How to tell if your Credit Card isn’t Working for you Anymore
Your beloved credit card, which you have toted around with you since college, may just not be working for you anymore.
Many creditors are in the process of changing their terms and conditions because of the newly introduced credit card legislation. It is therefore extremely important to keep abreast of all changes that may be taking place with your creditor and your credit card.
Don’t cast aside the information included in with your monthly statement; instead, make sure to read it carefully, as it could change the way you use your card. It may also prompt you to ditch your current credit card in favor of another one with more competitive features and benefits.
How to tell if it’s time to move on:
- Customer service is lacking – Excellent customer service is usually on the top of many cardholders’ wish lists when it comes to deciding on a credit card company. You may want to ask yourself if you have been satisfied with the customer service the last time you called. For example: Did the customer service rep handle your problem/question in a professional manner? Was the problem remedied in a reasonable amount of time? Was the customer service rep polite and friendly? If you answered “no” to any of these questions, then it may be time to find a creditor that takes pride in excellent customer service.
- Your interest rate goes sky high – Many creditors, in response to the new credit card legislation, are now raising interest rates to make up for decreased profits. If you have been a loyal customer and have always paid your bills on time, then you should not have to put up with a hike in your interest rate.
- Your credit limit is cut – Just like increased APRs many creditors have begun cutting credit limits on current customers. Once again, if your credit limit has been cut but you have proven to be a loyal and responsible customer then you shouldn’t have to deal with a decrease in your credit limit.
- Your rewards are not what they cracked up to be – If you chose a rewards credit card, but the rewards are riddled with exceptions and restrictions, then you may want to look for a new rewards card with less restrictions and more ,well, rewards!
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