Finances, expenses and the market changes every day in the UAE. And payments, cash backs, offers, interest and debts are subjective to this system. But ever wondered that amid this entire cycle, when is the right time to bid adieu to your old credit card and get a new credit card ?
Well, here are some steps that tell you the best time plausible to own a credit card. Read on…
- When you have better Credit Score
Seeing an improvement in your credit might be a sign that tells you to get a new card. As there is some improvement in your credit, you are eligible for better offers from banks all around the country that feature zero annual fees, better rewards or lower interest rates.
- Better Credit Card offers
If you are being offered a vastly better offer by other credit card companies or banks in the market, you should actually consider taking one. Based on your credit card information, the providers have perhaps pre-screened you and have offered you the deal because you fit in.
- Interest rates are high on your Credit Card
Try to negotiate a better interest deal in your new credit card before you decide to change
- No increase in credit limit
If your current credit card company does not increase your credit limit ceiling even when you have an excellent credit history with the card, it might be a good enough reason to change paths. Credit card companies are more than willing to offer a higher spending capacity to good customers, and if yours isn’t, it is something that you should keep in mind.
- No perks for paying the annual fee on credit card
You should pay an annual fee only when:
- You are rebuilding your credit
- You hold cards that require you to pay such a fee
- Perks offered by the bank outweigh the fee
Otherwise, you must not pay the annual fee and consider a change of banks
