Think you’re stuck with your credit card company because of the economy? Maybe your current card’s customer service team is sorely lacking? You can change your credit cards rather easily. And while you don’t necessarily need a reason (it’s a goo idea), here are five reasons that certainly justify a shake up in your financial foundation.
Does it seem as though your experience with your current carrier is riddled with little problems? Often, it’s a series of little things that wouldn’t amount to much on their own, but when you realize you’re contacting your company every few months over a payment that wasn’t posted or an erroneous fee that was tacked on to your statement, it might be time to rethink things.
Another problem some consumers have is the absence of a patient and “willing to help” voice on the other end of the line when they contact their card carrier. Whether it’s because the card reps are overworked or not trained properly is moot; the fact is, consumers want to be heard without feeling as though they’re a burden or that their concerns aren’t being heard. In fact, this is the number one reason many credit card users will bail for another company in hopes of better customer support.
It might be that an annual fee was just part of the deal back when you first took out your credit card. These days, there are so many offers that don’t include annual fees that it’s almost recommended that you do a bit of comparison shopping. Other fees might include higher cash withdrawal fees, fees to speak to an agent or even a monthly maintenance fee. While there’s talk of even more fees as a way of ensuring profits for some card network, there still exists those offers with fewer costs.
Let’s face it – many of us will take out a new credit card that offers balance transfers as a way of knocking our credit card debt down without worrying about higher interest rates. In fact, there are many credit card offers that allow you to transfer existing balances with no interest for 12 or 15 months (or longer). It’s ideal for those looking to manage their finances better. If that’s something important to you, it might be worth it to shift your credit card habits to another carrier.
The Inability to Work With Consumers
Often, a company will be so wrapped up with seeing its bottom line grow that it forgets the power of the customer’s loyalty. If you’ve taken great lengths for years to keep your credit history pristine and then miss a payment one month, your card company should be willing to credit the late fees back to your account. While no one can expect a card company to do this every month, there are times when an exception to the rule is appropriate. If your card carrier refuses to bend a little, it might be time to rethink who your own loyalties are with.
Another truth in today’s new credit card market is that the deals are much sweeter. More credit card companies are wooing us with quite the impressive offers. From 0% intro rates for an extended time to cash back bonuses to signing bonuses in the form of rewards points, there’s an attractive offer that seems to top the one before it. It just might be to your benefit to take advantage of these offers.
These are just five reasons; there are many more, including your own desire to find a lower interest rate because your credit scores have improved. Remember, though, you don’t want to create a financial problem with a new credit card. At a minimum, you’ll want to get the balance paid off with your current credit card – even if you decide not to close it.
Remember too that it’s often to the consumer’s advantage to not close a card account she’s had for years. It shows a creditor that you’re in it for the long haul. Naturally, the dynamics you experience will help you determine the best course for you. Always check the terms and conditions to be sure you’re not creating a credit card nightmare.
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