If it’s time to open up another Credit card account, you’ll want to make sure to get the best fit for your needs. There are so many credit cards on the market now that it’s not always easy to pinpoint the one that will serve you the best. Read on for 5 easy steps to picking a credit card.

1. Determine the label that you want to use

Do you want Visa, Mastercard, Discover or American Express?  These 4 companies are the dominant players in the credit card industry and most credit cards are backed by one of these 4 names. Depending on where you live, one may be more advantageous than the other, so pay attention when you go out to see which cards your favorite businesses prefer.

2. Figure out what kinds of rewards you want

Credit cards offer various types of rewards ranging from cash back to airline miles. Figure out which types of rewards you need to determine which card you should get. With all the different rewards available, it’s silly to choose a card that doesn’t reward your loyalty.

3. Find the lowest interest rates

Even with all of the competition in the credit card industry, some sneaky lenders will still try to up your rates for no good reason. Check out what other companies are offering and choose a card with a competitive rate.

4. Choose a card with a limit that matches your needs

If you do all of your spending on your credit card and then pay it off each month, you will need a card with a higher limit. For those who only want to use the card to build their credit, a lower limit will be just fine. Usually, well established companies offer people with well-established credit cards with higher limits. Look for companies that offer gold, platinum, diamond or black cards to get the highest spending limits.

5. Check out any fees that may apply to you

You don’t want to constantly get hammered with extra fees for using a card, so pick one that has low fees. Yearly membership fees are a thing of the past, but some cards still try to get away with transfer fees, cash advance fees and other sneaky means of fattening their profit margins.

Finding the right card for your needs isn’t that difficult, but it takes time and work to narrow down the huge playing field to find a card that’s right for your needs. Don’t rush into a decision and do your homework before applying for a card.

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