Like most financial things you’ll deal with in life, it’s a good idea to check in from time to time with your credit card to see how it’s working for you, or to see if there are better offers out there. If you’ve been a loyal customer for years and haven’t seen many changes to your card, you could be paying more for interest than you need to, or you could be losing out on other valuable services that other cards offer.
If it’s been a while since you checked in with your credit card, consider logging on to see if any of the following apply to you—and if you could do better.
1. Your Interest Rate Has Been High for Years
If you’ve been with the same bank or credit union for a while now, and you’ve been making your payments on time, it could be worth giving them a quick call to see if you can get your interest rate lowered. This is especially true if you tend to carry a balance on your card. Before calling, check around to see what other banks are offering by way of interest rates. Then if your bank balks at the idea of lowering your rates, you can let them know you’re ready to move on to a better offer.
2. Your Rewards Are Only So-so
These days there’s a card for every type of reward, such as travel, cash, groceries, and gas. If your card is only paying out meager dividends in this department (or worse, isn’t offering you anything at all for your monthly spending), it may be time for a change. Consider the rewards other companies are offering to see how your card stacks up, and consider making a change based on your needs.
3. The Online User Experience Isn’t Great
There’s no reason why your bank shouldn’t offer at least the bare minimum in online services, like the ability to transfer money seamlessly between accounts and to deposit checks through an app. Unless you love everything else about your bank and you aren’t really in need of these services, consider making a switch to a more user-friendly bank.
4. You Use the Same Credit Card for Personal and Business Expenses
Whether your business is super small (just yourself at a desk in the corner of your room) or you’re managing a couple of employees, it’s always a good idea to keep your business and personal expenses separate, especially when it comes to tax time. If you’ve been using the same credit card for all your daily purchases, think about applying for a new one that you’ll use strictly for business expenses, and try to find the best card for your business needs.
5. You’re Having Trouble Paying off a Large Balance
If you’re carrying a large balance on a credit card, even a card with a decent interest rate can be difficult to pay off. A balance transfer to a card with low or no interest will cost you a bit of cash upfront (usually up to 3% of the total transfer amount), but overall it could save you big in the long haul. Some credit cards offer good balance transfer options, but be sure to read the fine print before signing on the dotted line.
It only takes a couple of minutes to log on or make a call to your current credit card provider to ensure your card is meeting your financial needs and wants. If it turns out your card isn’t providing you with the best of the best, don’t be afraid to make a switch—there are too many good options out there these days to settle for less. Before you apply for a new card, you should check your credit to make sure you have the best chance of qualifying for a great card. You can check your credit score for free at Credit.com.