Are Holiday Credit Card...

you've taken on other financial obligations in the meantime, such as a car or home repairs, the card payments may be too much to handle.

— Confusion over interest. Generally, your original purchase qualifies for the deferred interest offer, as might any purchases made within a specific time frame. But additional transactions — such as cash advances, balance transfers and other purchases — may be subject to different terms or APRs.

Minimum monthly payments may not be enough to pay off your balance by the promotion's expiration date. Divide the cost of your purchase by the number of months in the promotional period and pay that amount monthly to meet the deadline.

Also, avoid using the card for other transactions during this period. Budgeting for payments on a single transaction is easier. If you do use the card for other transactions, you can ask the issuer to allocate payments above the monthly minimum in a specific way — but the issuer doesn't have to honor those requests.

— Possible loss of grace period. If you pay your balance in full every month, your card likely gives you a grace period — some time to pay off new charges before they start accruing interest, typically until the next due date. You could lose that cushion by carrying other balances on the card.

This is generally the case for both deferred interest offers and true 0 percent intro APR offers: If you carry a balance, any additional transactions that aren't covered by the promotion could get charged regular interest from the date you make them. WHAT TO CONSIDER If you plan to take advantage of a holiday credit card promotion, keep these tips in mind: — Review the terms of the offer. — Set reminders about the promotion's expiration date.

— Try to make payments above the required minimum.

— Avoid making other purchases on a card with a deferred interest promotion.

You also could look for store credit cards with true 0 percent intro APR promotions or consider a general 0 percent intro APR credit card that offers rewards.

Above all, make sure you won't be left with a holiday debt hangover. "You need to know if you can afford what you borrow under regular circumstances and even in worstcase scenarios," says Bruce McClary, spokesman for the National Foundation for Credit Counseling.