Is It Time To Get A New Credit Card?

By Sanesh Mathew | June 11, 2019

If your existing Credit Card ain’t giving you enough anymore, then it’s time to look at new options. Here are four tell-tale signs that clearly indicate it’s time to get a new Credit Card.

Is It Time To Get A New Credit Card?

Most of us opt for the first Credit Card that we are offered and stick to the same card even if we aren’t really benefiting from it. It could be mainly because most of us consider a Credit Card as back-up credit, which we can rely on in times of need or use to make our big-ticket purchases and enjoy the convenience of EMIs.

And, sadly, as a result, most of us are missing out on some big gains a Credit Card could fetch us, like discounts on purchases, reward points on everyday spends and more. Owning a Credit Card, rather the right Credit Card, that complements your lifestyle and spends can help you save big. So, on that note, do you own the right card? Here are four tell-tale signs that clearly indicate you don’t.

High APR

While we would recommend that you don’t carry a balance on your Credit Card by making just the minimum payment every month, we know that sometimes it isn’t easy to clear your entire outstanding monthly. That’s okay! However, you should know that you’re likely paying a high APR on the balance you carry forward.

Check the APR applicable on your current Credit Card and shop around for a card with a lower APR and lets you transfer your existing balance. If you can get your hands on a balance transfer Credit Card, it would be ideal. These cards usually offer 0% interest rate for a few months as promotional offer and some of them may not even charge any fee for the transfer of balance too. This means that you can pay off your outstanding balance at lower cost than now. Sounds like a good deal, right?

However, do keep in mind that once the promotional period is over, there’ll be an APR attached to balances carried over. Do ensure that that this percentage isn’t higher than your current card’s APR, else the switch wouldn’t have made any sense.

Not rewarding enough

Rewards, cashbacks and discounts – aren’t these what we all want from our Credit Cards? But what if your card isn’t giving you much in return for using it? Well, it’s time to make the switch! You wouldn’t want to hold on to a card that doesn’t reward you for your spending. And if you are paying an annual fee for using the card, then you’ve got to make sure it is worth it too.

A generous rewards programme that fetches lots of points or miles or cashback for different spends, or perks such as extra discounts, free lounge access, airline and hotel upgrades, etc. are things you must look for.

Additional Reading: The Mystery Behind Credit Card Rewards

You spend differently now

Probably when you got your current Credit Card, you prioritised shopping and picked accordingly. But now you’ve cut down on shopping and have been more into travelling. Of course, your current card doesn’t offer you enough rewards and perks that complement your travel. Well, it’s a sign to get yourself a new card that matches your travel requirements.

Simply put, what we’ve been trying to point out here is that you need to pick a card that best rewards you for your current spends.

You hardly redeem your rewards

Well, there’s no point of collecting reward points if you don’t redeem them. That being said, two common reasons why people don’t redeem points seem to be complicated redemption process and not-so-lucrative rewards. If either of these is the case with your current card, then we’d suggest that you get yourself a new card, one that has an easier redemption process and offers rewards that you’d actually want.

In case you aren’t much of a redeemer, then you can opt for a cashback card that would automatically convert a certain amount of points accumulated into cash and deposit it in your account or give it as statement credit.

Additional Reading: 3 Amusing And Downright Bizarre Credit Card Tales


Throughout the article, there’s been only one point that we’ve been trying to make – don’t stick to your existing Credit Card just because you are used to it. There are a plenty of great Credit Cards out there; you can easily find one that’s fits your lifestyle better than your current one. Don’t believe us? Check out these amazing cards and find out for yourself.

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Category: Credit Cards
Sanesh Mathew

About Sanesh Mathew

A talkative sleepyhead, Sanesh, enjoys watching horror movies, listening to music, reading all things related to personal finance and wandering aimlessly (walking meditation, he calls it!). He refers to himself as a 'simple human being with a rather chaotic mind'.

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