We've got our sights set on the plastic in your wallet. You'll likely find lower credit limits, higher interest rates, and higher fees than what many have been accustomed to in recent years. But don't jump at those new credit card offer just yet!

President Obama had called on congress to pass credit card reform legislation by Memorial Day. The Senate on Tuesday voted almost unanimously in favor of credit card reform. The bill, expected to be taken up by the house later today, would make it tougher for credit card issuers to raise fees and interest rates starting early next year.  But you might be paying more than you think for your credit card.

We all know the term APR - annual percentage rate - but the number consumers should really be paying attention to is "effective APR."

“An effective APR represents your total cost of credit," explains Greg McBride, a senior financial analyst at bank-rate.com.

"Keep in mind, this may be more than just the interest rate. If you're paying an annual fee, if you incurred a balance transfer fee when transferring the balance to that card… those are costs that will add to the interest rate that you're effectively paying, effectively raising the cost that you pay on that balance.,” says McBride.

Your own effective APR is unique –different from everybody else's. Here's an example of how to calculate your effectiveAPR from Bill Hardekopf at low-cards.com.

Our hypothetical guy - let's call him Tony - applied for a credit card with zero percent APR for one year. He spent $1,000 on the card and decided to make only the minimum payments for that first year.

Later, he took out a $2,000 cash advance - not realizing there was a  fee for that - and that cash advances come with  a much higher interest rate than purchases. Then, Tony missed a couple payments, which triggered two late fee charges. It also triggered a default rate.  And his card rate was raised to 29.9 percent.

He eventually paid off the entire card and closed the account. So this guy ‘Tony’ was tempted by the zero percent introductory offer, but it cost him dearly. Let's add up the total costs to the card:

$75 interest on purchases
+ $379 interest on cash advances
+ $60 cash advance fee
+ $78 late charge fees
So he's spending $592 on all these extra costs... Which makes his effective APR 19.7 percent.

On a card that was supposed to be zero percent APR! So what should consumers be aware of when they're looking to open a new credit card?

Introductory rates, payment schedule, cash advance fees, late fees, and default rates. Those are numbers not even in the fine print, but in the regular print. You really have to sit down and crunch those numbers to determine what is the best card for you.

As we just explained, effective APR doesn't necessarily jive with the APR printed on the credit card offer. And remember, some of these expenses are easily managed. Make your payments on time, keep and eye on your rate schedule, and avoid cash advances whenever possible.

The government is expected to reveal the results of its all-important bank stress-tests next week. Investors and customers alike will be scrutinizing these numbers to make sure their bank has the wherewithal to survive in this tough economic environment.

So how can you be sure that the bank where you keep your money is safe?

1) Pay attention to the numbers. The Federal Reserve's stress tests will value bank assets and analyze their capital cushion. Investors and large customers will be scouring the reports next week looking for telltale weaknesses.

But here's the rub: for consumers, this information is less than useful. What you need to know is whether your bank is lending to people like you, whether fees are out of sight, and if the bank's credit card department is cutting credit limits. The Fed is less concerned about all of this… Plus, the stress test is only being applied to 19 of America's 8,500 banks: yours might not even be tested.

2) Check up on your bank. You're better off consulting sites like bankrate.com than going by broad rules of thumb. Bankrate offers a safe and sound rating system that can help you get a picture of how your bank is doing. Bankrate updates its ratings quarterly, so be sure to check back for the latest every three months.

You can also check out HSH.com for mortgage and consumer loan information divided by region.

3) Don't panic. Even if something happens to your bank, your money is protected by the FDIC up to certain limits. Through the end of this year, individual accounts are fully protected up to $250,000, and the same goes for all retirement accounts, including IRAs.

And if you're over the limits, spread out your money at different institutions, or consider joining a credit union. Credit unions are just as safe a bet as banks are. Instead of the FDIC guarantee, you have the National Credit Union Association to back up your accounts.

One of the worst moves you could make is pulling your money out of a regulated institution and holding the cash yourself.

Finally, consider the size of the bank where you invest your money. Size doesn’t guarantee safety. Some large banks are struggling because of the collapse of collateralized debt obligations; and while many would say that small institutions are more risky because of their limited ability to raise capital, some haven't gotten into the quagmire of CDOs –  collateralized debt obligations, which are asset-backed securities.

