Is It Time to Shop for a New Credit Card?

If you’re frustrated with fees and wondering why you even bother keeping your credit card open, you might not have the right card for you.

Read on for three sure signs that it’s time for you to shop for a new credit card.

1. You’re paying a high APR.

According to rate reports, the national average credit card interest rate currently stands at 20.93%¹, and it continues to rise.

Compare this to your current interest rate. Is the APR (Annual Percentage Rate) on your credit card above this average? If so, you may be paying more than you need to in interest charges.

2. You’re constantly hit with fees.

Annual fees. Cash advance fees. Balance transfer fees. Foreign transaction fees. When is enough, enough?

If you feel like you're paying too much for these fees, we agree. Which is why PSECU doesn't charge them.

Even if you’re earning rewards, if you’re constantly being hit with fees for using your card, you’re likely losing money in the long run.

3. The perks are difficult to take advantage of.

What good are airline miles if you can only redeem them for flights at 2 a.m. on the second Thursday of the month? Or how much do you really save if you’re offered a 0% balance transfer APR, but hit with a 5% fee?

If your current credit card offers perks that are hard to redeem or end up costing you money in the end, it may be time to rethink your card.

Consider what’s truly important to you, like a low purchase APR, significantly below the nationwide average. Or the possibility of earning unlimited cash rewards² that you can use for anything, at any time.

Choose a Credit Card that Works for You

A credit card should be a tool that helps you achieve more with your finances, not dig yourself into debt, get overloaded with fees, or get fooled by fruitless rewards programs.

If you find that your current credit card isn’t working for you, consider making the switch to PSECU’s Classic Card or Founder’s Rewards Card. With competitive purchase APRs and no cash advance, foreign transaction, balance transfer, or annual fees, you can’t go wrong with either. Apply for one today.

¹Rate as of August 2, 2023 from https://www.creditcards.com/news/rate-report/.

²Some exclusions may apply. See the Visa® Founder's Card and Visa® Alumni Rewards Card Rewards Program Terms and Conditions for full details.

The content provided in this publication is for informational purposes only. Nothing stated is to be construed as financial or legal advice. Some products not offered by PSECU. PSECU does not endorse any third parties, including, but not limited to, referenced individuals, companies, organizations, products, blogs, or websites. PSECU does not warrant any advice provided by third parties. PSECU does not guarantee the accuracy or completeness of the information provided by third parties. PSECU recommends that you seek the advice of a qualified financial, tax, legal, or other professional if you have questions.

By: PSECU