Top 5 Signs You Need a new credit card

Top 5 Signs You Need a new credit card -

Updated August 4, 2016

If you're on the fence whether a new credit card is in your future, it is time to consider seriously. Although it may seem advantageous to stick with the credit cards you already have, you can do yourself a disservice. There are a number of reasons, a new map makes strong economic sense, including that you might miss the rewards make money or spend money that you do not need. Make sure not to neglect the signs you need a new credit card by visiting our list of top 5 reasons below.

1. You pay a credit card interest.

If you carry a balance on a credit card that is charging you interest, it is time to find a new card. Pay interest on a credit card balance you not only costs money, but it can seriously delay the payment of your balance and eliminating your debt. With a 0% APR card you can transfer your balance to pay and absolutely no interest for up to 21 months. In addition, this breathing room give you time to reduce or even get rid of balance.

Now Citi Simplicity (a NextAdvisor seller) offers a very long 21 months 0% Intro APR on balance transfers and purchases . 21 months without interest is the longest we've seen on the market, giving you almost 2 years of zero interest payments. Moreover, simplicity has no late fees, no annual fees and no penalty in April if you pay late. There is a 3% balance transfer fee, but depending on your current balance and APR it might be more than worth it. To see fail, see our transfer fast and free balance calculator.

You might also consider Chase Slate , which has no balance transfer fee and 15 months 0% Intro APR on balance transfers and purchases. Having no balance transfer fees can save you a ton of money, and this combined with the absolutely zero interest payment for more than a year make this card a serious contender. There is also no penalty APR for late paying your bill, and no annual fee.

2. You are earning less than 2% on all your purchases.

There are many, many credit cards out there, and if you do not have a card that pays you use it, you should seriously think about getting one. If you earn less than 2% cash back, you're missing a great opportunity for cash rewards. Some cards offer a standard cash back on every purchase amount, while others offer great cash back rewards in some categories. The best card for you will depend on your individual spending habits. If you are not sure, use our Cash Back calculator free and simple to see which cards will earn you the most money.

The Blue Cash Card from American Express preferred (a NextAdvisor seller) offers an introductory bonus of $ 150 if you spend at least $ 1,000 in your first 3 months as cardholder. In addition, you will 6% cash back at supermarkets (a maximum of $ 6K purchases per year) 5% on travel purchases done within 6 first months (up to a maximum of $ 200 return), 3% back at gas stations and select department stores as Sears, JC Penny, Kohls and Nordstrom, and 1% back on everything the rest. If you tend to spend more on groceries and gas, this card is a good choice for you. There is an annual fee of $ 95, but on the basis of most people's spending habits that you might do more for her.

Or have a look at the Citi Double Cash Card , which provides 2% on all purchases and no annual fee . The only caveat is that you get 1% when you make the purchase, and the other 1% when you pay to buy, it is best for those who pay their balance each month. However, even if you carry a balance you will end up getting the last 1% where you are able to pay.

3. You have tried to use your reward points for travel, but had been censored.

Anyone with a credit card linked to a special Travel program has probably experienced blackout days / weeks, especially if you try to travel during a popular time. It can be frustrating not to be able to use the points you've earned to travel. The best way around this is to get a travel card with the flexibility that allows you to travel when and as you wish, without the dreaded syndrome "blackout".

Capital One Venture Rewards Credit Card allows you to make the choice that the airline, hotel, rental car, etc. that you want to use, and how would you book - online, by telephone or with a travel agent. All you need to do is use your card to pay for whatever option you choose to travel. Then, simply redeem your rewards earned as a statement credit against the travel you booked. You will gain 2 miles for every dollar skips (equivalent to 2% cash back to spend on travel), and you can enjoy a 40,000 mile bonus after spending $ 3,000 within the first 3 month - equal to $ 400 travel ! Also this card is available not only to those with excellent credit, but also to those who just "good" credit, generally considered an above 660. This credit score is really good news for all those who might have a ding or two on their credit history, but are still interested in accumulating serious travel points. There is an annual fee of $ 59, but he waived the first year.

Chase Sapphire Preferred is also a good choice, offering 1: 1 transfer point for other travel programs , 2x miles per dollar on travel and restaurant meals and 1x mile per dollar on everything else. And it also has a 50,000 mile bonus after you spend $ 4,000 in the first 3 months, equal to $ 625 travel when you redeem Rewards via Chase Ultimate. 1: item 1 of transfer is an amazing feature that allows you to move your points earned frequent travel programs are completely free, giving you tons of flexibility on how you want to redeem your points. However, there are fees of $ 95 (waived the first year), which is a bit stronger than the Venture fees. In addition, Chase Sapphire Preferred is only available to those with excellent credit.

4. You pay an annual fee.

Although some cards are worth paying an annual fee for, or not much, especially if you do not charge enough about them. If you're paying to have your credit card, but do not get stellar benefits, it may be time to explore other options. Depending on what you are looking for, there are great 0% APR and rewards cards available to consumers. They even offer fantastic bonuses and many are available for those with credit less-than-excellent.

If you just "good" (rather than excellent) credit, see Chase Freedom - $ 150 Bonus . Just as the name promises you'll get a bonus $ 150 after spending $ 500 over the first 3 months. That's 30% cash back on the first $ 500 you spend, which is a large enough rate of return. Additionally, you earn 5% cash back in categories that rotate every quarter (of a maximum of $ 1,500 of purchases) and 1% cash back on everything else. In addition, you can enjoy 15 months 0% Intro APR on purchases and balance transfers (note: there are 5% balance transfer fee) to save money on fees interest. And of course, there is no annual fee.

For those who have "excellent" credit not willing to pay an annual fee, Find out what Chrome offers double the cash back you earn the first year . This means that if you earn $ 200, they'll give you an extra $ 200, bringing the total to $ 400. It's a damn big bonus! You also earn 2% cash back on up to $ 1,000 of combined purchases at restaurants and gas stations each quarter and 1% on all other purchases. The more 12 months 0% APR on balance transfers and purchases.

5. You do not have it.

If you think you're doing yourself a favor by living without a credit card, you are not, at least not if you ever want to get a mortgage, car loan or make any kind of loan. It may come as a surprise, but if you have credit cards or not part of your credit score. In fact, someone with no credit cards typically will be considered a higher risk than someone who has managed their credit responsibly cards.

If you have had credit difficulties and are unable to qualify for most credit card, a secured credit card as Capital One Mastercard secure could be the reply. A secure card looks and works just like a regular credit card, but it is guaranteed by your funds. Regular use and pay your bills on time can help improve your credit score and even possibly increase your eligibility for other unsecured credit cards.

If you have good credit, but just have not seen the need for a credit card, not only are you potentially hurt your score, but you also lack of great rewards. If you're shopping anyway, why not get 2% or more behind on everything you buy? You can read our credit card reviews to find the best card for your individual needs.

Disclaimer: This content is not provided or commissioned by the credit card issuer. Opinions expressed here are author's alone, not those of the credit card issuer, and has not been reviewed, approved or otherwise endorsed by the credit card issuer. This content was accurate at the time of this post, but the terms and conditions of card can change at any time. This site may be compensated by the sending credit card affiliate program.