(MONEY Magazine) – Credit-card companies have outdone themselves again this year, breaking records with the quantity and variety of attention-getting twists and incentives. "We're seeing an urgent need to differentiate products," says Marcia Waite, vice president of MarketIQ, a firm that tracks credit-card solicitations.

The gimmickry perhaps reached new heights with last year's LensCard, an otherwise unremarkable card from Chase that's embedded with a tiny magnifying glass for reading small print. Meanwhile, so-called premium cards--like those with the ubiquitous platinum designation--are almost indistinguishable.

But if you've stopped reading credit-card solicitations altogether, you may be missing something: Buried in that pile of junk mail are a handful of new cards with truly low interest rates and super-size rewards. So we sifted through dozens of offers for noteworthy newcomers in the most popular categories.

INTERNET CARDS

The stock market isn't the only place where the Internet is making a big splash. In the past year, three major Internet-themed credit cards have made their debut. Many of their selling points, such as online statements, customer service via e-mail and beefed-up security for Internet purchases, are largely cosmetic. Still, these no-fee cards do offer some enticing rebates for serious online shoppers. The Yahoo!Visa card, issued by First USA (800-347-7887), offers a 1% reward, redeemable at certain online merchants, when you use the card for online or ordinary purchases. The NextCard (www.nextcard.com), issued by Heritage Bank of Commerce, is unique because of its customizable--if somewhat complicated--rewards program and the fact that you can apply for it only online.

Our favorite in the category is the e.card, which is also issued by First USA (800-347-7887). It offers attractive terms--a fixed interest rate of 9.99% and no annual fee--and a simple rewards program that gives you an impressive 5% cash back on purchases at a dozen partner sites, including Amazon.com and eToys.com. And there's no cap on rewards.

MULTIPLE-AIRLINE MILEAGE CARDS

Until a few years ago, American Express and Diners Club were among the few major issuers that let you redeem rewards on more than one airline. The category now has several more entrants, like the World MasterCard, which came out in late 1997. Our favorite of the new arrivals is the Visa Signature Card, which earns frequent-flier miles that can be redeemed on any airline and that--unlike most airlines' own mileage programs--are not subject to seat restrictions or blackout dates. It also comes with premium perks like free hotel upgrades. Several banks offer the card, including Capital One (800-822-3397), which issues it for $49 a year with a 9.99% fixed rate. (That beats the First USA World MasterCard, which charges a $49 annual fee and fixed 15.99% interest.)

Watch for even more new offers in this category: Capital One and AmEx are currently testing additional new multiple-airline cards with similar terms.

CASHBACK CARDS

As we reported in November, more issuers are wooing consumers with the promise of cash. Discover (800-347-2683), for example, just rolled out a new platinum version of its rebate card that offers double points for charges at some not-yet-named retailers. On other purchases, however, cash does not accrue any faster than with Discover's original card.

The new no-fee Cash Back Card from American Express (800-942-2639) is currently our favorite cashback card for heavy chargers. It pays 1.5% on purchases over $5,000--with no annual cap on rewards.

For people who charge less often, we still recommend the GE Rewards MasterCard (800-437-3927), which pays 1% after you charge $2,000 a year.

LOW TEASER RATES

The teaser is an old trick: You're drawn to the amazingly low rate that lasts only a few months--then it shoots up into the high teens. But things are a bit different these days: The so-called go-to rates--that is, the rates you pay when the teasers run out--are now in the low double digits. The average teaser rate is about 3%--with some as low as 0%--and the typical life of the teaser has lengthened. For a list of low-teaser- rate cards, check out www.bankrate.com. When we looked, Bank One (888-221-9067) was offering a 3.9% intro rate that goes to 9.99% after six months.

Just be wary of extra fees or penalty rates, which is how issuers often make up for the low rates. A single late payment during the teaser period, for example, sends Bank One's rate to 9.9%; even worse, if you make two late payments within any six-month period, the interest rate becomes 19.99%.

SPECIALTY CARDS

Not to be confused with retailers' cards, which can only be used in the issuer's stores, specialty cards work like ordinary credit cards but the "cash" they give back can be spent only on the issuers' products. There's probably a card for any interest, but here are two of our favorites:

Citibank's Sony Card (800-748-7669) offers 1% on general purchases, 2% on Sony goods and 3% on charges at Sony's more than 1,000 partners, which include Circuit City and Best Buy. Rewards are capped at $250 a year and can be used for movie tickets at Sony theaters or on Sony electronics. And the terms? Not bad at all--no annual fee and an interest rate of 13.65%.

Those who spend a small fortune on ski-lift tickets will like the American Skiing Co.'s Edge Card (800-347-7887). The no-fee, 16.99% variable-rate card pays a point per dollar on ordinary charges and five points at ASC's mountains, which include Vermont's Killington and Colorado's Steamboat Springs. Every 1,000 points gets you $10 off at ASC resorts, and you earn 300 points every day you ski at one of its hills.