0 percent credit card offers can be extremely appealing, but one thing that you have to be aware of is that the annual percentage rate (APR) will not stay at 0 forever. In fact, usually the rates go up drastically just a month or two after the card has been activated. Even after the rates have gone up, they can go up again if you miss a payment, are late on a payment (even by a day) or don’t make the full minimum payment. Even scarier, the rates could go up at any time, just because the company feels like increasing them.

By law, credit card companies are only obligated to give you a 15 day notice before hiking your interest rates. Even so-called fixed APRs are subject to change. Furthermore, you don’t have to re-sign a contract stating that you agree to the rate hike. After they send you the initial notice, you agree to the new terms and conditions the first time you use your card. 0 percent credit card offers are a dime a dozen, and it’s imperative that you remain abreast of any potential rate increases.

Remember to always read the fine print whenever you’re applying for a new card…