What's in your mailbox today? If you're like a lot of Americans, there's a bill or two, maybe some coupons, and at least two credit card offers. Even credit-savvy consumers often have a hard time sorting through all of the fine print as they try to decide which offers to apply for, and which offers to shred.

There is no one credit card that's right for everyone. People have different credit needs; one person may be trying to consolidate several high-interest cards into one card with a lower interest rate, while another might be looking for the rewards program that offers the most frequent flyer miles.

Consumers who read the fine print have a better likelihood of finding the credit card that best meets their needs. Learning about the ways credit card companies make their money, which traps to avoid, and how different companies reward their customers will make your decision-making process easier.

Interest Rates

The first question most consumers have when they open a credit card offer is, "What's the interest rate?" High interest rates can make the cost of buy-now, pay-later prohibitively expensive, so consumers are wise to see what the interest rate is, and whether it's an adjustable rate or a fixed rate.

Adjustable Rate Credit Cards--During periods when national interest rates are low, low-interest rate credit card offers become more plentiful than usual. Consumers who are used to seeing interest rate offers around 15 percent might start seeing offers around 9 and 10 percent--but beware. On the back of the offer, in the grid filled with fine print, there will be a box explaining how the interest rate can change based on the prime rate, the rate the company offers to their best customers. As national interest rates climb, the interest charged by adjustable rate credit cards climbs too.

Fixed Rate Credit Cards--Many consumers are best served by choosing a credit card that has a fixed rate, even if the rate is a point or two higher than the rate on an adjustable rate card. Consumers who pay off their balance every month or who only use their cards for small purchases that they can pay off quickly won't notice much of a difference. People who carry a balance on their credit card, though, will spend less over time if their interest rate doesn't go up every time the Federal Reserve raises interest rates. If interest rates start to fall and you find that your rate is fixed at a number that's no longer competitive, most credit card companies will be happy to renegotiate your rate to keep you as a customer.