1. What is your level of temptation with credit cards?

The first thing to ask yourself when choosing a credit card or even evaluating credit cards that you already have is, what is your level of temptation?

If you notice that the maximum balances offered are far more generous than what you actually need, call the bank and have that limit scaled back.

If you’re concerned about overspending, it's best to remove that temptation altogether.

Do you find the higher limit set by the bank tempting? If so, then that controls the limit that you set. Look at your history with credit or credit cards. Have you lost control before? What limits did you have?

Did the limits exceed what you actually needed? Obviously, if you are truly concerned about overspending, credit cards may not be a good choice at all. Instead, use debit cards or cash if you can.

2. What is the purpose of the card?

There are several types of credit cards.

Balance Transfer Credit Card – Transfer other credit card balances or loans with 0% interest for a limited time using this card. Be aware of penalties if you don't pay off the balance by the end of the 0% interest period.
Travel Credit Card – This type of card offers points accrued from flight or hotel reservations and even some insurance perks.
If you rent a car, you can waive certain insurance types, depending on your card and the rental company.For frequent international travelers using Travel Credit Cards, note that exchange rates are typically higher due to an additional 2.5% fee on top of the standard rate.
You can also research those cards that have a 0% foreign transaction fee to avoid this surcharge.
Cash Back Credit Card – This type of card offers the benefit of no annual fee. You can receive a percentage of the total amount spent over time to be credited to the cardholder, questions to ask yourself before choosing your next card.

Any reward card is best left for those people who are confident that they’re going to pay that balance off each month. If you are spending to accrue points rather than accruing points because you happen to spend, that can really be a dangerous habit.

If you are buying items primarily to earn points, you are actually paying to earn those points. Be careful!

Student Credit Card – This type of card is unique, given its easier application process that takes into account the lower-income and lack of credit history of most students. You simply have to prove enrolment in a college or university.
Low Interest and 0% Credit Card – This type of card is generally offered as part of a short-term promotion. These cards can be beneficial for anyone who is trying to get back on track after accruing debt.
Although an interest rate of 19.99% may be normal for some, there are still institutions that offer a 9.99% rate or lower interest cards.

Secured Credit Card – This type of card is ideal for people who need to rebuild their credit. The bank holds the same amount of cash as they give you in a credit card limit, so it serves as collateral. As you’re using the credit card and it’s being paid, it’s rebuilding your credit.
Business Credit Card –

This card keeps business expenses separate from personal spending, making tax filing easier with pre-sorted business expenditures. Questions to ask yourself before choosing your next card

3. How much do you plan to spend each month?

This mainly applies to those considering rewards or secured credit cards, which require upfront collateral. Cards with the biggest rewards often charge an annual fee.

If you're a good bank customer, you may get those fees waived. Questions to ask yourself before choosing your next card.

Because spending with credit cards can easily get out of hand, they’re often blame for rising consumer debt. This can be true, but if you manage your spending and temptation, you can also reap great rewards.

Remember that when balances get out of hand, then interest can be higher, and sometimes people aren’t in a position to even pay the interest down. Reduce the interest rate in whatever way you can. Pay those balances off more than you need to.

Pay them off daily, weekly, or twice per month so there will be no surprises. Stay in control to remain emotionally and financially healthy.

Kelley Olinger is a Coach/Consultant and the Founder of Reconcile Your Wallet (www.reconcileyourwallet.com), assisting high-achievers to align their personal finances with their personal aspirations. Kelley worked in Residential Real Estate with a focus on pre-construction development for over a decade in Victoria, British Columbia, and recently completed her MBA. In this article, she discusses various credit cards and suggests questions to consider before getting one.

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