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Prime Rate. This rate is what banks charge their best commercial customers for loans.

Paying only the minimum will cost you an exorbitant amount of money in interest and take forever to pay off. For example, if your credit card has a $5000 balance with 15 percent interest rate, it will take you 21 years and five months to be rid of your debt if you only pay the minimum. In that time, you will pay $4,757.98 in interest.

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Secured cards are indistinguishable from unsecured cards and are reported to the credit agencies as unsecured cards are. You can usually raise your credit limit by increasing the amount of your deposit. After you have kept up payments on your new credit card account for about two years, the issuing bank will often offer you an unsecured credit card account.

Decide just how valuable these services are before you sign up with a card. If they are super convenient it may be worth paying a little extra for the card as you trade money for time.

Car Rentals: The potential problem here is similar to the case above with hotel reservations. Car rental companies will place a hold on your account for an amount over and above the actual cost of the rental to insure them against possible damage to the vehicle you rent. But the advantages of using a credit card for car rentals can be many. The perks include free road service, discounts at particular rental agencies, cash rebates and car-rental insurance.

How to deal with a debt collector -- The law restricts how much they can harass you. PLUS: When the collection agency is wrong Why college students might need a credit card -- Not having a credit history can make post-college life more complicated and more expensive

Convenience Checks. These come from credit-card issuers. You use these checks to pay off the debt you have on other cards, which transfers your debt to the card that gave you the check. The typical inducement? A special low rate. But that rate may last only a few months. If you pay late or exceed your spending limit, some cards are imposing interest-rate penalties as high as 24.9 percent, says Ruth Susswein, executive director of Bankcard Holders of America. Check the fine print before accepting any low-rate offer.

This method gives you until the end of the billing cycle to pay a portion of your balance to avoid the interest charges on that amount. Some creditors exclude prior, unpaid finance charges from the previous balance.

Daily Periodic Rate. your annual interest rate expressed on a daily basis. It equals 1/365th of your annual percentage rate.

If you choose to maintain joint accounts with your husband, realize that there is still a separate credit history for you as far as the credit bureaus are concerned, and you need to make sure that the payment history of the joint accounts are reported to the three main credit bureaus. If in doubt, order a copy of your credit report from all three credit reporting agencies to verify. You will find their addresses listed on our Credit Bureaus page.

Another reason for secured credit cards is for those who have good credit, but enjoy the freedom of staying debt free. A secured credit card or a stored value card will keep you debt free and offer you the conveniences of having a credit card such as booking hotels, rentals cars, or shopping online.

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Other Costs and Features Credit terms vary among issuers. When shopping for a card, think about how you plan to use it. If you expect to pay your bills in full each month, the annual fee and other charges may be more important than the periodic rate and the APR, if there is a grace period for purchases. However, if you use the cash advance feature, many cards do not permit a grace period for the amounts due — even if they have a grace period for purchases. So, it may still be wise to consider the APR and balance computation method. Also, if you plan to pay for purchases over time, the APR and the balance computation method are definitely major considerations.

Credit Card. Unlike charge cards, credit cards allow you to revolve your charges. A credit card allows you to make partial payments for purchases, but charges interest on the amount owed. You can also pay your balance off in full to avoid interest payments. Banks and other card issuers set interest rates and fees. To protect your credit rating, be sure to pay at least the minimum amount due by the payment due date.