Factors to Consider When Comparing Credit Cards..

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Compare the wide range of credit cards and choose the one that suits you best. There are 7 key factors to consider before you apply for one.

If you ever seriously try to compare credit cards, you might notice how much it's like navigating the cereal aisle at the grocery store. The abundance of possibilities is alluring, but if you really try to make an informed, analytical choice, you could become a victim of analysis paralysis.

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It doesn't have to be that way. To help make your credit card comparison a little bit easier, here are seven key factors to consider. (You're on your own with the cereal.)

1. Understand Your Financial Profile and Spending Habits

Before you start comparing credit cards, it's best to understand your own financial profile. Your credit score and credit history play a big role in what type of credit card you can get. Most high-end credit cards are typically reserved for those with excellent credit, though there are plenty of cards available for those simply looking to establish their credit history, too.

It also helps to know your spending habits. Remember that a credit card isn't a source of free money – you have to pay back every purchase, and any unpaid monthly balance will likely start to collect interest.

2. Ask Yourself: Why Do I Want a Credit Card?

Whether you're getting your first card or adding to a collection, ask yourself why you want a credit card. Your answer will be the basis for determining which credit cards to compare and, ultimately, which one to choose. Here are a few reasons you might want a credit card and some matching card types:

• If you're an avid traveler, look into cards that offer hotel, airline, or general travel rewards.
• If you're a small business owner, a cash back business credit card can help you pay for company expenses.
• If you're just starting to build credit, consider a card with no annual fees and a low APR.
• If you want to make a balance transfer, compare credit cards that offer no-fee balance transfers or 0% balance transfers.