When choosing a credit card, look for one with no annual fee. If you're Foolishly planning to pay off the balance each month, the interest rate on the card won't be of paramount importance.

Do pay attention to the grace period, though, and aim to get a card with at least a 25-day grace period. That's the period of time when you don't accrue interest charges on your new balance. The longer the grace period, the more time you have to send in your check.

If you're not going to be able to pay off your balance each month, look for a card that excludes new purchases from the interest calculation period. That means they don't base the interest charges on two months of billing cycles. Some cards are set up to calculate interest that way, and it ends up costing you more.

You'll find more tips on optimizing your credit life in our Credit Center, which reveals many industry secrets, among other things.

If you've got your personal finances under control and would like to make the most of money you'll be needing in the next few years, visit our Savings Center, where we offer you some special deals on interest rates.