Dear Lifehacker, Should I change to a different credit card just because it has a better rewards program? I currently have no credit card debt but swapping cards takes effort. Are the rewards different enough to justify a switch or are they all pretty much the same? Thanks, Credit Cruncher
If you're completely debt free, there's no reason to stick with a financial institution you're not happy with. Switching banks isn't difficult and you can easily review the rewards they offer on their websites. The key is to define what "better rewards" means to you personally.
The pros and cons of the various rewards programs are entirely subjective -- do you want free travel insurance? Flight vouchers? Access to premium products and bonus offers? The perfect rewards for one customer could be completely useless to another. Determine the type of rewards you're likely to actually utilise and choose a card accordingly.
Alternatively, you might want to consider incentives outside of rewards programs. Paying no annual fee could save you money in the long run, for example. This goes doubly if you're unlikely to take advantage of the rewards anyway. For a good starting point, check out our monthly Ratehacker column for suggestions on current good deals.
If any readers (or bankers) want to spruik the benefits of their chosen credit card, let CC know in the comments section below!
Got your own question you want to put to Lifehacker? Send it using our contact form.