Experts indicate that most North Americans carry between five and ten credit cards in their wallets, with some credit-aholics holding as many as 35 credit cards at one time.

If you are turned down for a card, it is not a bad idea to call the credit card company and ask why. They will be more than willing to tell you in most cases. Sometimes it is not even a case of having a poor credit rating. It may be that you haven't been at your current address or job long enough, or perhaps your income doesn't meet the card issuer's criteria.

This is the agreement that you sign once you have been approved for the credit card. The written statement that gives the terms and conditions of a credit card account and you have to sign to indicate that you understand it before you can have a credit card account.

There are banks that specialize in extending Visa and MasterCard credit cards to applicants who are just establishing a credit history. Pick a bank, and see how you do. Don't apply to more than one because credit applications show up on your credit report, and multiple rejections make you look desperate for credit.

While nobody plans on missing a credit card payment or going over the limit, it's important to realize what will happen if you do.

If you're looking for a no-frills, low-rate card offer, there's no reason to pay an annual fee.

Most cards offer grace periods to customers who pay off their balances each month. A grace period is the period from the statement date to the payment-due date. If payment is made in full by the end of the grace period, no interest is charged. But if only a partial payment is made, interest kicks in at the end of the grace period.

Some variable-rate credit cards come with floors, also called minimum APRs. Once your card hits its floor, that's as low as it goes. Your interest rate won't drop any lower, regardless of future Fed cuts.