Is it Time for a New Credit Card?

Pointshogger reader, Danielle, from Fintel Connect, sent us a very relevant question: “Is this the time for a new credit card?”  We will respond to this with a short and long answer below. Thank you for taking the time to reach out to us Danielle!


Is it the time for a new credit card?

Short Answer: No

Let’s get the elephant out of the room first, NO, it is not the time to get a new credit card if you cannot pay your balance in full.

Long Answer: It depends

My short answer above actually applies year round, regardless of a crisis or not. There’s no question that if someone has a cash flow issue and unable to pay off their balance in full, this is not the time to sign up for a new credit card. Not only will late payments hurt your credit score, but any interest accrued usually nullifies any rewards that you would ave earned.

The portion where “it depends” is also an answer that I would give year round, regardless of a crisis or not. For those of you who can pay your bills on time, then I would say that it can still be business as usual in terms of the credit card game.

Personal Strategy

Basically, the answer to this question does not change regardless of what’s happening around the world. If you do not have the cash, do not sign up for a credit card. If you can pay bills on time, and in full, then go for it!

I talked more about my diversification strategy in two recent posts: Miles and Points Strategy While Staying at Home and My Miles and Points Strategy Going Forward. Basically, I personally still plan to sign up for new credit cards and keep my portfolio diversified. I do not anticipate a slow down as long as credit card companies are still coming out with relevant offers.

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