If you have been contemplating a new credit card then there is not better time than the present to start looking. When compared to other parts of the world, the United States has an extremely competitive credit card market. All the major issuers are all fighting for your business so the offers they give can be quite attractive.
If you have been on the fence about a new card then here are five signs you might need a new credit card today.
Your current rewards are not very attractive
There are so many credit cards available right now that will offer bonus points for spending in certain categories like supermarkets, gas stations or restaurants. There are also cards that offer as much as 5% cash back on purchases. When you have rewards like these it’s hard to be satisfied when your card is only offering you a single cent for every dollar that you spend.
You keep carrying a balance
If you find yourself always carrying a balance on your credit card, then you need to put a stop to that immediately. Not only can it affect your credit score, but it will also diminish any value that your rewards have. What you need to do is look for a balance transfer card that will give you 0% interest for the next 15-18 months. This way you can pay off your balance and construct a budget so that you are not overspending again in the future.
There is a great signup bonus available
Credit card issuers are doing just about anything these days to get people to sign up for their cards. One of the biggest things is offering some of the largest signup bonuses ever. If you come across a signup bonus that is something you can’t pass up then it might be a good time to jump on board and get that new card. Just remember that it’s not smart to just apply for a card for no reason. If you are getting a travel card then make sure the rewards you will receive actually match up with your travel plans. No sense in having a lot of Marriott points if you always stay at Hyatt hotels.
You are doing a lot of international travel
Traveling the world can be so much fun for just about anyone. You get to see different places and meet people from all kinds of cultures. Unfortunately, a lot of credit cards will charge a foreign transaction fee just to use the card when you are outside the United States. If you are planning to do a lot of international travel then it might be a good idea to pick up a card that does not include a foreign transaction fee.
You spend a lot of time in airports
If you are frequently traveling for work then you most likely spend a lot of time in airports. If this sounds a lot like your life then picking up a credit card that will offer free lounge access might be pretty helpful. Instead of spending long layovers sitting in uncomfortable chairs you can relax in a more private setting.