The simple answer to this question is to let you web designer handle the web hosting setup. If you have a web designer building your web site, this is the person who is going to know best, what kind of hosting you're going to need. Your website designer will need your credit card information and billing address to purchase your hosting package for you. If the designer also hosts websites, your financial information will or should be kept confidential, otherwise, like me, shred any financial information you might have after the purchase is made.
If you set the hosting up by yourself, you need to know what variables you will be working with. Some examples are below:
If you don't know what you are doing or have had very little experience with it, you could end up with more problems then you want.
The best thing to do is to use common sense and only purchase the options you know you will need. Generally if you need to purchase additional email accounts, traffic software, or secure certificates, (these are just examples of options available) you can always do it later and just add it to your account.