Credit cards can be great or even really bad for your financial life. And what seemed like a good choice in the past, might not be now. Choosing or changing your current card for a new one can make a big difference for you. Here are seven signs it is time to look for a new credit card:

1) You’re Paying Too Much Interest

One of the best reasons to change credit cards is if you’re paying too much interest. The average credit card interest rate in the US is about 19.02%. If you have good credit, and the card issuer is charging a lot more than that, it is probably a good time to find a better deal elsewhere or try to negotiate with them a better rate. 

2) Your Credit Card Rewards Aren’t Good Or Nonexistent

Ýou can get many benefits by having a credit card, such as cash back on your purchases, airplane miles, sign-up bonuses, free lounge access, among other things. If your credit card is not offering you these advantages, you should consider finding a better one.

3) You’re Paying Foreign Transaction Fees

A foreign transaction fee usually ranges around 1 to 3%, and it is charged after a consumer makes a payment in a foreign currency. It may not sound like that much, but it adds up at the end of the month. In case you purchase products or services in another country frequently, or if you travel overseas often, you should find a credit card that doesn’t charge you these types of fees. 

4) You’re Paying an Annual Fee

Annual fees can be defined as a charge made by issuers for you to use their credit cards. There is no need to pay for this type of fee nowadays since there are many options with zero annual fees, like the American Express Blue Cash EveryDay or the Citi Double Cash credit card.

5) Your Credit Score Has Improved

Maybe you chose your current credit card because you had bad credit, but if that situation changed, you will have a lot more options. Consider negotiating with your bank or credit union, or applying for a new credit card. You may get approved for a card with more perks like cash back, zero annual fees, among other things. 

6) You Weren’t Offered a Higher Credit Limit

If you had your credit card for years and were never offered a higher credit card limit, even if you used it responsibly, you should look for a new one. Some credit card issuers have a credit limit that they offer their customers, regardless if you are a good customer or not.

7) Your Spending Habits Have Changed

Certain credit cards offer bonuses and cash back only on specific categories, such as gas, groceries, restaurants. If your spending habits have changed, you should get a credit card that benefits you on the most frequent purchases you make.