To answer the original question. You start from ficitious entities, described by the free Hamiltonian, called "bare particles", e.g., in QED represented by a Dirac field describing electrons and positrons. Since bare particles don't interact, they don't carry an electromagnetic field. Now you add the interaction term with the electromagnetic field, and this implies that the electron interacts with the electromagnetic field and as a charge carrier (including a magnetic moment automatically too) also has an electric field around it. This electric field carries energy, momentum, and angular momentum. Since the energy is equivalent to a mass in the famous sense of ##E_0=m c^2## (note that there are only invariant masses in modern theory), the corresponding mass of the electromagnetic field adds to the bare mass of the non-interacting electron. Unfortunately with our physicists' sloppy math we add an infinite mass in each order of the socalled self-energy diagram, but of course the bare mass is not observable, because electrons carry their electromagnetic field around. Thus we can lump another infinity to the bare mass such as to cancel the infinite mass contribution of the electromagnetic field such that the observed mass of the electron is left at any order of perturbation theory. The same holds for the normalization of the electron-positron Dirac field and the the electromagnetic field, i.e., you have to lump the infinities to the bare normalization constants, which don't occur in any observable quantities at the end. Last but not least the same holds for the electric charge, which is renormalized by the same mathematical reshuffling of infinities. What's also renormalized is the magnetic moment of the electron, but fortunately that's a finite contribution of the perturbative series (in the radiative corrections to the proper three-point vertex function), and is among the most precise predictions of any physical theory ever (in comparison with the as amazing accuracy of the experimental determination of this quantity).
QED (and the entire standard model) is a very special kind of quantum field theory: It's Dyson-renormalizable, i.e., there are only a finite number of constants (wave-function normalization, masses, and coupling constants) needed to lump all the infinities from the sloppy treatment of the math into the corresponding unobservable "bare quantities".
What also enters necessarily into the game of this renormalization procedure is an energy-momentum scale, the socalled renormalization scale, at which you determine the said constants through measurement of observable quantities concerning appropriate types scattering reactions (e.g., the electromagnetic interaction strength is taken at low energies, leading to a fine-structure constant of about 1/137 by looking, e.g., at the Cross section for elastic Coulomb scattering; if you look at larger scattering energies (as at the ##Z##-boson-mass scale) you find a larger value of about 1/128).
This hints at another important interpretation of the renormalization procedure, which so far looks a bit artificial in just eliminating mathematical blunder by subtracting infinities such as to get finite results for the observable quantities: That's the Wilsonian view on the renormalization procedure, which interprets QFTs like the standard model as effective theories, dependent on the resolution at which I look at the interacting particles in scattering experiments. The higher the scattering energy, the finer spatial resolution I get in investigating the inner structures of the scattering particles.
At the extreme in the standard model with this respect are the strongly interacting particles. At the fundamental level, writing down the bare Lagrangian of quantum chromodynamics you deal with quarks and gluons of Quantum Chromodynamics (forgetting for a moment about the electromagnetic and weak interactions also described by the standard model). Then you switch on the interaction and realize very fascinating properties: Contrary to the similar looking case of QED the strong coupling constant decreases with larger renormalization scales. This is called asymptotic freedom, and it applies that we can't use perturbation theory for the strong interactions among quarks and gluons for low-energy scattering energies, but it works well at large scattering energies. Indeed at low energies we cannot find any quarks and gluons. All we find looking at strongly interacting objects are bound states of quarks and gluons, the hadrons (among the protons and neutrons, which are the building blocks of the atomic nuclei of all the matter around us), which carry no net-color-charge. Now you can use electrons to scatter on the hadrons and investigate their inner structure, and indeed it turns out that a proton consists of three socalled valence quarks and an entire cloud of quarks, antiquarks, and gluons, and the more energetic the interactions get, the more details are revealed (encoded in socalled parton-distribution functions or even generalized parton-distribution functions).