AS cliché as it sounds, I am a shopaholic. Take me anywhere that sells something, anything, and I will not only find something to buy, I will find lots of somethings. Whether it’s a convenience store, a hotel souvenir shop, a bazaar, tiangge or flea market, a mall or department store, even the corner sari-sari store, I hear them calling and I come. Not even store hours can keep me away, thanks to online shopping.

When I lived in the US, I had a charge card for practically every department store: Macy’s, Nordstrom, Mervyn’s, Sears, IMagnin, Neiman Marcus, Bloomingdales, etc. etc. Back then all I wanted was a wallet filled with credit cards. But I guess with age comes wisdom. Nowadays, it’s not about the name on the card as much as the interest rates, the rewards points and promos that come with it.

So what should you consider when choosing a credit card?

Interest rates

Are you going to pay your balance every month or only pay a portion of the bill? If you won’t be paying your balance every month, then choose a card with a low Annual Percentage Rate or APR. If you already carry a balance on a card and would like to start paying this off, look for cards that offer special deals on balance transfers. This will help give you some breathing room from interest charges as you clear your balance.

Cash advance fees

Making a cash advance on your credit card should only be done during emergencies. The corresponding cost, compared to the amount that you actually withdraw, is usually exorbitant. Credit card companies charge you fees for withdrawals and sometimes even a higher interest on the amount you advance. If you think this is something that you’ll need to do often, look for a card that offers the best deal on cash advance fees.

Annual fees

Just because a platinum or a gold card looks good in your wallet doesn’t mean you should opt for one. The annual fees for these elite cards are much higher than the basic card. Some cards will waive the annual fees for the first year, and with a little coaxing, you can also try to get them to waive the annual fee for the next year. Other cards that offer rewards points will allow you to use your rewards points to pay your annual fee.

Rewards

Think about your lifestyle and where you’ll use the card most often. Will you be using your card to pay your utility bills? Then choose a card that offers rebates or cash back for such charges. Are you saving up airline miles for future trips? Choose a card that offers you the chance to accumulate miles in the airline of your choice. Also, study how the card converts your purchases to miles. Do you use your card to pay for gasoline? If you have a preferred gas station then get a credit card that will allow you to get cash back or rebates or even discounts on gasoline. Some cards offer a 3 to 5 percent rebate, so think wisely when choosing the card and gas station. It may not seem like much at first, but after a year of rebates, you’ll notice that the amount you saved from rewards points earned can be significant. If you’d like to be prepared with some extra funds for medical emergencies, choose a card that offers reimbursements or discounts on tests and medical procedures. But it is also important to choose a reward card that allows you to accumulate an unlimited amount of rewards points that never expire. And remember, credit card rewards are only beneficial if you will actually use the rewards, so think long and hard about what you really need.

Loyalty cards

Do you have a favorite store that you shop in? If you spend a significant amount of money at that store, perhaps you should consider a card that offers you rebates or cash back from purchases at that establishment.

Promotions

Certain cards offer short-term promotions that give you free movie tickets, coffee or even special discounts at partner stores. Though these promotions are short term, the bank may offer them often enough that it saves you money or gets you fun freebies that make it worth your while.

Co-branded cards

Schools, establishments, even medical insurance companies now have tie-ups or co-branding with banks. For every purchase you make, you can donate a portion of the interest or purchase amount to a specific organization. If this is important to you, then check out these cards.

Specialty cards

Banks now offer specialty cards for women. These cards give you vouchers and discounts on services and establishments like spas, facial centers and specialty stores. If you’re the type who frequents such outlets, then perhaps you should get one of these cards.

These days there are so many options to choose from, whether you go for rewards, mileage, discounts or freebies. But don’t just choose a card because it offers you discounts on shoes or groceries. You should still study the terms and conditions and the impact on your finances and lifestyle. Understand the card’s limitations and your personal parameters and priorities. Don’t just go for the short-term bonuses. Find a long-term relationship that you can live with and get the best deal from.