Is it time to cancel your old credit card? There are some sure signs that your credit card might be due for a cancellation. Here are five of the biggest tip-offs to look out for, so you don’t have to deal with more frustrating surprises each month.
Bad customer service
We all experience it from time to time, but dreading the customer service for your credit card company should be your first red flag that it’s probably time to cancel. The same goes for lack of communication during any issues or generally having to fight for some sort of recognition from your credit card company.
No incentives or competitive rewards
Abysmal cash back rewards? All sorts of fees negating any sort of rewards in the first place? There are already so many incentives out there, that you can get with other credit cards instead of staying loyal with a mediocre company. If they are not offering incentives for your business, find a better credit card.
Stagnant interest rates
Perhaps your credit has improved since getting your old card, but you’re still paying into a higher rate that is meant for lower credit scores. Even after contacting the company about lowering the rate, you’re still stuck at the same interest. Fortunately you can take your business elsewhere.
Too hard to redeem points or rewards
If the rewards, points, or the miles you gain are too difficult to get ahold of, then it’s time to consider a switch. Don’t allow yourself to deal with headaches trying to get what you’ve earned. With so many different credit cards out there that offer all sorts of points and rewards, why suffer through that struggle time and time again?
Traveling outside the US costs more
Some companies will charge you a percentage fee for every transaction made outside of the United States. You could also find extra fees for not having the chip technology used in Europe, Canada, and other places around the world. There are credit cards out there with zero international fees and along with updated smart chips. If you travel, don’t waste your time on a card without these features.
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