Switching credit cards is now a normal part of life, whether you want to take advantage of an introductory offer or just think your current card is old and you want a better one.
Switching credit cards is now a normal part of life, whether you want to take advantage of an introductory offer or just think your current credit card account is too old and you want a newer, better deal. If you pick your new credit card carefully, the benefits could help you.
Here, we'll talk about some of the benefits of getting a new credit card and how it might help you.
Lower interest rates
If you don't pay off your credit card balance in full every month, you might want to find a credit card with a lower APR. If you had a lower APR, you would pay less interest on your balance. (Do pay attention to the warning about the minimum payment, and always try to pay more than the minimum.) If you had bad debt in the past and could only get a credit card with a high APR, you may now be able to get a credit card with a lower APR.
Reward Schemes
Do you get rewards or cash back with your current credit card? Are you getting something out of the reward system you have in place? It is better to find a new credit card that you can use than to let points add up for vouchers you won't use. For example, store vouchers could help you save money on groceries, and if you fly often, air miles could save you money on flights. Think about the reward programme and ask yourself if you would use the vouchers, etc.
Credit cards for charities
If you have been thinking for a long time about helping your favourite charity or giving them money, they probably have a credit card you can buy. If you buy a charity credit card, every time you use it, your lender will give money to the charity of your choice. People can feel very strongly about certain charities, whether they have lost a loved one or work in a charity environment. Having a charity credit card could help you feel better knowing that you are helping in some way. Most of the time, charity credit cards will have all the same perks that other credit cards do. The same is true for football credit cards. Every time you use your card, your favourite football team would get a payment, which would then be put back into the team.
Are you thinking about changing credit cards?
There are a lot of things to think about, so don't just stick with your current credit card out of habit. Make sure your credit card choices work for you no matter what.
