When you said, "the best thing to do is not to cram at all", you hit the nail on the head. I'm going to give you two sorts of advice.
First, here is how to avoid that terrible crunch at exam time. Don't overload on the amount of credits you take. If you have a subject that is personally difficult for you, then the rest of the course load should be made up of subjects that you find comparatively easy. Trying to juggle four or five backbreaking courses at one time is generally a bad idea. We need to escape the pressure of killer courses. The more enjoyable classes provide that, and help to offset the potential lower grades we expect in the tough classes.
Start studying before the semester begins. You have an idea what material your semester courses will cover, so start reading and thinking about that material ASAP. Often, I would cover at least the high points of the coming year's studies during summer vacations. Every school break is an opportunity to get ahead of the curve, don't waste it. The more you know going in, the easier it is to get good grades and avoid the crunch at exams. The result is that you have more time to focus on those subjects, or topics that don't come easily to you.
Read constantly, never go anywhere without a book that somehow deals with the subject(s) you're studying. Ideally, this extracurricular reading will be serious academically acceptable material and not be "required" reading. The idea is to add depth to your knowledge and understanding beyond the skeleton the professor is lecturing on. By broadening your base you are increasing your chances of writing exams that will have that little extra needed to grab extra credit, and a better grade. The tougher the course, the more you need every bit of grade-lifting power you can get. Watch films and television programs that contribute to you field of study, but take them with a grain of salt.
Don't miss class and turn in all assignments on time. Most serious students already do this, so not much needs to be said. If the role isn't called, then sit where you can easily see the professor and the class. I like the front few seats to the right of a right-handed teacher. This insures you hear and see clearly lectures and demonstrations. From my favored seats, I can turn a bit and see what the rest of the class is doing and saying.
Use your computer wordprocessor to write you essays. The machine will help you avoid spelling and grammar problems. Even today after a life time of study, I almost always catch problems in even short bits of writing. Stick to the prescribed format, and save a copy of everything. It is not plagiarism to steal from yourself. A paragraph that got a good response in one class might reduce the effort needed to write a paper on a similar subject, but don't use a whole paper more than once.
Don't let note-taking overwhelm your ability to absorb the class work. As an lower division undergraduate, I took far too many notes that mostly were never read (or even in some cases readable) again. So busy taking notes, we miss a lot of what is being said and demonstrated in the classroom. As soon as I stopped taking extensive notes, my grades shot up like a rocket. If you feel you really need the notes, invest in a small tape recorder and, with the professor's permission, record the lecture. In my experience, if you explain that the recording is intended solely as a means of helping you totally absorb the lesson and that the tape will not be used for any other purpose before being destroyed, most teachers won't object. I've also found that just a word, or phrase to be used as a "mind/memory hook", is useful. I'll write it into the center of the note-page, and then radially outward add the sub-points alone as they come up in the class. These sort of notes, for me, were always much more useful later during cram that the old style notes.
Study groups can be useful. I've had mixed results with study groups. When there is at least one, or two, brainiacs in the subject area, they worked fine. They can add depth of understanding and help push research further than a single student can accomplish by themselves. On the other hand, if the group knows less than you do you may end up losing time by bringing the slow members of the group up to speed. I love to help people, but when it comes to them or me, "its gotta be me". Seek out and associate with good students who are in your same league, or just a bit above, and you may benefit from study groups. Of course, avoid study groups that end up "studying" at the local pub.
These sort of study habits will help you build a semester's worth of good grades so the mid-term and final grades will have less impact if you don't do well there. You will find that going into those more traumatic exams that you already know the material so it they will be less stressful. One of the keys to test taking is to be relaxed and confident. Sound preparation over an entire course is fundamental to finishing with confidence.
How can we best cram for those finals? Start early, at least a week ahead of time. Try to avoid the last minute rush, when it's easy to give way to panic. By starting early, you can schedule your "cram sessions" rationally so that they don't overwhelm and overload you with information. I like to start these early sessions with the stuff I know best. That helps give confidence and insure that I'm prepared across the board.
Know your teachers and the sort of problems they are likely to build their exams around. The problem with too great a focus on what you anticipate, is that it can backfire. You get "A" down pat, only to be given an exam on "B". Keep your focus on the material presented in the whole course, but give extra attention to what you believe the professor is most likely to hit you with. If you've been doing all the stuff above, then you should have a pretty good idea of what's to come. Don't be surprised, be prepared.
Tailor your study to your memory type. If you have terrible short-term memory, then don't put too much reliance on it. I like to finish my course review (I don't even think of it as cramming) with the course work I'm least confident in. That insures that it's at the "top" of my mind going in. Optimally for me, the most difficult exams are the last in the series. That often gives me an extra day for review, and practice.
Practice tests can be very useful. Set yourself the problem and then take the test. I like to have a fellow student score my practice for me, but I have done it for myself as well. By putting yourself to the "test" you will later be more comfortable in the exam room. What you are looking for is to clearly state the main answer in one or two sentences. Supporting points that are organized, and clear. With luck, the actual exam will be some close variant to what you've already practiced for. A+ everytime. As I progressed with my education, I tended to rely much less on practice exams because I had already taken so many that my skills were honed. Multiple choice exams are so easy that no one should score less than 90%. Math problems are problems, you either know the material, or you don't and no amount of schmoozing will help.
Don't cram the night before the test! Take that last night off, and relax. Don't stay up late, and especially don't drink or do your favorite recreational drugs. Eat your favorite meal, take a long walk and go home to bed. The point here is to not think about the exam if you can. Give your subconscious time to integrate all the mental work you've been doing. This is the point of going to sleep early. The next morning, eat a good breakfast but avoid stimulants ... they can screw up your controls. Be prepared with a backup of everything you will need to take the test, but travel light as you can. If there is a mix of test questions, I like to do the easy ones first to get them out of the way. I then turn to the ones that really require some thought. Be sure you understand the actual question, and not some variant you'd like it to be. Usually, in my experience (except in Torts) these tough questions can be resolved down into no more than a couple of points. Solve those, and then flesh out the rest. I seldom diagram my answers on paper, but I try to always have a clear notion of what I need to say.
The more you study and learn, the easier it is. I was lousy in high school. In my first college I struggled. After that, my knowledge base began to expand a lot and my grades began to soar. I really enjoyed the last few years of undergraduate work. Graduate School was FUN, FUN, FUN. Law School was a killer there was so much material and writing required. Natalie and I have been married now about 40 years, and the closest we ever came to divorce was when I was studying Law. Education and study is just a part of life, you will probably never finish.
It was nearly a disaster, but it wasn't, and I realized that the model doesn't work when the real world intrudes -- when it is not just me and my books and my typewriter, with all of the time in the world and no interruptions from aunt Carol who after all flew all of the way from Florida and Lili from Argentina and... 
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