"Gotcha" seems to be the business model for credit card companies these days. As more and more purveyors of plastic make their money off fees and interest charges, it's important to be mindful of the fine print in your credit card agreement. Take a close look; you'll find that the devil may be literally in the details.

As the plastic marketplace grows more crowded, credit card companies are searching for ways to boost their bottom lines. Where once their balance sheets were padded by the interest rates they charged, they're now making the majority of their profits from fees-for paying late, credit score increases, or exceeding the grace period. It's becoming a game of cat and mouse, and consumers are the ones who are being toyed with.

Don't fall victim to the fine-print fees. Check your agreement for the following financial booby traps:

Late fees-down to the minute

Late fees are to be expected with any type of debt. But credit card companies have taken it to staggering new highs-or lows, as the case may be. They're now stipulating that payments must be made by a particular date and by a particular time, such as 4:30 p.m. If you're not punctual with your check, expect some dramatic, often permanent, increases to the rate they charge you.

Falling from grace

Time is dwindling with grace periods, the amount of time that you're given to pay before you begin accruing interest on a new purchase. The previous duration used to be 30 days, but it's now shriveled to around 21 days. Finding a credit card with a grace period of 25 days and more could save you from some painful charges.

Minimum to the max

While credit cards offer flexibility and access to capital, they're not designed with your best interests in mind. Case in point: your minimum payments. Throughout the years, the minimum amounts required have decreased, allowing you to charge even more debt. However, unless you make significant payments on that principal, your minimum payments will cover only the interest costs, and you'll never get yourself out of the red.

Raising your rates

It's reasonable to assume that a creditor would raise your rates if you were late with a payment. These days, however, they'll raise them even if you're late with a payment to another creditor. Companies constantly scour your credit report, monitoring your payment activity. If some notice that your score has decreased due to late payments to another company, they'll immediately jack up your interest.

Competition among financial companies for new cardholders has resulted in consumer-friendly rewards programs and zero-percent balance transfer opportunities. But it's also ushered in a host of detrimental fees, ones that particularly hurt people in serious debt. To avoid the peril of the fine print, don't carry a balance, and make your payments on time. Either live within your means, or credit card companies will hit you where you live.