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.

Fees

Credit card companies are notorious for charging their customers hidden fees that can add up quickly. Forgetting to check the fees section of the credit card disclosure section could be a costly mistake.

Late fees--Most utilities and financial institutions charge late fees. The fact that credit card companies charge such fees isn't surprising. What is surprising is how high the fees can be, and how quickly they're assessed. In the fine print on the back of the credit card offer, the disclosure statement will list information about the late fees. Wise consumers will stay away from the credit cards that assess a late fee at 1:00 PM on the day the payment is due. It sounds crazy, but a large number of cards work this way. The late fees themselves can be quite large--$39 is common. What's worse, a lot of credit card companies will raise your interest rates if you have even one late payment, so look for that too.

Over the limit fees--Credit card companies know how embarrassing it can be to hand your card to a clerk to pay for dinner or a new dress, only to have the card be rejected because you've gotten too close to your spending limit. Many credit cards will continue to be accepted even after a person has gone a bit over the limit--but the credit card company will charge a hefty fee each time. If you're the type to forget how much credit you have, choose a card that doesn't charge a fee if you go over the max.

Annual fees--Most credit card companies make their money from charging cardholders an interest rate. Some card, though, also carry an annual fee. Cards marketed to consumers with credit problems and cards that include big reward packages are more likely to charge annual fees, which can be hundreds of dollars a year. The credit card company continues to charge annual fees until you cancel the card, even if you stop using it.

Balance transfer fees--If you have a high balance on a credit card with less-than-terrific interest rates, you may be tempted by credit card offers that promise to waive interest rates or charge low interest rates on balance transfers. Read the fine print on the disclosure statement on the back of the credit card offer. Some cards charge a balance transfer fee of up to 10 percent, which can offset the benefit of a lower interest rate.

Rewards Programs

Credit card companies compete for your business by offering their lowest rates and fees to the best borrowers, sure, but they also offer rewards programs. Credit card shoppers can choose from rewards such as free gas, cash back, frequent flier miles and plane tickets, gift certificates to popular stores, and many more. But do your homework before you sign on for a rewards program, and make sure you know exactly what you're getting.

How are points accrued?--Many rewards programs offer extra points for certain kinds of purchases. A card offered by a grocery store, for instance, may offer double points on groceries purchased at their store. If you spend a lot of money in one place, try to find a credit card that rewards you for spending that money. Other cards may not offer points for all purchases, so be sure to read the rewards information carefully.

What rewards are available--If you enjoy travel, then you're in luck--many credit cards offer excellent travel rewards. Other consumers would rather get cash back from their purchases, or free gasoline. Consumers who are looking for a new credit card will be able to find many low-interest credit cards with a variety of rewards. The smart consumer finds a rewards package he or she will utilize.

Extra Considerations

A low interest rate, low fees, and a dynamite rewards package are all good ways to decide which credit card is right for you. Even discriminating credit card shoppers may have trouble narrowing down the choices to choose one perfect card. There are a few more things that savvy shoppers will consider before making their final decision.

Customer service--When you contact your credit card company to change your address, request a credit line increase, or to cash in your rewards, you want the procedure to be hassle-free. Visit the card's website to see if it's user friendly, and talk to other people about their experiences with customer support.

Identity theft protection--As the computer age progresses, identity theft is becoming more common. Consumers who use their card to make a lot of Internet purchases should consider a credit card that offers identity theft protection. This kind of protection is more complete than the normal fraud protection offered by all credit cards, and protects the user's credit rating.