Whenever I go to a party and people find out what I do, I inevitably get a financial question or two.

“What do you think of this mutual fund?”

“My financial advisor is underperforming the S&P 500. Should I fire him?”

And, quite often: “How do I choose a new credit card?”

Although this site — and many others — provide useful lists of recommended credit cards in tables that allow you to easily compare different credit cards’ rewards programs and interest rates, choosing one is still intimidating.

Choosing a new credit card is something most of us only do every few years. For one, applying for a card involves a hard inquiry on your credit report (too many of these in a short period of time aren’t good). And besides, you just don’t want more open accounts in your name than you need — for security and simplicity.

Here’s what to look for when choosing a new credit card. It’s not rocket science, but these tips will help steer you towards the cards best-suited to your creditworthiness and spending habits.

1. How’s your credit?

The best credit cards require really good credit. Certainly if you’ve had past credit problems, these cards might be off the table. But sometimes you might find yourself declined for a credit card even when you’ve been making payments on-time religiously, but you just haven’t had credit long enough.

If you have less than 5 years of credit history, you’ll have to lower your expectations of what you’ll get in terms of rewards, and you might also prepare to pay an annual fee. You can read more about choosing a credit card when you have limited credit here.

If your credit is top-notch, that’s great. But before you move on, keep in mind that some people are declined for credit cards even with good credit. Factors like having too much debt or not enough income can prevent you from getting a new credit card, even with good credit.

2. Do you pay off your entire credit card balance each and every month?

No judging here, but be honest with yourself.

• Do you religiously pay every penny of your credit card balance every month?
• Or do you sometimes use your credit card to pay off a big-ticket item or an over budget month over several months?

If you carry a balance—even sometimes—look at APRs first, then rewards.

This question matters. Because no matter how good the rewards on a credit card, you may save a lot more money by choosing a card with a lower interest rate, even if it doesn’t have rewards at all. If you carry a balance from time to time, look for the lowest APR first.

If you can, always use a credit card with a 0 percent intro APR to make big purchases that you’re going to pay off over time. If you can repay the balance before the intro APR expires, you won’t pay a cent in interest—and you might even come out ahead thanks to a sign-up bonus and rewards. Here are some of the best cards with 0 percent intro APRs on purchases.

If you’re looking to transfer a balance from one card to a new credit card with a promotional 0 percent APR, don’t forget to think about balance transfer fees. Use our balance transfer calculator to see how much you might save, or browse all balance transfer credit cards here.

IGNORE the rewards. Even if you only carry a balance occasionally, the interest you pay matters more than whatever rewards you earn.

Or, carry two cards.

If you want to be as savvy as possible, carry two credit cards: One with a low APR that you use for purchases you’ll pay off over time, another credit card that pays cash back that you pay off in full every month.

If you never carry a balance, then you can essentially ignore the interest rates when shopping for a credit card. If, however, something changes in the future and you’ll need to pay something off over time, you’ll want to get another new credit card just for that purpose. Don’t get caught paying a big APR on a rewards credit card!

3. Do you spend a lot of money in a particular area?

For most, one of these recommended credit cards will offer everything you need to earn rewards on everything you buy that can be redeemed for either cash or travel.

• Here’s what to pay attention to when choosing a new credit card:
• How are rewards earned? (Most will reward every purchase, with bonus rewards on certain purchases.)
• How can rewards be redeemed?
• Are their limits to the rewards you can earn? Do they expire?
• Is their an annual fee? If so, do you spend enough to make the fee worthwhile?

Air travel is the most common reason to deviate from popular all-inclusive rewards cards. If you frequently fly a particular airline, the perks that come with having that airline’s loyalty credit cards — such as free checked bags or priority boarding — may be well worth the card’s annual fee. Keep in mind, however, that you may still get a higher rewards rate on most of your purchases with another card.

4. Do you need a business credit card?

If you’re charging business expenses to a credit card, it makes sense to have a dedicated card that you only use for business purchases. Not only does this help keep your finances organized, it maintains proper separation between your business and personal expenses, which can work to your favor in the event of a tax audit or legal action against you.

This doesn’t have to be a business credit card — especially if you’re a solopreneur or you simply charge expenses and are reimbursed by your employer.

Business credit cards like these, however, come with additional features designed to help you track business expenses and give employees access to credit cards. And the rewards on these cards can be quite good. To apply, you’ll need to have excellent personal credit as well as an established business entity.

Things to pay attention to when choosing a business credit card:

• What features, if any, does it offer to help you run your business?
• Does the card charge for additional employee credit cards?
• Are rewards comparable or better than what you could get from a personal credit card?
• If you’ll use the card to pay off business purchases over time, is the APR competitive?

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