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Stretch Your Dollar: Updating your credit cards

Stretch Your Dollar

When was the last time you took a good look at the credit cards in your wallet? According to a new study, they may be older than you realize.

We are stretching your dollar with why you may be missing out on some major perks.

Credit cards seem to stick around. According to a creditcards.com report, 20 million people haven’t switched their primary card in 10 years

“A 10-year-old credit card is kind of like a 10-year-old pair of pants or a jacket. It probably doesn’t fit you that well anymore,” said Matt Schulz, CreditCards.com Senior Industry Analyst. 
 
49 million cardholders have never changed their primary credit card. If you want to switch —
 
“Know thy self. So take the time to ask yourself a few questions. And the biggest ones are, what do you want to get from this card? And how do you plan to use it?” said Schulz. “Before you sign up for that new card with the big sign-up bonus, make sure you can pay off that credit card when you get it. Otherwise you are asking for some trouble.” 

You can still take advantage of new card benefits, even if you want to keep your old one.

“Talk to your current credit card issuer and say I love my card, but the interest rate is really high and I’m getting offered cards with a lot lower APRs, is there anything that you can do to work with me? And there’s a good chance that they will,” said Schulz. 
 

Copyright 2019 Nexstar Broadcasting, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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