Is It OK To Be Changing Credit Cards Frequently?

Information verified correct on October 1st, 2016

Credit card companies know that in today’s very competitive market, the only way to stay ahead of the competition, and win new business is to attract customers with great deals.

Nowadays customers have become a lot more savvy when it comes to financial products and most people will shop around before deciding on which deal to go for.

What do lenders do to draw us into the habit of changing our credit cards frequently?

Low balance transfer deals

Something that has become very popular amongst consumers is the credit card balance transfer. This is where the customer moves one credit card debt onto a new credit card with a very low, or even 0% interest period.

That way the customer saves money on their debt, and the lender hopes that either the odd purchase on the new credit card, or even a couple of months at the full interest rate will pay for the low rate promotional period the customer had.

What some customers do is keep switching credit cards, at the end of these low rate deals to secure what is in effect a long term loan at low or 0% interest. This is a popular tactic which can save you money if used correctly, and is a positive use of changing credit cards frequently.

Rewards cards

These schemes that reward customers each time they spend money can also lead to people having more than one credit card. It is in our nature to try and stay ahead of the game, and secure ourselves the most competitive deals available, and this is what leads us to constantly swap and change our credit cards.

Side effects

There some downsides to changing credit cards frequently, and that is the effect it can have on your credit rating. Having many different applications for credit over a fairly short period of time, can suggest to companies that you are a serial borrower, and can sometimes impact negatively on the way you are viewed.

If you have done a couple of credit card changes in the past, you should check to see if any of the old cards you had are still open. Even if you have not used a credit card for a while it may well be that the account is still open.

Having many open credit accounts active on your credit file may also not do you any favours, so you need to make sure any accounts you are not using are shut down.

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Credit Cards Comparison

Rates last updated October 1st, 2016
Purchase rate (p.a.) Balance transfer rate (p.a.) Annual fee
Virgin Australia Velocity Flyer Card - Balance Transfer Offer
Enjoy a 0% p.a. balance transfer offer for 18 months and also earn 2 bonus Velocity Points in the first 3 months on everyday spend.
20.74% p.a. 0% p.a. for 18 months $64 p.a. annual fee for the first year ($129 p.a. thereafter) Go to site More info
ME Bank frank Credit Card
Enjoy a low and consistent interest rate on purchases and cash advances, combined with no annual fee.
11.99% p.a. $0 p.a. Go to site More info
St.George Vertigo Visa
Introductory offer of 0% p.a. for 18 months on balance transfers and 1% p.a. for 12 months on purchases, plus a low annual fee.
1% p.a. for 12 months (reverts to 13.24% p.a.) 0% p.a. for 18 months $55 p.a. Go to site More info
HSBC Platinum Credit Card
Receive a full annual fee refund and save $149 if you meet the $6,000 spend requirement. Enjoy a balance transfer offer and platinum card benefits such as complimentary insurances and concierge services.
19.99% p.a. 0% p.a. for 15 months $149 p.a. Go to site More info

* The credit card offers compared on this page are chosen from a range of credit cards has access to track details from and is not representative of all the products available in the market. Products are displayed in no particular order or ranking. The use of terms 'Best' and 'Top' are not product ratings and are subject to our disclaimer. You should consider seeking independent financial advice and consider your own personal financial circumstances when comparing cards.

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