My goodness have you looked into the various credit card choices that are available today? This one may have a low interest rate, but a ridiculous annual fee, and that one may have no black out dates for air travel, but can only be used every third Wednesday of the month. Or what about the offer you hear – that it offers cash back on specific purchases – but what the heck are those specific purchases anyway?

The credit card choices available today can be so confusing to the average person, so how does one figure out the best credit card to get? If you do an online search of the words credit cards, you will get more responses than you could realistically look at in weeks.

In order to figure out which of the multiple credit card choices that available is the best one(s) for you, first you should probably have a good idea of what your credit rating is. If you do not know, you can easily get this information from any of the major credit rating companies. This can be accomplished in one of two ways, either request it and pay the fee they ask or apply for credit and if your request is denied, the company that denied you will send you a form that will state which one of the major credit rating companies denied you – and they have to send you a free credit report. Knowing before applying for credit is usually your best option.

After you know what your credit score or FICO® Score is, then you can take the time to decide which credit cards you are eligible for. For the purpose of this discussion, we will imagine you have limited to good credit. There are still multiple options that are available for you. Before you begin your search, ask yourself what benefits are important to you. If you are a frequent flyer, especially now with fuel prices what they are and airfare increasing by the day, frequent flyer miles may be critical for you. However, if you do not travel often or fly ever, then maybe earning cash credits, the interest rate on unpaid balances or even a lower annual fee may be the best benefit for you.

Regardless of what your preferred benefits may be, there is a credit card choice out there for you. Remember to pay attention to the small print. Most importantly, understand the entire fee structure including the annual payments, late fees, as well as the interest rate.

If you’re already struggling with credit card debt, the first thing you can do is to minimize its usage. Continue to reduce the amount you put on the card until you are able to discard it entirely. One way to wean you off credit cards is have a budget and stick to it, no matter what. If you are in dire need for a more drastic solution, you can sell your house, rent out your apartment, or sell a vehicle. You may need to liquidate your assets and live with relatives or friends so that you can avoid declaring bankruptcy. A wise relative or a professional financial advisor can also provide some tips.

As soon as you have completely stopped using your credit cards, it’s time to settle your debt. Decide how much you’re willing to pay off every month, then look for ways to increase this amount for the months to follow. It is tempting to settle the card with the lowest unpaid balance, but remember that interest is your worst enemy. The ideal scenario in paying off credit cards is to allot none or very little of your money for interest, because, when you look at the bottom line, these are unnecessary fees anyway. You will be able to settle your credit card debt faster if you don’t have to pay for interest. Prioritize the card with the highest interest rate, and settle that one first. Focus on one card at a time, making consistent minimum payments on the rest of the cards until you don’t have any unpaid balances anymore. If you don’t start paying off the other cards, the interest rate will continue to climb until it becomes much more expensive than the card you’re paying off right now.

Once you have achieved zero balance in one card, destroy and discard it. It is also recommended to throw away all credit cards save for one. The one you keep should be the one you’ve used longest. While lower-interest cards you’ve had for a shorter period of time may seem best to keep, consider your credit history. The credit card you’ve used the longest will give a more accurate view of your credit rating.

One solution that a lot of people have considered is to just transfer unpaid balances to a brand new credit card with no interest rate. This strategy is based on the assumption that interests can be avoided for as long as a person can. However, you are likely to keep opening numerous accounts and closing them again so that you won’t have to pay for the interest. While the plan is sound on surface level, it will reflect on your credit score, causing it to drop. Low credit scores will mean tougher interest rates on other financial transactions, such as applying for a home mortgage. This strategy only offers short-term benefits. Permanent fixes are much more convenient and ideal.