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Columns | Go Far With Kovar

Should I Get
a New Credit Card?

by Taylor Kovar
Hi Taylor - I just finished paying off my student loans and I'm wondering if I should get a new credit card to reflect my improved credit score. Does that kind of thing matter? Are the benefits significant? - Shaundra

Hi Shaundra - Yes and YES. A better card with a higher limit can improve your credit even further, and the benefits offered by banks to people with good credit are usually much better than what one can get with poor or fair credit.

For starters, you should have access to lower APRs with your approved credit score. I don't want you carrying a balance from month to month, but it's always nice to have lower interest rates in case you do get caught with some outstanding charges on your card. A lot of cards will offer 0% APR on balance transfers as well, in case you have some debt that's lingering.

Most fun will be access to useful perks. If you look good on paper, you can be trusted with the fanciest cards that bring in the fanciest rewards. Earn tons of miles and use swanky private lounges when you go to the airport; get a handful of cashback when you go to restaurants or pay for gas; apply for a card that links with your favorite airline or hotel to ensure your spending turns into rewards you can use.

Many of the best credit cards don't really work unless you do a modest amount of spending, so you can't expect to get much of a bonus if you don't swipe regularly. That's why it's worth researching the cards that offer bonus points for certain types of spending. Some are better for business owners and frequent flyers, others work well for parents who have big families and spend lots of money on groceries each month. Some cards let you pick the benefits you'll get the most out of, which is an appealing perk. There's a post at GoFarWithKovar.com that details 10 of the best cards for people with good credit, so that's worth checking out if you're in the early stages of your search.

Whatever you choose, don't get too excited by the rewards. It's nice to get a kickback for your everyday purchases, just don't lose sight of the fact that you have to spend money in order to get these bonuses. If you work too hard to earn airline miles, you'll quickly be back in debt and watching your credit score take a turn for the worse.

As long as you already use a credit card, it ought to be a good one. Start doing some research and find something that brings in useful rewards and reflects the excellent credit score you've earned, Shaundra!

Taylor Kovar October 8, 2019
More "Go Far With Kovar"
Disclaimer: Information presented is for educational purposes only and is not an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and, unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. To submit a question to be answered in this column, please send it via email to Question@GoFarWithKovar.com, or via USPS to Taylor Kovar, 415 S 1st St, Suite 300, Lufkin, TX 75901.

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