So, you have decided you need a credit card. However, you must remember that not all credit cards are created equally. Your friend's credit card may not be the best for you. Before going to a bank to get its credit card, you must consider the several factors about credit cards that make each of them different.

Some of these factors include:

* Interest rate. If you are the type of person that pays off your balance monthly, you would probably disregard the interest rate. Unfortunately, most people have problems keeping up with their credit card balance.

If you sometimes are late paying and carry a balance, then it would be the best decision to have a credit card with a low interest rate. Having a card with a low interest rate will save you a lot of money. You might disregard the difference between a 10 percent and 20 percent interest rate, but the difference could be significant if you have balances for a long period of time. Major credit card companies like Visa, MasterCard, Discover, and American Express, have low interest versions of their credit card.

* Reward programs. Visa, MasterCard, Discover, American Express and other major credit card companies have reward programs. Reward programs give you special privileges or services for being a credit card holder. Some of these programs include frequent flyer programs, where you are given one frequent flyer mile for each dollar spent. If you are a frequent traveler, then a credit card with this program option might be for you. Some credit cards offer cash-back options. Most common are discount offerings at retail stores or online chains.

* Annual fees. The annual fee is an important consideration, especially for those who have a hard time paying off their balances monthly. If you think that the annual fee you have to pay to keep your card is too high compared with the privileges you get from your card, it would be probably better to stop using the card.

* Member benefits. Credit cards promise various benefits. Some have travel protection as part of the benefits, while others offer roadside assistance. You have to consider your lifestyle when checking out a card's benefits.

Remember: When choosing credit cards, choose wisely. If you need to, discuss your specific financial needs with your financial advisor.