Many of us end up using the same credit card for a long time and many people do not change their favorite card for years. Our financial requirements keep changing over time. If you have been using the same credit card you had in college, you probably have the wrong card with you. The card you had before you started a family might not be ideal for you now. However, there are also many consumers who go crazy over new card offers and are always ready for every new signup bonus, but only a few do this.

If you have not changed your credit card in the last five years, there is a chance that the card is not right for you. Here are a few signs that you might have ended up with a wrong credit card.

It is your only card
This is okay if you have just entered your 20s, when you do not have financial stability or independence. However, if you are thirty or older, this card is not useful for you anymore. It is time to move to a credit card with a lower Annual Percentage Rate (APR) and a higher credit limit to meet your financial needs.

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You no longer have bad credit
Bad credit can cost you a fortune in the form of the high-interest rate on mortgage, credit card repayments, and auto loans. Cards targeted towards consumers with a bad credit come with additional fees and a higher APR. Once you have rebuilt your credit, it is time to cash in on a lower APR, card protection, and perks.

It is a retail credit card
Usually, people get their first credit card from a retailer. This is because these cards are easy to qualify than other types of credit cards. However, these cards have a higher APR, which is about 30 percent, and do not match the rewards you can get from a general-purpose card.

Your card charges you for foreign transactions when you travel overseas
Traveling overseas is expensive and the last thing you would want to do is make it even more costly. A credit card that charges you foreign transaction fees is the wrong card for you. You will be paying an additional two or three percent on top of everything you buy when you are out of the country. There are now dozens of cards that have eliminated the foreign transaction fees.

If you have not shopped for a new card in years, you should do so now. The rewards are more lucrative and zero percent offers are becoming more generous than ever. The longer you hold on to a card with a strong credit history, the better it is for your credit score. Of course, if you see that are getting a new credit card is not beneficial for you for any particular reason, stick with your old card. If the right card is used in the right way, you can make the most of the rewards and it could help you build a good credit score and credit history.

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