Is it better to upgrade your existing credit card instead of applying for a new one?

Gulf News

If your spending habits have changed since you got your current credit card or you aren’t using your card enough to justify its yearly cost, it may be time to change or upgrade your existing card.  Read the full story here: https://gulfnews.com/your-money/budget-living/is-it-better-to-upgrade-your-existing-credit-card-instead-of-applying-for-a-new-one-1.1694702840290  See more videos at https://gulfnews.com/videos Read more Gulf News stories here: https://bit.ly/2HLJ2km  Subscribe to Gulf News on YouTube and watch more of our videos: https://www.youtube.com/user/GulfNewsTV  #UAEnews #money #creditcard

Transcript

00:00Is it better to upgrade your current credit card or apply for a new one?

00:15Experts warn of certain risks.

00:18When you upgrade your credit card, you need to have a good credit score or a good payment

00:24history in order to qualify.

00:26You also lose out on the remaining perks of your current card when you are upgrading to

00:31a new card.

00:33So instead, you could choose to apply for a new card.

00:36However, when you do apply for a new card, without closing your existing card, you are

00:41also taking on additional debt or a new line of credit, which can cause your credit scores

00:46to drop.

00:48So keep these risks in mind when deciding whether to upgrade your credit card or apply

00:53for a new one.

00:56For more information, visit www.FEMA.gov

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