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Remember your first credit card? What a thrill that little piece of plastic gave you! It represented freedom, adulthood, acceptance, power. A rite of passage, like your first date or getting your driver license.

A credit card is a powerful tool. But unlike a laser-guided miter saw or a pneumatic framing nail gun, credit cards don’t come with instructions. And they can come back to bite you if you use them improperly. What are some common mistakes so-called “millennials,” make with credit cards, and how can these be avoided?

Failing to account for interest charges

Attached to every credit card promotion are the letters “APR.” Many millennials don’t know what those letters stand for. APR means “annual percentage rate,” and it indicates how much interest you’ll be charged if you don’t pay your bill in full.

That’s right; the way to avoid paying interest is to pay your bill in full on or before the due date. The average national interest rate is about 15 percent, so you can save quite a bit by following that simple advice. And remember, any outstanding balance that is carried over will have interest attached to it in the next billing cycle.

Ignoring their credit limit

Every credit card has a spending ceiling that you can’t exceed. Many millennials don’t know their credit limit and end up maxing out the card, which hurts their credit score. Carrying a high balance also hurts your credit score. So know your credit limit and pay off your bill each month. If you can’t swing the whole thing, pay off enough so you are using less than 25 percent of your total credit limit.

Making late payments

As much as 35 percent of your credit score is affected by payment history – in other words, paying your bill on time. Late payments can really affect your score, but only if they are more than 30 days overdue. You may be slapped with a late charge if your payment is received past the due date, but it won’t affect your credit score unless it’s overdue by more than 30 days.

The safest way to play? It’s not rocket science: pay your bill on time.

Not checking their credit report

Millennials, as a rule, don’t check their credit report often enough. It’s a myth that the simple act of checking your report hurts your score. It doesn’t. If you regularly check your credit report, you can catch errors that can count against you and even spot identity theft. Each of the three credit reporting companies allows you to check your credit report once a year for free.

Not asking for better deals

You can ask for a lower interest rate, or ask to have an annual fee or late payment fee waived. Most credit card companies are willing to do this just to keep your business. Don’t be afraid to speak up. A ten-minute phone call can save you quite a bit.

A credit card is truly a double-edged sword. Used wisely and carefully, it represents freedom and convenience. But you can become a slave to that little piece of plastic, working to pay off debt and interest for years. By controlling your spending, knowing your credit limit and paying your bill in full each month, you can escape the crushing credit card debt that plagues too many Americans.