The Best Credit Card for You

All credit cards are not created equal. Here are a few we like.

Simmons First Visa Platinum

Why: Very low rate

If you're looking for a low rate, you can't get much better than 7.25%, but you must have excellent credit to be approved. Bonus: There are no balance transfer fees, though transferred balances don't get a teaser rate -- they go right to 7.25%.

Interest rate: 7.25% variable
Grace period: 25 days
(http://www.simmonsfirst.com/, 800-272-2102)

Schwab Invest First Visa

Why: Great cash-back rewards, no foreign transaction fees

You earn 2% unlimited cash back on every single purchase you make. You must have a Schwab One brokerage account, but there are no fees to open or maintain the account. Bonus: If you're traveling abroad, this is the card to take with you -- it charges no foreign exchange transaction fees.

Interest rate: 13.24% variable
Grace period: At least 25 days from the statement closing date
(http://www.schwab.com/, 866-724-9223)

Citi Forward

Why: Shrinking APR

Citi Forward just might be the model for all credit cards in the future: Stay under your credit line and pay at least your minimum amount due on time three billing periods in a row, and your purchase APR will be reduced by 0.25%. It can be reduced a maximum of eight times for a total reduction of 2% during the lifetime of your account.

Interest rate: 12.24% variable
Grace period: At least 20 days if you pay the total balance in full by the due date every billing period. If you do not, you will not get a grace period.
(http://www.citiforward.com/, 800-456-4277)

Pentagon Federal Visa Platinum

Why: Cash back for gas guzzlers

The rewards on this credit union card are hard to beat, especially if you're a road warrior. Earn 5% back on all gas purchases, 2% on supermarket purchases, and 1.25% on everything else. You must join the credit union to apply, but if you don't meet membership requirements, you can join the National Military Family Association -- open to anyone -- for a one-time fee of $20. PenFed is also promoting a great balance transfer for life rate -- 2.99%. (Balance transfer fees are 2.5% of the loan, capped at $100.)

Interest rate: 13.99%
Grace period: 25 days on average
(http://www.penfed.org/, 800-247-5626)

Clear from American Express

Why: Free from fees

If you're looking for simplicity, go with this card. It charges no fees of any kind -- late, over-limit, balance transfer, or cash advance fees. You earn an unlimited 1% back on every purchase; you automatically receive a $25 American Express shopping card for every $2,500 you spend.

Interest rate: Starts at prime + 8.99%
Grace period: 28-31 days if the previous balance shown on each billing statement is paid in full by each respective due date.
(http://www.americanexpress.com/, 800-223-2670)

Blue Cash from American Express

Why: A lot of cash back

Big spender who pays down your balance each month? This is the card for you. After you spend $6,500 in a year, you earn 5% back on all purchases at supermarkets, drugstores and gas stations and 1.5% back on everything else. (Before you reach $6,500, you earn 1% and 0.5%, respectively.)

Interest rate: Starts at prime + 7.99%
Grace period: Up to 20 days, if the previous balance shown on each billing statement is paid in full by each respective due date.
(http://www.americanexpress.com/, 800-223-2670)