Opening a new credit card account could make sense if you're hoping to take advantage of new credit card offers or your old rewards card simply doesn't cut it anymore. There are a few things to keep in mind when opening new credit cards and closing down old accounts.
Compare credit card offers
If you're interested in getting a new credit card, make sure you understand the different types of credit cards — from balance transfer to low interest and beyond — to help you narrow down the options. Credible can help you easily compare cards to maximize the rewards you receive every time you swipe your credit card.
For instance, consider:
Whether there's a signup bonus or bonus points
Any extra rates and fees required with top cards
What you plan to use the card for (i.e. travel purchases, everyday purchases, balance transfer, etc.)
Whether you're interested in earning credit card rewards rates
What kind of rewards are most useful to you (i.e. travel rewards or cash rewards with a travel credit card, business credit cards or more)
Whether you're willing to pay an annual fee.
Don't forget to research credit card lenders, too.
Next, think about which type of card you're most likely to qualify for based on your credit history.
Some cards, for instance, may require excellent credit for approval while others cater to people with average credit. Reviewing your credit reports and average credit scores can give you an idea of where you stand.
It's possible to be approved for a card almost instantly if you meet the card issuer's credit (i.e. have an excellent credit score and history) and income requirements. You'd then just need to wait a week or two for your card to be mailed to you. If you're not approved right away, the credit card company will send you a written notice explaining why.
Once you know what card types you're interested in, you can insert your credit score into the tool below to help compare different cards and get a recommendation from Credible on which is right for you.