Borrowing

Why It's Time to Pick a New Credit Card

You could be missing out by not comparing new credit card offers, losing benefits like rewards and zero-percent interest rate offers.

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Welcome to Day 11 of our 30-Day Easy Money Makeover! Every day in April, we’re bringing you strategies to help you improve, and feel more confident about, your money situation. Follow along and see the rest of the calendar here.

If you want to manage your money effectively, it’s important to choose the right tools. Which credit card you use can make a big difference on your bottom line.

The process can feel overwhelming, simply because there are a lot of different cards out there. (Never mind that the terms and conditions can be tough to dig through.)

Perhaps that’s why people tend to stick with what they already have. One in 5 consumers hasn’t shopped for a credit card in the past five years, according to CreditCards.com—and 30% have never changed their preferred card.

But maintaining the status quo means you could be missing out, on benefits like welcome bonuses and rewards, as well as on better interest rates and more favorable terms.

It’s easier to narrow the options if you first ask yourself what you need to get out of that card, says Nathan Grant, credit industry analyst at Credit Card Insider. For example, the right credit card might be one with better rewards if you’re paying your balance in full—or one with a low interest rate if you’re carrying a balance.

Here’s what to look for, to help you keep your financial house in order: