When I went on a high school trip to Paris, my parents gave me a credit card to use for emergencies. 46 souvenir T-shirts and 5 bottles of perfume later, they took it back. Hey, the prices were in francs, OK? How was I supposed to know how much that costs in *real* money?

The agreement had been to pay them back, which I eventually did, of course. I learned some valuable lessons about credit, limits, and interest, too.

Most of us applied for our own credit card sometime during college or shortly after. If you were like me, you probably just filled out the first 2 or 3 congratulatory "You've Been Pre-approved!" letters from eager lenders that landed in your mailbox.

Was that the smartest decision? Just like a major purchase, it is crucial that you select the card right for you - not whatever is flung your way. A recent investigation from Consumer Reports explains exactly what you should look for and avoid in your credit card collection.

1. All lenders are not created equal. The majority of mailed offers come from a handful of credit companies, most of whom ended up in the bottom of the rankings. Top picks were dominated by credit unions and certain department stores (e.g. Nordstrom). Two key criteria that influenced ratings were interest-rate problems and problem resolution.

2. Understand your choices. Rewards cards often charge a yearly fee and have higher interest rates if you choose to carry a balance. Zero-percent cards apply to the first few months only, and may then zoom up to 15-18% interest after the introductory period is over. If you typically carry a balance, pick a card with the lowest interest rate. Incentive-based cards charge rates that often cost more than the benefit you signed up for.

3. Read the fine print. If you make a late payment, you will be charged a late fee in addition to the extra interest. You may be forced to continue at a bad interest rate for a few billing cycles even if you pay in full on time, until a prescribed amount of time has passed. Some late fees might be as high as $100. Also, if you are late on another bill (not related to your credit card), watch out for a "Universal Default" clause that would allow your creditor to increase your interest even if you have a perfect payment history with them.

If you are not satisfied with your current card but aren't sure if you should switch, call your creditor. You might be surprised at the efforts they will make to keep you as their customer. Late fees, interest rates, and incentives may be negotiable.

Mamaluv is a ChickAdvisor writer and avid points collector.

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