Signing up for a credit card can be a major financial decision; if you don't do your homework it can end up costing more than it's worth. When you're shopping for a credit card, study the numbers. You'll want to find out about the APR, annual fee, grace period, and more.

Consider the following questions before deciding on any credit card:

• Is there an introductory rate? How long does it last? Does it apply only to puchases, balance transfers, or both?
• When the introductory rate ends, what will my long-term rate be?
• Is there an application fee or other processing fees when I sign up?
• Is there an annual fee? Is it possible to have it waived the first year?
• What kinds of penalty fees apply? Are there late fees, over-the-limit fees, or balance transfer fees?
• When and how will my variable APR be changed?
• When and how may my fixed APR change?
• What is the grace period before interest charges apply?
• How will the company inform me of any changes in the contract, such as changes to the APR and other cardmember benefits?