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Last updated: 03 May 2016

Are you being charged ridiculous interest rates and fees on your credit card? Are your rewards points wasting away into the abyss? Don’t settle for second best. It might be time to ditch that old credit card and upgrade to something shiny and new. What are the signs that you should switch your credit card? Let’s take a look at a few below.

1. YOU’RE PAYING TOO MUCH INTEREST

If you’re stuck in what may seem like an endless debt cycle and are keen to clear your debt once and for all, you might like to consider a balance transfer credit card. A balance transfer lets you take the balance you owe on an existing credit card and transfer it over to a new card at a special interest rate. Many providers offer rates as low as 0% p.a. on balance transfers for a special period, giving you plenty of time to repay that debt.

To learn more about how balance transfers work, head over to our guide: Balance transfers 101.

If you’re a serial spender and like to put all your purchases on your card, you might like to think about getting a low rate credit card. Why pay up to 20% p.a. in interest on purchases when some cards are offering rates of 11.49% p.a.?

2. YOUR FEES ARE TOO HIGH

Many credit cards with a high annual fee are premium cards that come with all the bells and whistles. They’re more suitable for the “high rollers” who can really get as much value as possible out of the card. For example, your platinum card might offer you complimentary overseas travel insurance or a 24/7 personal concierge service. But have you actually used any of these features that you’re paying for?

If you’re paying an annual fee of $500 but you’re not using any of those extra benefits, consider switching to a low fee credit card. The Bankwest Zero Platinum Mastercard has no annual fee and no foreign transaction fees on online or overseas purchases.

To read more about credit card perks, check out our article: Credit card perks to get you through the holiday season.

3. YOU’RE GOING TRAVELLING

Who hates getting stung with that overseas transaction fee? I know I do! That 2-3% charge can really put a damper on your holiday and could even deter you from buying those shoes from an overseas retailer.

But did you know there are cards out there that don’t charge an overseas transaction fee? The 28 Degrees Platinum Mastercard comes with no annual fee and no international transaction fees on purchases. It makes for a great travel companion!

Still not convinced? You can read more about travel cards in our blog post: Travel cards to consider for your next overseas holiday.

4. YOUR REWARDS POINTS AREN’T CUTTING IT

I spent $5,000 on my credit card and all I got was 3 reward points. Well, your situation probably isn’t as bad as that, but you get the point. Some reward programs just aren’t that rewarding.

Shop around and see how many points you can earn with your day-to-day spending. Many providers have some enticing bonus point offers for new customers.

Still not sure which credit card is right for you? Head over to our Learning Hub to read How to choose a credit card for some more info. Or if you’d like to compare more cards, check out our credit card comparison site.

And remember, as we always say, read the terms and conditions and only apply for credit if and when you really need it. Don’t forget that any application for credit can affect your credit score!