5 signs that it’s time to move from your current credit provider

Published on November 30th, 2020
  Written by 
Bill Tsouvalas
Bill Tsouvalas is the managing director and a key company spokesperson at Savvy. As a personal finance expert, he often shares his insights on a range of topics, being featured on leading news outlets including News Corp publications such as the Daily Telegraph and Herald Sun, Fairfax Media publications such as the Australian Financial Review, the Seven Network and more. Bill has over 15 years of experience working in the finance industry and founded Savvy in 2010 with a vision to provide affordable and accessible finance options to all Australians. He has built Savvy from a small asset finance brokerage into a financial comparison website which now attracts close to 2 million Aussies per year and was included in the BRW’s Fast 100 in 2015 as one of the fastest-growing companies in the country. He’s passionate about helping Australians make financially savvy decisions and reviews content across the brand to ensure its accuracy. You can follow Bill on LinkedIn.
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Loyalty helps in many sectors of life, but not when it comes to our credit card. If you have stayed with a credit card provider because you feel that they understand you better, yet their terms and charges don’t reflect the same sentiments then it’s time to say goodbye. Besides looking for better deals in this time of the year will make you realise that the grass is definitely greener on the other side. Here are five signs that it’s time you changed your credit card provider.

You no longer have bad credit

You may have found yourself being part of the 2 million people who have been at risk of a credit default that has resulted in you getting a bad credit rating. However, you have finally managed to claw your way out of a bad credit rating that gave you limited options on what type of credit is available to you. As your credit improves you can scout for better deals such as a low interest rate, served with rewards and a topping of no annual fees. Yes please!

The Sweet 0% has turned into a hell-raiser

At some stage you opted for the 0% interest rate card because, hello, who wouldn’t want 0% on their interest rate?! However, there is usually a catch with this offer as it expires after a certain period of time, and it might leave a bitter taste in your financial pockets as the rate rises. If it’s possible, you can try negotiating a lower interest rate with your credit card provider. If it doesn’t work out you can use online tools to help you compare and find the best credit card that will be suited towards your needs. Just make sure to pay off any remaining balances from the hell-raiser as you move off to greener pastures.

There are no rewards that match your spending

If you and your credit card are inseparable on a day to day basis, and you make major purchases on your card then you should get a card that has rewards that will help you save. You will have to be aware of the terms and conditions that comes with the rewards before you go on a shopping spree that doesn’t help you save. Look for a credit card that offers rewards that will be useful for you. It will also be advisable to check if there is an expiration date on the card to save you the disappointment.

A higher annual fee

Aaaah, nothing says thank you for being a loyal customer by receiving notification from your credit provider that there is going to be a big annual fee increase on your card. This will be the perfect time for you to review the value of your card and whether it’s worth keeping. If the benefits don’t outweigh the costs, then it’s time to search for a new card that will offer you better.

Avoid being catfished by a credit card provider

Now might be the best time to sign up with new credit provider as they offer great deals in terms of the interest rate, reward programmes and repayment fees on cards. However, be aware that you are not coaxed into signing on a credit card that comes with hidden fees and interest rates that will skyrocket after a certain period.

Before signing up for a new card with a new provider you will have to check if you can afford the new card. It’s also advisable that you keep an eye out for cards that have a higher credit limit as it might tempt you to make more purchases that will gather interest.

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This guide provides general information and does not consider your individual needs, finances or objectives. We do not make any recommendation or suggestion about which product is best for you based on your specific situation and we do not compare all companies in the market, or all products offered by all companies. It’s always important to consider whether professional financial, legal or taxation advice is appropriate for you before choosing or purchasing a financial product.

The content on our website is produced by experts in the field of finance and reviewed as part of our editorial guidelines. We endeavour to keep all information across our site updated with accurate information.

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