Credit card loyalty: Time to shop around?

New study finds many Americans are loyal to their credit card provider, and it could be costing them.

Posted: Mar 26, 2018 12:24 PM

(NBC News) A new report from Says hanging onto your old credit card is probably not a good idea.

"We found that about 50 million people said that they have never changed their credit card," says senior analyst Matt Schulz.

Another 20 million say it's been at least 10 years since they changed. That means they're probably missing out, because cash-back or reward cards are so much more popular and generous now.

Schulz says millennials are one group that's already figured out.

"Chances are that they were changing it from their training wheel card which might have had crummy rewards, high fees and high interest rate to a card that fits their life better," he says.

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