If you're looking for a new credit card, you need one that costs as little as possible.

When the Credit Card Accountability, Responsibility and Disclosure Act takes full effect on Feb. 22, it will protect consumers from some of the industry's worst abuses.

But until then, the credit card companies are increasing interest rates, hiking fees and imposing onerous new terms in an outrageous effort to milk cardholders for every last dime they can.

Our 8 smart moves will guide you through all of the come-ons and distractions to get the best possible deal.

Smart move 1. Never pay an annual fee.

Annual fees are often the biggest expense for consumers who never -- or rarely -- carry a balance.

They range from $80 or $90 for a typical airline reward card to $500 for prestige cards that cater to the famous and well-to-do -- and those who think the card will make them appear famous and well-to-do.

But the best deals don't have any kind of annual or membership fee.

Don't be fooled by offers to waive the fee for the first year. You're looking for an affordable, long-term relationship.

Smart move 2. Snag a low, and preferably fixed, interest rate.

The smartest thing to do with a credit card is to pay the balance in full every month and avoid any interest charges.

The next smartest thing to do is to get a card with the lowest interest rate possible. You never know when a financial predicament could happen and you might have to carry a balance for a little while.

Your first choice should be a fixed-rate card that costs no more than the national average of 13.4% APY.

The next best alternative is a variable rate that's below the national average of 11.4%.

Why go for a pricier, fixed-rate card?

Variable rates are determined by adding percentage points to the prime rate, which is the rate offered to the best commercial borrowers. You'll usually see the interest rate for these cards expressed as "prime plus 7.95 points."

Right now the prime rate is a very low 3.25%, making variable rates seem like a good deal.

But the prime rate has been driven down by the Federal Reserve's campaign to boost the economy. When the Fed starts raising rates next year, the prime rate and the variable rate on credit cards will go up, too.

Smart move 3: Don't be distracted by introductory rates...

Banks often tout low introductory rates when promoting their cards, but you need to focus on what you'll be paying after the first six, or nine or even 12 months.

Teaser rates shouldn't be a factor in choosing a credit card.

Smart move 4....or reward programs.

Here's the dirty little secret about reward programs: Most cardholders can't possibly spend enough to earn the tens of thousands of points or miles needed to justify the fees.

They often come with higher annual fees, steeper interest rates and stricter terms than other cards.

So you've got to be a business owner or have a hefty expense account to make most reward cards pay off.

Pay late, and you could lose all of the points or miles you earned that month and be unable to redeem any existing points or miles as long as your account is considered to be delinquent in any way.

The number of points or miles required for a free plane ticket or hotel room are always going up as well, devaluing the stake customers have in the program.

If you find a card with no annual fee, consumer-friendly terms, a great rate and a reward program, that's fine.

But reward programs are like teaser rates. They shouldn't be a factor in choosing a card.

Smart move 5. Watch out for how your balance is calculated.

The bigger the balance, the bigger the finance charge.

The most consumer-friendly method is "adjusted balance billing."

It takes the balance at the beginning of the billing cycle and subtracts any payments or credits during the month. Purchases made during the billing cycle aren't added on to the total.

Unfortunately, the "average daily balance" method is more common. It calculates finance charges based on the average daily balance of your account, including new purchases.

The worst way to compute your balance is "two-cycle billing," which uses the average daily balance over the past two months. This allows the card to keep charging interest on the previous month's debt, even if you've paid it off.

The Credit CARD Act will ban this practice, but until it does, stay away from any card that uses two-cycle billing.

Smart move 6. Don't even consider a card that has no grace period.

The grace period is the number of days you have to pay your bill in full before you incur a finance charge on new purchases.

This is what allows you to buy a new dress today and pay for it next month when the credit card bill arrives without being charged any interest.

A card with no grace period means you'll start paying interest on everything you buy the second you leave the cash register.

Smart move 7. Avoid big balance transfer fees.

This is critical if you're planning to transfer the balance from one of your existing accounts to a new credit card.

You want a card that charges no more than 3% of the balance. Avoid cards that charge more (up to 5% in some cases).

You also want a $50, $75 or even $150 cap on any transfer fee. If you sign up for an account that has no cap, you could wind up paying $500 to move a $10,000 balance.

Smart move 8. Favor below-average late fees.

Everyone slips up sometime and fails to pay their bill on time. So look for a card that charges less than the national average of $28.

By Craig Guillot