The content is accurate at the time of publication and is subject to change.

Research: Know Your Credit Card's Incentives and Other Features -

If you're a first time applicant, you should have a list of what you want in your credit card. You can research through the internet on credit card companies that are trusted by most people. You can find list of credit card plans, rates and terms through finance magazines. Be sure to get the latest information from the credit card company by telephone inquiries or checking the company's website.

As a first time credit card user you need to know information about the credit card you want to avail.

• What is the annual percentage rate (APR) for purchases? Annual percentage rate (APR) is the interest rate statement you will pay if you carry over a balance, get a cash advance, or transfer a balance from another card.

• What are the other APRs? These are some APRs that you'll find in your credit card: cash-advances, balance transfer, tiered, introductory and late, penalty rate (when payment arrives more than ten days late for twice within a six-month period, penalty rate will apply).

• What rates vary? APR for your purchase transactions varies.

• How long is the grace period for the repayment of balance purchases? Grace period is the number of days you have to pay your bill for purchases in full without incurring overdue charges.

• What are your other annual fees?

• What is the method of computing the balance purchases?

• What are your fixed charges? Fixed charge is the minimum charge during the billing cycle and is only applied when you carry over a balance.

• How much is the transaction fees for cash advances?

• How much is your balance-transfer fee?

• How much is your late-payment fee, over the credit limit fee, credit limit increase fee, set-up fee, and other service fees?

• What are the other interest rates?

Once you've chosen your preferred credit card company, check on the rewards or features they offer. Here are some examples.

• Credit card rebates. These are money back grants on purchases that you make.

• Credit card registration. This is one of the most important information you need to know. When your credit card is lost or stolen, the credit card company will know what card they will need to block or stop its transaction.

• Frequent flier miles or points. These are the most popular rewards that credit card companies offer. Very useful for frequent travelers.

• Other travel related rewards. Credit card companies also offer travel accident insurance and automobile rental insurance.

• Car rental insurance premium rebates

• Warranty coverage for gadget bought using the credit card

• Purchase protection from identity theft

• Discount on goods and services

• Cash advance features

• Higher credit card limit

• There are also several credit cards which offer insurance to cover the first charges if you lost your credit card or were stolen. You are not responsible for any charges that are over $50, once your card was stolen or lost. That is under the federal law.