Frank owns three Visas, one MasterCard, a Discover card and an American Express card. Each offers enticing incentives to lure him to spend his hard-earned cash.

The General Motors MasterCard rewards him with a rebate good toward the purchase of a GM car or truck; the Northwestern University Visa donates a portion of his spendings to the university; and Discover gives him a cash-back rebate of one-fourth to 1 percent of his yearly purchases.

Compare the Ford MasterCard and Visa to the low-interest Wachovia card. The Ford card has a 15.4 percent variable interest rate and a $20 annual fee that's waived the first year. When you use the card, you earn a rebate equal to 5 percent of your purchases, with a limit of $700 per year for five years, that can be applied toward the purchase of a Ford, Lincoln or Mercury car or light truck.