You think you’ve found a real gem of a credit card offer. On the surface it looks perfect. The interest rate is comparatively low, the annual fee is waived for the first year, and there’s even a special balance transfer rate trying to woo you with its siren call so you’ll move your existing balance there. All in all, you’ve found a pretty cheap credit card! You rush off to apply.

Hold on for a minute. Surely you’ve heard the phrase “if it seems too good to be true it probably is.” Is that what’s going on with cheap credit cards? Maybe.

Here are some things to consider when looking at cheap credit cards (or those that appear to be on the surface). They’ll help you figure out if the card really is offering a great deal, or if you might be in for some unpleasant surprises down the road.

1. The “cheap” elements might expire.

A low interest rate is great when you get a new credit card. But how great will that cheap card feel if that rate expires in six months or so? A card with great introductory offers isn’t “cheap.” It’s just a marketing tool designed to suck you into the more expensive terms down the road.

Look at the card details and figure out if the long term rates are worth it. You might be better off going with a low general rate of 9.99% from the Bankwest Lite MasterCard instead of a card with a lower rate up front that skyrockets a few months later. Don’t only consider interest rates either. Annual fees that are lower or waived in the first year can really add up the costs in the future.

2. Cheap credit cards might not give you the spending power you need.

If you go with a cheap, no-frills credit card that might also mean it’s a card with a relatively low credit limit. If the issuing bank lists the credit limit range in the terms before applying, be sure to compare that with some more expensive options. If you don’t have a high enough limit to use the card in the way you intend do, why have it at all?

3. You might be able to earn more with expensive cards than you save with cheap ones.

Yes, rewards cards might tend to cost more up front than a cheap credit card, but in the end how “cheap” that card is depends on what you’re comparing it to. If a rewards card would let you earn more in rewards (despite its added costs) than you would save by going with the cheap credit card, the cheap card suddenly doesn’t look like such a great deal, does it?

As with any type of credit card, it’s all in how you look at it. Will you get enough out of the card to justify any costs involved (cheap or otherwise)? How does it rate against similar credit cards? Some cheap cards are just that — cheap cards. Others might have hidden fees tucked away that you won’t be aware of until you review the terms and conditions in-depth. Just make sure you take the time to do that so you know exactly what you have before you take the time to fill out an application.