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With many people resolving to eliminate their debt, credit card companies are looking to increase their profits in 2007. They are looking to you for the source of their profits. Many credit card companies have been increasing their balance transfer fees. You are looking to save money by transferring your credit card balances from a high-interest rate card to a low or 0% intro rate on a new card. It is a method that can save you money.

However, while most companies cap their fees at $75 for balance transfers, in recent months credit card companies have begun charging a flat 3% fee on the amount transferred -- with no cap. If you are transferring $10,000, you will pay $300 in fees. And those fees are subject to the purchase interest rate, not the introductory one.

When looking at transferring a balance, make sure that you know what fees are associated with the transfer before you apply for the card. You should also know how your payments will be allocated between your transferred balance and any new charges you may incur on the card. Many credit card companies are starting to cut back on their rewards. For example, Citibank has reduced the cash back earned on purchases from 5% to 2%.

Have you noticed that when you spend under a certain amount at many retailers, you don't have to sign anything$%: Studies indicate that if you don't have to sign, you will actually spend more. Small increases in purchasing can add up to huge debt over time. Especially if you use your card out of convenience at fast food restaurants and for small expenditures. If you are using your cards for everyday purchases, you need to look at your debt situation closely. You could be headed for trouble.

Visa and MasterCard have recently started targeting teens. They have been promoting products that they claim will help parents to teach their children how to manage credit cards. Parents can monitor and control the spending. These pre-paid cards have been around for a while. Your children can't overspend, but there are fees associated that will cost you money. The true goal of the credit companies is to get your kids in the habit of using a card, while charging you for the associated fees.

Did you know that some cards will actually charge you for paying your card over the phone or on the internet. If you want a same-day payment, you may even have an extra fee. Some cards won't decline a transaction that puts you over your credit limit. They then hit you with a fee for the courtesy they extended you and the over limit fee.

According to a 2006 Government Accountability Office report, credit card fees are making up a greater percentage of credit card issuer revenue. In 2006, it was estimated that credit card issuers would make $17.1 billion from credit card fees alone. Seventy percent of that amount is in late fees. It is essential to not only pay your bills by the due date, but to know the cut-off time that the payment must be received.