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Have you ever opened an account just to get a freebie?  Well, before you sign up, you may want to think twice.  This freebie could end up costing you more later. 

We have all seen the offers for the free rewards, t-shirt, toaster or discount if you open a bank account or credit card.  But are these offers as good as what they seem?  Maybe not.  They could end up costing you more in fees and interest charges, and could adversely affect your credit rating.

Before jumping at these special offers, here are a few things that you might want to ask yourself: 
· What are the terms and conditions of opening this account?  How much do i need to  keep in the account and for how long in order to reap all of the benefits?  What kind of fees will be charged and how much interest will be credited? 
· If applying for a credit card, again ask about terms and conditions and take note of penalties, fees, and the interest rate charged on unpaid balances. 
· Ask yourself, how well can i manage credit? Will opening the account  lead me to go further into debt?  Could applying for credit cause a decrease in my credit score that may prevent me from borrowing money later?

We all like to get freebies and discounts,  but before you jump at a special offer, weigh the cost of opening an account with the value of freebie or discount.