Just because you qualify for a bunch of credit cards doesn't mean you should jump at the offers. Applying for lots of cards at the same time can have a negative effect on your credit rating because it makes lenders worry that you won't be able to handle all your expenses. You don't want to damage your credit score: It determines which loans you qualify for and what interest rates you'll be offered.

When you need a new card, don't get caught up in whether it will earn you frequent-flier miles or comes in some groovy designer color. Your only concern should be to snag the lowest possible interest rate. A smart place to shop is bankrate.com, where you can compare hundreds of cards. Remember, those great introductory offers are the come-on to get you signed up, so make sure you know what the interest rate will be when the honeymoon ends. And just say no to any card that charges an annual fee. That's silliness in today's competitive market. —Suze Orman