Knowing When It’s Time To Cheat On Your Credit Card Company

Knowing When It’s Time To Cheat On Your Credit Card Company
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Many people tend to keep credit accounts open with the same lender for years, and while this helps with credit history, it could be a choice that is costing you money.Close a card that you have held for some time could result in your credit's average age to be out of whack for years to come.However, it might be time to break ranks and open a new card with another lender. Here’s how to know if it’s time to move on.

Check Your Interest Rate

If the card you have is original to your credit history, chances are your interest rate is quite high.You may be paying just the minimum onto your account each month but never seeing the balance decrease since your interest rate has locked you in over your head.A high balance and high-interest rate mean it is time to move on.If you transfer your balance to a new card, make sure that you receive a minimal or no APR for the first couple of years.Pay down the balance as much as possible in the time period to save money.

Check for Any Rewards

Most lenders attract new consumers through the reward or loyalty benefits associated with card usage.Occasionally, some cards offer a cash-back bonus for certain expenditures, such as gas or dining.Big spenders often get the biggest returns, often through cards labeled as platinum or preferred.It is usually more generous to receive this type of benefit.If your credit card doesn’t offer any benefits or rewards, consider changing to a lender where the perks favor your lifestyle. Consider the value of cash-back for travel, groceries or other purchases.

Check the Annual Fee

Some of the preferred cards with great perks have higher-than-average annual fees.The cardholder benefits might make the fee seem worth it, but if you don’t use the card a lot or if you can’t afford the fee or requirements, this card may not be the one for you.If your card has been charging you a fee that you aren’t getting any value out of, it could be time to find another lender.

Check Your Credit Applications

If you haven’t been looking at new credit cards or applied for any credit lines lately, you can afford to open a new inquiry. By doing a free credit score check, you can get a good idea of your creditworthiness and what kind of approval odds you have.FICO credit scores between 800 and 850 are considered excellent, while very good scores range from 749 to 799 on the FICO scoring model.Along with income to support the additional credit line, lenders will are highly likely to extend competitive introductory offers to you.

Check Your Financial Future

Many of life’s large purchases are made using credit, and if you are planning to make a big purchase in the near future, you should consider the impact on your current credit card standing.Buying a new appliance on your current card with an 18% interest rate is not a good deal in comparison to making the same purchase on a new card that offers no interest for the first year on purchases over $1,000.Comparing rates, fees, and perks among several cards before you apply for them will help you narrow down which company to fill out an application with.

Even if your current credit card company has met your expectations and there has never been an issue, it may be time to consider expanding your financial horizons. You may find that there are other lenders who are willing and able to better meet your needs and offer you more in return.

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Kseniia Klichova
CCO Kseniia Klichova

Kseniia is the Chief Content Officer of Coinspeaker, holding this position since 2018.Now, she is passionate about cryptocurrencies, so she tries to ensure that every coin on Coinspeaker finds its way to its audience in an understandable and interesting manner.Kseniia is always open to suggestions and comments, so feel free to contact her for any questions regarding her duties.

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