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For most of the western world, credit cards have become an indispensable modern day convenience. It's hard to get by without a credit card these days, as a matter of fact, especially if you are a business professional. If you're looking into opening your first line of credit, read this article for a few tips and hints about what you want in your very first card.

The first step to take is to compare the interest rates chargeable on all of the cards for which you qualify. Especially for first timers, it is always advisable to go with the card that charges the lowest rate, even though that rate may not be fixed indefinitely.

Read the fine print on the a href="http://www.credit-cardguides.com/Credit-Card-Apps/Credit-Card-Apps.php" target="_blank">credit card apps, especially on the other charges that may be charged on you, like late-payment fees, annual fees, and whether there is a grace period which is normally given before the finance charges kick in.

Examine your budget, and think about the most you can allow yourself to put on credit. It is a good idea to hold fewer cards to greatly simplify your bookkeeping.

Compare the services and other features such as the cash back incentives, or warranties, rebates and the like.

Check whether the card is widely accepted to enable you to pay for your needs.

You are doing yourself a favor by being aware of the meanings and implications of the following terms usually found on unsecured credit card applications.

Annual Percentage Rate. This is the calculation of the cost of credit, per year.

Finance Charge. This amount is the complete set of charges related to this specific transaction. You should also note when interest starts to accrue. Most cards have reasonable "grace periods", but they are not universal, particularly if you obtained the card without a good credit rating.

There are three main types of credit cards that are common in America. The first are travel and entertainment cards such as American Express or Diners Card. These often have to be paid in full at the end of the month and are liberal on spending limits.

The second major cards are the bank cards such as Master Cards, Visa, GM, and Ford cards sponsored mainly by the banks. The bank defines spending limits, which in the bank parlance, is known as the credit lines, and each offers different terms and conditions. Banks offer a choice of payment methods, either pay the balance in full with no interest or pay a minimum part or some part of the balance with a finance charge.

The other major type of card is the retail store cards such as Sears, J.C. Penney, Shell or Mobil (the latter two known as "fuel cards" in some countries). These cards are only accepted in specific countries and usually do not have annual fees. There is a wide disparity in the terms and conditions for the cards.

Different types of credit cards offer several different options, depending on what your needs are. Some are geared toward individual consumers, while others are set up in ways that work best for small business needs. To know what type of credit card fits your needs, you should review a few of your options. For more tips, visit the credit-cardguides online.

Find articles covering every topic related to credit cards at Credit-CardGuides.com, a virtual credit card clearinghouse chockful of helpful information on choosing the credit card offers that best meet your needs, as well as links to low APR credit card apps and the most popular unsecured credit card applications .