Wading through all the credit card offers available to you isn't as hard as it used to be, thanks in large part to the Internet. You now can shop for credit cards online and locate cards with the features you want at competitive interest rates.

Variable vs. Fixed Interest Rates

Credit cards generally come with either variable or fixed rates. Variable rate cards are tied to the prime lending rate, supplemented with some additional interest percentage (which varies from lender to lender). Each time the federal reserve raises interest rates, so will your bank. If the prime lending rate is low, variable rate cards can be very competitive with fixed rate cards, which offer guaranteed interest rates that don't fluctuate.

Variable rates are different from the "teaser" rates you see advertised all over the place. Teaser rates last for a limited time (usually three to six months), after which your card carries a higher interest rate. Because teaser rates don't last, you shouldn't really consider them in making a decision about credit cards. Unless, of course, you're willing to take the time to change credit cards often enough to take advantage of a string of teaser rates.