10 Signs You Should be Looking for a New Credit Card

According to a survey, there are over 25 million people who have had the same credit card for at least 10 years. In some cases, sticking with the same company works, however, in some cases, your favorite card might not be the best for you. If you aren’t sure if you are using the best card, there are several signs that you should start looking for a new credit card.

If you Credit Has Improved

If you got your first credit card in order to rebuild your credit, chances are, your card doesn’t have the best terms. You may have had to open a secured credit card, which means that you would need to load the funds on the card before you can use it. You may also have a very high-interest rate or a high annual fee. Once your credit has improved, you will be eligible for a card with a lower interest rate, no annual fee, and rewards. After working to improve your credit score, you deserve to be rewarded by getting a better credit card.

You Are Often Getting Offers For Better Cards

If you start getting offers for new credit cards, you should start looking at the offers. Next, compare it to the card that you already have. If the offers look better than what you currently have, you should apply for the card online to see if you qualify.

You Have a Very High-Interest Rate

If your interest rate is very high, it is a sign that you may need to look into getting another credit card. You should first contact your current credit card company to see if they would be willing to offer you a lower rate. If they are not willing, you should then go out and start looking for another company who is will to offer you a lower credit limit. If you are able to get one with a lower limit, you can transfer your current balance to the new card. This can help you to pay off your balance faster.

Your Current Credit Card Doesn’t Offer Rewards

If your current credit card doesn’t offer any rewards, you are really missing out. Many cards have excellent rewards programs that offer you rewards that can save you a great deal of money. You can even find secured credit cards that offer rewards. If you are the type of person who pays your balance in full each month, a rewards credit card can be extremely beneficial.

Your Aren’t Earning Rewards That Would Be Best for You

If your credit card company offers rewards that you can’t take advantage of, you should look for a credit card that offers rewards that come in handy. For example, if you spend a lot of money on gas and groceries, there are cards that offer cash back in those categories. If you travel often, you should look into cards that offer points on dining and travel. If you want to get the most out of your credit card, you should have one that will actually benefit you.

If You Haven’t Received a Credit Increase in Years

If your credit limit has stayed the same for years, even though your credit and income has grown, you should look around for a new card. There are certain credit cards that have a maximum credit limit for all users. No matter how well you are doing financially, these credit card companies won’t increase your limit. If your card limit has not gone up in years, you should consider looking for a new company. This is especially true if you need a higher limit to make more expensive purchases.

You Are Paying an Annual Fee But You Aren’t Getting Additional Benefits

If your card has an annual fee, there are likely two reasons. First, if you are trying to rebuild your credit, you will often only be able to get a credit card with an annual fee. The second reason is that the benefits of the card greatly outweigh the annual fee. If you are paying an annual fee and neither of these apply to you, you should look around for a new card that doesn’t have an annual fee.

If You Want To Take Advantage of Sign Up Bonuses

Many credit card companies will offer bonuses for new customers. If you currently have a credit card and you find one that is offering a bonus that would be beneficial for you, it is a good idea to take advantage of the card. Why stick with a card that offers no bonuses when you can switch to a new card that can benefit you. The benefit may be a one-time deal, but the right benefits can be helpful.

If You Don’t Have a Card of Your Own

If you currently have a credit card where you are either a joint account holder or if you are an authorized user on the card, you should look into getting a card of your own. If you are sharing a card with someone, everything that they do on the card will effect your credit history. As soon as you are able to qualify for a card on your own, you should take advantage of filling out applications.

Your Current Card is Going Away

It is not uncommon for issuers to discontinue certain credit cards. This is often because they are switching to a new primary card. If this happens, you can either switch to a credit card within the company’s portfolio. You can also go out on your own to find a new card that better suits you. This could be the perfect opportunity to find a card that offers sign-on bonuses, low-interest rates, and offers rewards that can be beneficial to you.

Just because you have been with the same credit card company for years, it doesn’t mean that you need to remain loyal to the company. This is especially true if you can save yourself some money by switching to a new card. If your current card isn’t offering the best perks, you have no reason to be loyal to them.

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