|by Jason Steele|
If you are not single, remember when you were? Unless you are still in your first relationship, you have inevitably discovered what it feels like to know that it is time to move on. The same is true with your reward credit card. Like relationships, some people don’t see the signs and end up trapped in an unfulfilled situation for way too long.
Here are some signs that it might be time to move on, with your credit card.
1. The value equation just isn’t working for you. When you signed up, you were offered wonderful rewards, such as a free domestic ticket for a mere 25,000. When it came time to redeem the award, there was no availability for months at that mileage level. Given the mileage you needed to get to your destination, and the cost of ing a plane ticket, you realize you would have been better off had you stuck with a cash back card.
2. You just found out about the Foreign Transaction Fees (FTF) scam. You love to travel internationally, and you love your rewards, but you just found out that your credit card company is skimming 3% every time you use your card in Canada or some other exotic location. Worse, you just read that several credit cards just decided to drop their FTF, joining long time FTF free cards from Capital One. It is time to get a no FTF card for your travels.
3. You just got socked with an annual fee on a card you rarely use. It is not too late to call them up and cancel the card, and your annual fee. Besides, there is a good chance their retentions department will agree to waive the fee, or possibly make you a reasonable offer of more loyalty points.
4. Their customer service is driving you crazy Bank’s customer service may not be quite as bad as the airlines, but they can leave something to be desired. If you are forced to spend time dealing with their screw ups, or waiting on hold forever, it might be time to move on.
5. You are getting bombarded with offers for great cards with amazing sign up bonuses. With the exception of big spenders, it is very easy to get more rewards from sign up bonuses than you get from spending. When you find a great offer out there, it is great to snag it and possibly cancel your old card. You can still apply for it again another day, and re-earn a sign up bonus.
6. It’s not you, its me You signed up for a particular card for various rewards, but these days those rewards really don’t excite you. Maybe you just need to find the right reward card for your particular needs, travel habits, or both.
The most important thing to remember is that we are blessed with a very competitive market for reward cards. There is no reason to stick with a card that just isn’t doing it for you.
Sometimes, it is up to you to realize that you can do better.