In quantum electrodynamics, we are provided with the Lagrangian,
$$\mathcal L = \bar{\psi}(i\gamma^\mu D_\mu -m)\psi - \frac14 F_{\mu\nu}F^{\mu\nu}$$
where $D_\mu$ is the gauge-covariant derivative. In order to renormalise the theory, the standard practice is to go to renormalised perturbation theory, by rescaling the fields and constants, and expressing the Lagrangian as the sum of renormalised quantities and counter-terms.
For the electron charge, we usually take something like $e= Z_e^{-1}\mu^{-\epsilon/2}e^{(0)}$, and so the renormalised charge is related to the bare charge through a factor $Z_e$ and the renormalisation scale $\mu$ in dimensions $d= 4-\epsilon$, to keep the coupling dimensionless.
When we impose the condition that correlation functions of our theory are finite, we can derive expressions for $Z_e$ and the other renormalisations, which depend on the scale $\mu$. We can set up a differential equation then relating $e$ and the scale $\mu$:
$$\mu \frac{d}{d\mu} e = \frac{1}{12\pi^2}e^3.$$
Noting $\alpha = \frac{1}{4\pi}e^2$, we can use this to relate two couplings at different scales, that is,
$$\alpha(\mu_2) = \frac{\alpha(\mu_1)}{1 - \frac{1}{3\pi}\alpha(\mu_1)\ln \frac{\mu_2^2}{\mu_1^2}}.$$
This demonstrates that the coupling changes with scale, and is known as renormalisation group flow, though there are two main approaches to the RG and multiple interpretations. With this explained, to finally answer your question, you choose a coupling appropriate for the renormalisation scale of the experiment.
Higher order loop corrections will change the beta function, which in turn means the coupling at different scales will be predicted differently, and normally it is practice to stay consistent in perturbation theory and use the same order for all quantities.