As the stock market falls along with our investment value, it’s more important now than ever to pay attention to mutual fund fees.

1. Calculate the Impact

Fees make the impact between making money…and not making money. A 1% difference in fees and expenses would reduce your account balance at retirement by 28%.

2. Get the details

Here are some fees that may be attached to your mutual fund. In addition to the expense ratio—which can include everything from advisory fees to administrative costs like printing and postage—there can be load fees. A "load" is simply a sales charge. Keep fees below 1 percent for a stock fund and below 0.75 percent for a bond fund.

3. Do your homework

Your funds’ prospectus should outline all the fees, but you can also check out Morningstar.com. Just type in the fund you’re interested in and you’ll be able to get an outline of the expense ratio and the “load” amount.

You can catch Gerri's Top Tips every day at 10:30 am on CNN.

As airlines start to charge for checking luggage, your carry-on bag has become a prime piece of real estate. Here are tips on how to make the most of your carry-on.

1. Get the right size

Check the size restriction on your carry-on bag. Most airlines give you 45 linear inches (height + width + depth) and a weight limit of 40 pounds. A bag with soft sides will accommodate your items more easily.

2. Pack smart

When you start packing, put the bulkiest clothes in first. AND roll your clothes.

And don’t forget to utilize every space that you can—if you’re packing shoes…put your socks in that space…if you have pockets, you can stuff small items in there too...like earrings.

3. Use your person

If you have a bulky pair of hiking boots maybe, or a heavier coat wear that on the plane. Even if you dress in layers, you’ll be saving room in your carry-on.

For more of Gerri's Top Tips, watch CNN at 10:15 am Eastern Time.

There are lessons to be learned from the Midwest floods where many homeowners didn't have flood insurance. Here are top tips on what you need to know to keep your home safe.

1) Assess your risk
Just because you don't live near a body of water, doesn't mean you can escape the risk of flooding. Find out how vulnerable your home is to flooding by going to floodsmart.gov and msc.fema.gov.

2) Getting insurance
You must buy flood insurance from the federal government through an insurance company. If your insurance company doesn't offer flood insurance, you can contact the NFIP directly at 1-888-379-9531.

3) Know the costs
Flood insurance covers you up to $250,000 for the house and $100,000 for what's inside it. And your premiums will vary based on what kind of risk you represent. Most policies cost $600. But some policies only cost $120 a year.

4) Don't delay
There is a 30-day waiting period before the policy becomes effective.

Catch Gerri's Top Tips every day on CNN at 10 a.m. and Headline news at 9:00 a.m. ET

Federal Reserve Chairman Ben Bernanke is hinting that inflation concerns will keep the Fed from cutting rates again. Here are tips on how to cope with inflation.

1. Change your habits
How many times have you grabbed a cup of coffee on the way to work? At $1.40 a day, that would cost you $364 a year. If you bought a bottle of water five days a week, that would cost you $325 a year. If you get a manicure every month, that will add up to $240 a year.
Rethink those purchases that have become just habits.

2. Cut corners
Cut your food shopping costs by buying store brands over name brands. Visit sites like coolsavings.com or valpak.com. And check out yardsalesearch.com and freecycle.org.

3. Insulate your nest egg
During times of inflation, you need more money to combat rising prices. If you are in retirement, you'll want to keep at least half of your portfolio in stocks. Stocks do much better than bonds during inflationary times.

Watch Gerri Willis on Issue #1 to find out how the economy is affecting you, every day at noon ET on CNN.

Just about everybody is feeling the pinch of high gas prices these days. But most of us have to drive - at least to work. Your boss expects you to show up for work. No excuses.

While commuting to work is getting more expensive, here's how you can save.

1) Maintain your car

Make sure your tires are inflated properly. If you have a roof rack that you're not using, take it down. Get rid of heavy loads you're carrying around.

2) Find a buddy

Carpool with colleagues or fellow commuters. Sign up for the free service http://www.erideshare.com/ or look into your options at http://www.commuterchoice.com/.

3) Reduce your insurance

If you cut your commute, let your auto insurer know. You'll generally get a low-mileage discount if you drive fewer than 40 miles per day.