Should You Get a New Credit Card?
Has it been over ten years since you have had your existing Credit Card? Are you considering going in for another one but are unsure whether you should take the leap? Maybe you want more charging power since you have successfully handled the low limit card you were using all through your twenties or perhaps you have maxed out a card with a high APR and interest charges are surging. Whatever be the reason, if you haven’t thought about Applying for New Credit Card, now is a good time to stop and ask yourself whether you should buy one. We bring you a few signs why you should at least consider opting for a new one.
The Offers for New Credit Cards are Enticing
If you are finding that Credit Card issuers are emailing or calling you with offers for Credit Cards that come with exciting terms and conditions, it is an excellent time to think about going in for one of them. Make sure you compare the offers you receive with those on the internet. Once you have made your decision, you can go ahead with the purchase.
You are Not Getting Any Reward Points
Given the scenario today, it becomes a prerequisite to have a rewards Credit Card since there are many cards that come with fantastic reward programs. If you are not earning any rewards on your existing card, it’s high time you go in for a new one. Making use of a rewards Credit Card makes more sense if you use your card often and paying your balance in full. This is because; your existing card may not offer you added benefits when you utilise it.
It’s Been Long Since You Have Obtained a Signup Bonus
When you buy a new card, you are eligible for a sign-up bonus. Many cards are providing these bonuses to cardholders who spend a specific amount of money within a particular time period. If you want to avail the benefits of a new account holder, going in for a new card makes is mandatory.
Your Credit Has Become Better
One of the disadvantages of having bad credit is that your credit options are also limited. Going in for a secured Credit Card or purchasing a less beneficial one is required to improve your credit. When your credit improves, you need to look for a new card. This puts you in touch with better terms such as a low-interest rate, rewards, and no annual fee.
Having a Backup is Important
If you have just one Credit Card, it can be a dicey situation, more so if you have an emergency. For instance, if you have maxed out on your existing card and have no cash on you or you lose your card. If you lose your card or it gets stolen, the card issuers take at least 72 hours to replace it the existing one after completing all formalities. Having a backup, in the form of another card, acts as a savior.
You Have Not Got a Credit Card Limit Increase for a Long Time
If your credit score and income have risen substantially, but there is no sign of your Credit Card limit increasing, it is time to apply for a new Credit Card. Some cards come with a max credit limit for all cardholders regardless of the income of the individual. If you do not get an increase in the Credit Card limit of your current card and it has been quite a while since this has happened, going in for another one makes sense.
You Do Not Possess Your Own Credit Card
If you do not have a card of your own, it is high time to go in for one. Maybe the existing one does not show that you are the authorised user or perhaps you have one that states you are a joint account holder. If you have a Credit Card from a joint account, your credit history does not entirely depend on you. It relies on how the other person uses the account as well. If you qualify for a Credit Card of your own, make sure that you buy a new card even if it is from the same issuer.
You are Paying an Annual Fee But Not Getting Benefits
You should pay a yearly fee only if you want to build your credit or if your Credit Card benefits go above the annual fee. If not, paying the annual fee on your existing card and not getting any benefits out of it makes little sense. Make sure you buy a new Credit Card if any of the above reasons hold true in your situation.
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