With all of the choices in credit cards today, it is easy to get caught up in the race for which one has the best rate and fail to consider the other options that may help you select a credit card that is better geared for your lifestyle.

Low Interest Rate

Make no mistake.  A low interest rate is critical in selecting a credit card company.  Your overall credit rating will help you secure a better rate if you are a good risk, and you should be sure that the card you select allows you to pay your balance in full with no additional interest charges.

Frequent Flyer Miles Cards

The business traveler will find that use of a credit card that is tied to a particular airline is a great way to rack up frequent flyer miles to be used in future business or vacation travel while using the card to purchase airline tickets for current business.  Check with your employer, as many will allow you to purchase your own airline tickets using your personal frequent flyer credit card, will then reimburse you for the cost of your ticket, but allow you to use the frequent flyer miles you accumulate on your card for personal use.

Student Credit Cards

College, and now even high school students, are finding it easier to obtain a credit card for school expenses.  These cards usually require a parent co-signer and feature a low interest rate, assuming that the student will then elect to sign up for their own card with a larger credit line once they graduate and become employed full time.

Cash Back Credit Card

The cash back credit card sounds like a great deal.  Put regular purchases on your card, pay your balance at the end of the month to avoid interest charges, and receive a check from the company every six months for a percentage of your purchases, right?  In theory, yes, but be careful.  Most of the cash back credit cards carry a higher interest rate than their standard competitors, and while you will earn cash back even if you don’t carry a balance from month to month, chances are that you will eventually carry a balance, and that may counteract any cash back benefit you would receive.