Before deciding to open a new credit card, consider these 3 factors.

In 2022, there are plenty of credit card options available, but it's important to consider factors beyond sign-up bonuses when making a decision.

Assessing the impact of adding another credit card to your wallet on your spending is more important than evaluating the worth of sign-up offers and bonuses, financial experts advise CNBC Make It. While a sign-up offer may be generous, it is not worth overspending beyond your means.

To make the wisest choice, consider these three factors.

1. Make sure the card lines up with your existing spending habits

While a credit card's sign-up bonus may be tempting, it's not worth getting if it doesn't align with your existing spending habits, according to Matt Schultz, a credit card expert at LendingTree.

"The ideal card for anyone is the one that aligns with their lifestyle and enables them to achieve their goals without any additional unnecessary expenses," he remarks.

An individual who typically maintains a balance may not be the best candidate for a rewards card. Instead, a balance transfer card might be more suitable. Similarly, someone who frequently uses their discretionary income for travel may want to seek out a card that offers travel-specific benefits.

According to Shannon Mclay, founder and CEO of The Financial Gym, determining the primary use of a card will help in selecting the right card.

Check the minimum spending needed to claim the sign-up bonus.

Earning a sign-up bonus from a credit card may not always be in your best interest, as it could lead to overspending for some consumers.

Signing up for a credit card to obtain the 100,000-point bonus may require spending $4,500 in three months, which could lead to credit card debt if not managed properly.

She recommends her clients to carefully review the terms of any offer they are considering and develop a strategy to manage their spending while still achieving the reward.

To determine if a credit card's sign-up bonus is worth it, calculate the value of the bonus by treating each point as one penny and assess whether the increase in average monthly spending needed to earn the bonus is worth it. Here's a breakdown of how to calculate this.

3. Be prepared to keep track of multiple cards

Juggling multiple credit cards can be challenging due to various payment dates, annual fees, and rewards categories. However, the key is to monitor your spending, according to McLay.

Using multiple credit cards simultaneously can make it harder to monitor expenses as they occur in various locations, according to McLay.

To avoid harming your credit score, it's recommended to use only one credit card for most of your spending, while keeping your other cards active with easy-to-track charges like monthly subscriptions. This way, you can easily monitor your spending and avoid missing payments.

One late payment of 30 days or more can significantly harm your credit, according to Schulz. With multiple credit cards, it can be challenging to keep track of payment due dates and other details.

If you receive a new card, he advises promptly enrolling in autopay and suggests enabling text and email reminders for payment deadlines as additional helpful measures.

To ensure optimal credit management, it is recommended to adhere to best practices when signing up for a new card, such as maintaining a low credit utilization ratio and consistently paying off a significant portion of your balance each month.

Subscribe to our weekly newsletter to become more knowledgeable about your finances and career.

Every young worker must learn this skill, according to Kevin O'Leary.