Here's Each Generation's No. 1 Credit Card Perk

As you get older, your financial priorities change. You might find that what you look for in a credit card changes, too. For example, I used to be 100% against getting a credit card with an annual fee. Now, I have several of them.

If you're trying to figure out which features to prioritize, it can help to know what people in the same age range want. Here's a look at what people in each generation chose as their top credit card perk.

The No. 1 credit card perk for each generation

The Motley Fool Ascent recently conducted a study on generational credit card habits. As part of that study, it asked respondents the most important feature a credit card can have. Here are the answers by generation and the percentage of respondents who chose that feature:

• Baby boomers: No annual fee (45%)
• Generation X: Low interest rate (31%)
• Millennials: Low interest rate (28%)
• Generation Z: Low interest rate (30%)

The two most popular credit card features, with each generation, are no annual fee and a low interest rate. Most generations selected low interest rates as their top pick, but baby boomers bucked the trend by choosing no annual fee. Here were the rest of the choices receiving votes:

• Rewards program
• High credit limit
• Introductory offer/welcome bonus
• Recognized/reputable card issuer
• Widely accepted card issuer
• Insurance or other protections offered through card

How to choose the right credit card

Picking a credit card might seem tough. Because there are so many options available, it can feel overwhelming sorting through them all.

If you haven't already, the first thing to do is check your credit score. You can do this online -- I like using Experian CreditWorks℠ Basic. It's free and provides your FICO® Score (the most widely used type of score by lenders).

Your credit score is a key factor in which credit cards you can qualify for. If you have a low credit score, or you don't have a credit score yet, your options will be more limited. Here's what to do in these situations:

• If you have no credit because you haven't used credit cards or loans yet, look at starter credit cards. These are designed for people who are new to credit.
• If you have a low credit score because of past problems, such as late payments, look at secured credit cards. These require a security deposit, so card issuers are more lenient about approvals.

If your credit score is 670 or higher, congratulations! That's in the "good credit" range, meaning you can potentially qualify for some of the best credit cards. Here's what to look for in a credit card when you have good credit.

Get a rewards credit card if you plan to pay in full every month

Here's one of the most important things to know about credit cards: If you pay off your card every month, the interest rate doesn't matter. When you pay in full, you're not charged interest on your purchases. Savvy cardholders always pay in full so they can take advantage of credit card perks without costly interest charges.

If you know you'll be paying in full, then it makes sense to have a rewards credit card. There are two popular types of rewards cards available:

• Cash back credit cards that earn cash rewards
• Travel credit cards that earn rewards you can use to pay for travel spending

If you don't want to pay an annual fee, keep in mind that many no annual fee cards earn rewards. Most cash back cards, in particular, don't charge an annual fee.

Get a 0% APR credit card if you need to carry a balance

When you need to carry a balance on a credit card, that's when the interest rate matters. Most credit cards don't have low interest rates. But there's an exception: 0% APR credit cards. These offer a 0% APR for an intro period. After the intro period ends, the APR goes up to the card's normal rate.

There are two types of 0% APR offers:

• 0% intro APR on purchases: The offer applies to new purchases you make on your card during the intro period.
• 0% intro APR on balance transfers: The offer applies to balances you transfer over from other credit cards.

If you need to make any big purchases and pay them off over time, then you'll want a card with a 0% intro APR on purchases. If you're in credit card debt and you want to save on interest as you pay it off, then you'd want a balance transfer credit card.

A credit card can be a valuable financial tool. To get the most value, you need to make sure you're using the right credit card. When you figure out which credit card perks are a priority for you, you can narrow down your options and make your decision much easier.