Time to switch credit cards?

18 June 2008

Are your credit cards performing the way you wanted them to? If you're not happy with the way your credit cards are going, think about what in particular makes you unhappy with them.

Are you getting competitive rewards? Could the interest rate be lower? Is the service up to your standards? Are the fees too high?

Once you've identified the issues you have with your current credit cards, you'll be able to make a more informed choice about which credit card to switch to. If another institution can provide the level of service you're after, then you can go about switching credit cards and reap the benefits. There's no reason you should stick to a credit card that isn't working in your favour.

When switching credit cards:

Research, research, research - compare all the credit card deals out there to find the right one for you.
Consider what you use your credit cards for - some rewards programs can benefit you if you use your credit cards for everyday purchases.
If you don't use your credit cards frequently, try low interest or low fee credit cards.
If your credit cards get used frequently, try interest free credit cards - you'll be able to pay back your debt and avoid interest.
Consider which credit cards rewards programs will really work for you and check out the deals offered.
Pay off more than the minimum monthly payment. You'll pay off your debt faster this way.
Don't forget to close the old credit card account after you've transferred the old one.

Compare credit cards to find out the best deals if you're thinking about switching credit cards.

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