According to Consumer Financial Protection Bureau (CFPB),  credit card companies lure consumers with 0 percent or low-interest offers for specific purchases, specified time periods or balance transfers, then hit them with surprise interest charges later.

When you get offers for balance transfers, deferred-interest offers or convenience checks, read the fine print carefully.

You may find that while you don’t pay a fee for the paticular balance transfer or purchase, you could accrue charges in other ways.

If you accept a special offer, some credit card companies will start charging you interest on all your new purchases if you are carrying a balance from previous months. Additionally, any payments you make may be applied to the new “interest free” purchases first essentially doubling the interest you are paying on your remaining balance. That means you lose the interest-free “grace period” you enjoy when you pay off your balance by the due date each month.

“The only way for  consumers to avoid interest charges on new purchases made with this credit card is to pay off their whole statement balance, including the promotional balance and the new purchases, by their monthly billing due date,” CFPB officials explained.