Is it Time to Shop for a New Credit Card?

Is it Time to Shop for a New Credit Card?

If you’re frustrated with fees and wondering why you bother to keep your credit card open, you probably don’t have the right card for you.

Read on for three sure signs that it’s time for you to shop for a new credit card.

1. You’re paying a high APR.

According to the Federal Reserve, at the end of 2021, the average interest rate on credit cards that assessed interest was 16.44%.

Compare that to your current interest rate – is the APR (Annual Percentage Rate) on your current credit card above this average? If so, you may be paying more than you need to in interest charges.

2. You’re constantly hit with fees.

Annual fees. Cash advance fees. Balance transfer fees. Foreign transaction fees. When is enough, enough?

If you ask us, these fees shouldn’t exist, which is why we don’t charge them.

Even if you’re earning rewards, if you’re constantly being hit with fees for using your card, you’re likely losing out in the long run.

3. The perks are hard to take advantage of.

What good are airline miles if you can only redeem them for flights at 2 a.m. on the second Thursday of the month? Or how much do you really save if you’re offered a 0% balance transfer APR, but hit with a 10% fee?

If your current credit card offers perks that are hard to redeem or end up costing you money in the end, it’s time to rethink your card.

Consider what’s truly important to you - like the ability to pay down debt with a no-fee balance transfer or the possibility of earning unlimited cash rewards (that can be used for anything, at any time).

Choose a Credit Card that Works for YOU

A credit card should be a tool that helps you achieve more with your finances, not a way to dig yourself into debt, get overloaded with fees, or be fooled by fruitless rewards programs.

If you find that your current credit card isn’t working for you, consider making the switch to one of our credit cards. With low regular and balance transfer APRs and no cash advance, foreign transaction, balance transfer, OR annual fees, you can’t go wrong with either of our offerings.

The content provided in this publication is for informational purposes only. Nothing stated is to be construed as financial or legal advice. Some products not offered by PSECU. PSECU does not endorse any third parties, including, but not limited to, referenced individuals, companies, organizations, products, blogs, or websites. PSECU does not warrant any advice provided by third parties. PSECU does not guarantee the accuracy or completeness of the information provided by third parties. PSECU recommends that you seek the advice of a qualified financial, tax, legal, or other professional if you have questions.