According to Sekaran (2003) Likert Scale is an interval scale that specifically uses the five anchors of Strongly Disagree, Disagree, Neither Disagree nor Agree, Agree, and Strongly Agree.
Reference
Sekaran, U., 2003. Research methods for business: A skill building approach. John Wiley & Sons.
What is that you are going to study ? 5 point scale is more useful. Who are your respondents - that is also very important. The shades of meaning is important.
From my experience, I hv leant that among other fact, selection of 3,5 or 7 point Likert scale depends on sample size. Keeping sample size constant, where 3 point Likert scale divide samples response in few categories,7 point Likert scale would divide into more categories. This asserts selection of 5 point Likert scale. For small sample,3 point Likert scale should be ok as it would categorize response in 3 possibly parsimonus categories. However, for small samples with 7 point Likert scale, parsimony may be endangered.
It depends on your subject and your target. Generally we prefer the 5. Because beyond 5 modalities, the scales are generally with digital support or mixed. so it will be difficult for you to find the right terms for each modality.