The Best Credit Card

If you're interested in researching credit cards to find the best one for yourself (and why wouldn't you, as you'd stand to gain a lot), you can do so online. One good place to start is Bankrate.com, offering information to help you get the best deals on all kinds of loans, credit cards, and accounts. You'll also find good information at CardTrak.com.

Don't start choosing one without arming yourself with knowledge first, though.

When evaluating cards, be sure to check up on their interest rates (and whether and how long they're locked in), their grace periods, their annual fees, their penalty fees, and their reward features (such as purchase protection insurance, cash back, etc.). For more guidance on how to manage your credit in the most cost-effective way, including how to evaluate credit cards, drop by our nifty new Credit Center. It makes credit issues much more interesting than you probably expect, and you'll learn what to look for and what to be skeptical about. Learn what tricks credit card companies use, for example.

Here's an article by Dayana Yochim describing lots of "awful offers" -- learn to recognize them and you may spare yourself the trouble of getting one.

So which is the best credit card out there? Well, it all depends on you and what your needs are. Someone who is paying off a lot of debt needs a card with a low rate. Someone with no revolving debt doesn't care about the rate but might want cash-back rewards and no annual fee. (One card we invite you to consider is our Fool Visa Credit Card, which we took great care in designing to offer as many benefits as possible. It may or may not be right for you, but check it out, if you're interested.)

By the way, if you're struggling with credit card debt, as so many Americans are today, learn more in our Get Out of Debt area and in this special feature on credit card debt. Also, read these articles on how to improve your credit rating.