Credit cards exist with many different kinds of rewards – cash back or travel miles being the most common. To find out whether a credit card with rewards of some kind is best for you, you need to run the numbers.

Usually these cards have either an annual fee or a higher interest rate to balance out the rewards, whether cash back, gift points, or travel miles. Look back at your usage history with your existing credit card over as long a period as possible. How much did you charge on the card? What rewards would you have earned for those charges on the card you’re considering? What would the reward have been worth? If you carried a balance, what interest would you have paid on the reward card?

Compare the rewards you would have earned with the increased interest and the fee, if any, and see how they balance out.

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