getting an incredibly-low rate, and you are – for a few months. Then, when that introductory period is up the rate jumps up too – sometimes to more than 20 percent.

Before applying for any card make sure the advertised rate is a fixed rate or, at the very least, make sure the actual rate charged after the intro rate is not unreasonable. For example, the Pulaski Bank Visa/Mastercard reviewed by Star Reviews offers an interest rate of 6.5 percent, and that's a fixed rate, not a teaser rate valid for just the first six months.

Hidden Charges

Credit card companies aren't known for their sainthood and they're not above charging hidden fees when it suits them. Before you jump into any low interest rate credit card offer make sure you read the terms of service carefully and pay attention to any and all fees charged.

By paying close attention to exactly how much a credit card will cost you and knowing what the real charges will add up to you can avoid many of the common low interest credit card mistakes.