Switching credit cards does not come naturally to us. In fact, you will find plenty of people who have continued with the same credit cards for several years. While it is not bad to stick to your comfort zone and avoid the hassle of searching for a new credit card company, it is also important to weigh the reasons that may entice you to actually make the move. Are you able to earn the right rewards on the credit card you are currently using? Do you think the interest rate is a bit too high?

Once you start asking the right questions, you may find several reasons to switch over to a new credit card. Here are five reasons why you must.

Higher than usual interest rate

Unsurprisingly, the top reason to make the switch is to get away from paying high interest. People with significant credit card debt find it difficult to get out of the red due to the high-interest rates on their card. In such situations, a balance transfer to a card that offers a lower interest rate could save you money and help you settle your debts much quicker. 

No use of rewards or benefits

Credit card issuers offer exclusive rewards and benefits to their customers that come handy while shopping or availing a service. These days, it does not make sense to use a credit card without taking advantage of the various rewards it offers, be it in the form of cash backs, air miles, points, discounts, etc. But then again, you might be using a card that does not provide enough benefits on the type of purchases you make. For instance, if you spend a good chunk of your money on groceries and your card does not give you cash back on the purchase at a majority of the retailers, it makes sense to switch to one that does. 

[Related: Are two credit cards better than one?]

Zero percent balance transfer offer

Many credit card issuers lure customers with the zero percent balance transfer offer, which basically means you don’t have to pay a single dirham on interest on the balance transferred to your new account until the expiry of the promotional period. A balance transfer offer with 0% APR (annual percentage rate) is especially good if you have a significant balance on your existing card as you can get rid of the interest on the money you owe for the past few months. 

Amazing introductory offer

Aside from zero balance transfer, credit card issuers offer several other introductory offers in the form of air miles, free insurance, cash back on purchases for the first few months, gift vouchers, and more. You should be on a lookout for such deals and take advantage of the ones that suit you best.

Hefty fees

Exorbitant annual fees, high charges for foreign transactions, an impending fee revision are some of the other factors that may force you to switch to a new credit card. It is important to make sure that the annual fees of having a credit card do not exceed the benefits you receive from it. If you are paying a lot of money without availing any benefits, it’s time to switch to a new credit card that offers better benefits or comes without an annual fee.

[Related: Are You Making This Costly Credit Card Mistake?]