CreditCards.com has an article (by way of Yahoo finance) that rates 10 common credit card mistakes on a scale from 1 to 10. I’ll let you read the full article for all the details of why each is rated the way they are, but here’s the list and my thoughts about each.
Paying Late
How bad is it? 6
My thoughts: I’m not sure why they only gave this a 6. Perhaps because it can be reversed by timely payments for a consistent length of time. I would personally give this about an 8 since one late payment is usually enough to trigger usury level interest rates and fees.
Paying Only the Minimum on Your Card
How bad is it? 4
My thoughts: 4 seems about right to me, after all, it’s not going to cause irreparable damage to your finances, or put you so far under you’ll never get out, the way a 30% interest rate could. But it’s not something that you should do and it can easily rack up thousands in extra interest payments. Still, it’s one of the easiest mistakes to fix, provided you have the funds to pay more.
Buying On a Card Just For Rewards
How bad is it? 1
My Thoughts: This one is kind of silly, provided you pay your balance every month. They seem to agree, since they only gave it a 1. Still, I’m not sure this is really a “mistake”.
Missing a Payment
How bad is it? 9
My Thoughts: This is easily a 9, if not a 10. Missing a credit card payment is like setting off a dirty bomb in your kitchen – it’s likely to ruin your life in the immediate future, and for a long time afterward. It’s the nuclear version of the first mistake (paying late).
Having Too Many Cards
How bad is it? 6
My Thoughts: This one feels right to me, unless it’s a store card. Somehow, applying for a store card to get the initial 15% off on your purchase that day just seems more wrong than a 6.
Maxing Out a Card
How bad is it? 7
My Thoughts: Again, 7 feels right. It’s going to negatively impact your credit score, but it won’t necessarily cost you more than the stated interest on the balance. This is more of a problem because it leaves you with less options, less extra cash and creates the potential for serious damage if you should miss a payment.
Playing the Balance Transfer Game
How bad is it? 5
My Thoughts: Also known as Credit Card Roulette. This is probably middle of the road in risk. It really depends on 1 thing: Do you have a plan to pay off this debt, or are you just move it to another card to max out the original one again? If you do, then it can be an excellent tool to help get a jump on higher interest debt. If you don’t have a plan, then you’d better not get caught holding the bag when the transfer offers run out and the interest rate climbs. And that’s not to mention the transfer fees. 
Debt Settlement Plans
How bad is it? 9.5
My Thoughts: Yeah, this one is pretty bad. Most of the time, you just end up paying more for something you can do yourself, and you could do damage to your credit score in the process. See Debt Consolidation and Your Credit Score. for more.
Getting a Cash Advance?
How bad is it? 8
My Thoughts: It’s up there in the 8-range. You’re basically admitting you have no money management skill if you use this. It’s a symptom of a much bigger problem, and a costly one too.
Using a Card in a Pinch
How bad is it? 2
My Thoughts: This is a much smaller version of the cash advance. It’s not the outrageous interest and payment terms of the cash advance, but it’s still a symptom of poor budgeting and spending habits. 2 feels about right. If you don’t have it, don’t spend it.
What do you think, did they miss any mistakes or completely blow the rating?
Very useful your blog, keep up teh good work
Going into debt in the first place….lol
Nice blog and having valuable information. Thanks