Right now is one of the BEST times of year to consider getting a new credit card. Why? Because with the holiday season ahead of us, it’s easier than ever to meet minimum spend requirements in order to get those fat sign-up point bonuses that can quickly lead to a vacation in Hawaii or an upgrade to business class.

But remember, there’s no such thing as the single best credit card, but there is definitely the best credit card for you.

Eager to sign up affluent, free-spending business travelers, banks have been rolling out a steady stream of new cards, perks and promotions that you should be paying attention to.

While there aren’t as many of those rare 100,000 mile or point bonuses as we saw in recent years, you can still score 50,000 to 60,000 miles if you play your cards right and meet those initial spending requirements.

Tempted? Before you make the switch and sign on the dotted line, be sure you do your homework and consider the following factors.

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1- Annual fee
You get what you pay for — which is not much — when using cards with a low or no annual fee. So for frequent travelers, it’s usually worth paying a premium for benefits that can improve your travel experience. For example, fees for the American Express Platinum Card, Citi Prestige and other ultra-premium cards run a steep $450-$550 per year, but the cards are rich with traveler benefits such as airport lounge access and reimbursement for all-important Pre-Check or Global Entry fees, among others. If a $500 fee is more than you can pay, remember that the less expensive airline affiliated cards (at around $95 per year) offer some nice perks, too, such as waived baggage fees, early boarding and airline club passes- nice perks if you don’t fly enough to attain elite status.

2- Transaction fees
Frequent international travelers should consider the rapidly growing number of cards that have nixed those irritating 2% to 3% “foreign transaction fees”. While 3% may not sound like much, if you are spending $50,000 a year on overseas travel then you are paying $1,500 a year in transaction fees. Generally you’ll find these fees waived for cards aimed at frequent travelers, but you’ll pay a higher annual fee. Cheaper cash-back or no annual fee cards typically don’t waive foreign transaction fees.

3- Signing bonus
Many cards offer outstanding sign-up bonuses in the form of airline or hotel loyalty points. While these offers are tempting, read the fine print to determine what you must do to get the bonuses — most require spending a few thousand dollars within the first three months  to qualify. Also keep in mind that there is a difference between cards that offer miles or points in specific airline or hotel programs, and those that offer points in their own programs. Most credit card gurus suggest that the banks’ own points programs (such as American Express Membership Rewards, Citi Thank You Rewards or others) are more valuable because you can redeem points across a broad spectrum of airline or hotel partners, not just one.

4- Chip and PIN technology
Recently US banks have begun adding chips to credit cards to reduce fraud and make them easier to use overseas where chip and PIN technology is more prevalent. However, it’s important to keep in mind that there are two different types of chip cards these days– chip & PIN and chip & signature. True chip & PIN cards are more valuable to frequent travelers because they can be used at unmanned ticket kiosks (at train stations for example) while chip & signature cards require human being to be present to get your signature. Ask your bank specifically about this before you head overseas. Read more about the PIN vs Signature issue here. 

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5- Benefits and affiliations
If you don’t have a corporate travel agency to rely on, choose a card that offers travel planning or concierge services or can help get you out of a jam — like when you get bumped from a flight or walked from a sold out hotel, or can’t get a reservation at a hot new restaurant. To maximize benefits like waived baggage fees, airport lounge access or early boarding privileges, the card you choose should be affiliated with the loyalty program of the airline or hotel chain you use most.

Don’t miss: 10 Most instragrammable airports, airlines

6- Charge card vs credit card:
If you are the type of traveller who submits expense reports on time… and works for a company that processes and pays them on time, then a charge card (such as American Express or Diners Club), which requires payment in full each month, should work for you. However, if you need a bit a wiggle room when it comes to paying off your bill each month, a credit card (typically Visa and MasterCard) is probably a better option- but expect to pay steep interest rates if you don’t pay bills in full.

7- Insurance
Frequent travelers should choose a card that, at a minimum, offers collision damage coverage when renting cars and baggage loss and/or damage protection. But if you rely on collision damage protection when travelling internationally, be sure you know about any country-specific exceptions before you get to the rental car counter. Remember that primary collision coverage is more valuble than secondary coverage, which only kicks in if your personal policy does not. Some cards also offer roadside assistance protection, trip cancellation insurance and more, so be sure to look into the specifics depending on your travel habits.

What type of credit or charge card is in your wallet and why? Have you considered changing it? Please leave your comments below. 

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