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If you are one of those people who pay off your credit card bill in full every month - and at least 50% of all cardholders do - you want a card with an interest-free period. Those boasting low interest rates and annual charges often charge interest from the date of the transaction which will mean you pay interest on your purchases and withdrawals even if you clear your balance in full each month. As an alternative, looks for a card which only charges interest from the statement dates. If you're confident you'll pay the balance each month, the interest rate is irrelevant, but if you think you may need to carry some of the balance forward every now and then, get a card with a lower rate. You might also wish to seek out a card with a loyalty scheme, such as air miles or cash back, or for one without an annual fee instead.

If you are a card user who does not usually settle your account in full at the end of each month, opt for a card with a low interest rate on purchases. Cards with low introductory rates can save you money, but make sure it applies to balance transfers and that once the introductory period is over, it doesn't revert to an ridiculous rate. And try to get a card which starts charging interest from the your statement date or the date the bill is added to your account. Cards that charge from the day of the transaction are invariably more expensive.

Card issuers frequently charge a higher rate of interest on cash withdrawals and some charge a fee for each transaction as well. Typical charges are 1.5% of the withdrawals value, subject to a £1.50 minimum. If you use your card to get cash, look very carefully at the rate of interest you're paying and think about transferring to a card with lower interest or no cash withdrawal charges.

In the same way, if you use your credit card overseas, check what kind of charges the issuer levies. Using a credit card is one of the easiest ways of getting at your money when in a foreign country, but almost all card providers charge something for overseas transactions and these will add up if you travel a lot. Typical charges are 2.5% to 2.75% of the transaction's value. They also convert overseas currency at their in-house exchange rate, which might not be the best on the market.

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