Loyalty is generally considered a good thing, but in the credit card world, that quality could be costing you potential rewards. About 32 million U.S. credit cardholders haven't changed their preferred credit card in 10 years or more, and another 21 million have never switched, according to a new CreditCards.com report.
There are two major camps when it comes to credit card usage — people who haven't changed their favorite card in a long time and those who recently signed up for a new one. If you're in the former group, it might be time to consider seeing what else is on the market. Cards are offering signup bonuses, cash back and travel rewards, and a sign-up bonus menu that is "pretty darn strong," says Matt Schulz, credit card analyst for CreditCards.com.