Is it Time For A New Credit Card?  IN  2016, a survey  from revealed that 25 million consumers have had their favorite credit card for about 10 years. A lot of people do not see any need for a new credit card, especially when they enjoy all the benefits of the card.  It is often good to try something new . This is because Credit card issuers are consistently introducing new credit card with lots of  perks that may be easier for you. There is a tendency that you will find something better than what you use now.

If you are not certain  whether you should look for a new credit card,  Here are 10 signs you should at least check to see what else is out there.Is It Time for a New Credit Card

Is It Time for a New Credit Card? ; When Your Interest Rate Is High

When you have negotiated a lower interest rate without success with your credit card issuer.  Kindly move your balance to a credit card with a 0 percent introductory rate and pay off the balance without having to pay another dime of interest. Or, you could at least pay off a significant part of the balance interest-free. Check the internet for great balance transfer offers. As of November 2018, Citi Simplicity is offering a 21-month 0 percent APR on balance transfers!

Is It Time for a New Credit Card? ; When You Get Offers for Better Credit Cards

If financial institutions or money lenders keep mailing offers for credit cards that are more rewarding than the one you’re currently using, consider taking one of those offers. Credit card issuers have evaluated your credit score. To do this, carefully review  what you’ve received in the mail to credit card offers on the internet. Apply online once you’ve made a final decision.

Improved Credit Score

Individuals with bad credit scores have very limited credit options. They have more access to  secured credit cards or less attractive credit cards . With improved credit score, go  for credit cards  with — no annual fee, low interest rate, and maybe even rewards.

No Rewards

A rewards credit card is very appealing. It helps you save while you spend. It is  a better option than your current credit card that doesn’t give you any additional benefits for using their credit card.

You’re Not Earning Rewards in Categories Where You Spend Most Money

If you spend a lot on gas and groceries — $400 or more per month — consider the American Express Blue Cash Preferred Card which pays 6% cash back on those categories. Frequent travelers may benefit from the Chase Sapphire Preferred . It  pays 2 points per dollar on travel and dining purchases.

No Credit Limit Increase in Years

If your credit limit has remained static for several years while your income and credit score have increased, Find a new credit card. Get  a credit card with approved credit limit increase .

You Don’t Have a Credit Card of Your Own

If your only credit card is one that you’re somebody’s co-applicant, you can apply for your own credit card.  In case you qualify for a credit card on your own, get a new one as soon as possible.

You Want to Take Advantage of Signup Bonuses

Many credit cards give sign-up bonus when you spend certain amount in the first 3 months of account opening. Since you have to be a new account holder to qualify for the bonus. Is it not better to grab the chance?

You’re Paying an Annual Fee but Not Getting Any Additional Benefits

Pay annual fee  for a credit card when: you’re rebuilding your credit and the only cards you qualify for have an annual fee or your credit card perks far outweigh the annual fee. If not, discard the annual fee credit card for a card without it. Save your money.

Your Current Credit Card Is Going Away

Some credit cards are going away . The Costco American Express, for example, is discontinuing because Costco has chosen to use a Citi Visa as its store credit card. Look for and acquire a new credit card.

Should You Close Your Old Credit Card?

It’s very safe to keep your old credit card open because the account age benefits your credit score.  Even after getting a new credit card, use your old one once in a while to keep it active and included in your credit score. But you can close your old  cards if the annual fee is hard to pay. Ensure you pay off any outstanding balance before you close the credit card to avoid spiking your credit utilization.

Do Not accumulate Debt

Avoid overspending now that you have more than one credit card open. Charge only what you can afford to pay in full  monthly.