Why it might be time for a new credit card

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When was the last time you switched credit cards? For most people, sticking with the same old tried-and-true card is just what you do—especially if you’ve had the same card in your wallet for the last 10 years.

But here’s the thing: When it comes to credit cards, a lot has changed over the last few years. Making the switch to a new card could help you get out of debt faster while earning some extra rewards along the way. So why not find out what else is out there?

Here are a few reasons why you might want to switch to a new credit card.

Better interest rates.

While your interest rate won’t impact you if you pay off your balance in full every month, it can make a huge difference for those who find themselves carrying a balance. While the average credit card interest rate is around 19.9 percent, some cards offer rates as low as 9.9 percent, so it can pay to shop around.

The right rewards.

If you’ve had the same credit card for years, there’s a good chance you’re not getting the best bang for your buck when it comes to rewards. Credit cards now offer a whole host of reward options just for using your card. This can include anything from travel discounts to concert tickets, to experiences like spa days, or hot air ballooning. The trick is to figure out what rewards are right for you and your lifestyle. If your current card is hooking you up with free movie tickets, but you’d rather be saving for a flight to Paris, it might be time to switch.

More insurance options.

Speaking of lifestyle, it’s helpful to remember that different cards offer different kinds of protection. Are you a frequent flyer and looking for out-of-country medical coverage? Maybe you care more about car rental collisions or lost luggage protection? There are even unique kinds of insurance options that offer extended warranties—this can be useful for protecting big-ticket purchases, expensive electronics, or your cell phone. The key is to decide on the things you care about, then find the card that’s going to make sure you’re protected.

The switch is simple.

Through a quick phone call to your new credit card provider (just dial the number listed on the back of your card), you can transfer the amount you owe on one credit card to a new card. Many credit card providers offer special balance transfer promotions throughout the year, meaning you may even have the opportunity to take advantage of an extra low-interest rate period once you make the switch. Just remember that a balance transfer can take up to a week to process, so you’ll still need to make payments on your old card until the balance is complete. After that, you’re off to the races with your new card. But buyer beware, most credit cards will charge a fee for initiating a balance transfer.

Want to skip that balance transfer fee? Or just learn more about different credit card options? Find the card that's right for you.