Available credit card offers can change pretty drastically over time, even one month to the next. A credit card deal you got months or years ago might have seemed great at the time, but it might be much worse than deals you could get right now.

How does your existing credit card account stack up? Is it time to switch cards?

Re-evaluating Your Current Credit Card

You probably already have a good idea about whether or not your current offer is a good deal. You just have to think about the basics and how they make you feel.

Do you think you’re getting a fair interest rate? Do you dread your annual fee? Do you feel like you’re being taken advantage of in any way? If you aren’t happy with your card, that’s a good sign it’s time to look into better offers in the current market.

Checking Out the Competition

When you’re ready to see how your current cards really measure up, it’s time to do some market research. Visit your favourite credit card comparison website and look for cards in the same category (like low interest credit cards or rewards cards). See how the rates and fees for current cards compare to your own.

If your credit cards still have reasonable terms compared to newer offers, it probably wouldn’t be worth switching unless you’re unhappy with your issuing bank’s customer service. But if market conditions have gotten better on the consumer side and offers have become more competitive, it might be a good time to apply for a new card.

If you already have an existing balance, another consideration is a balance transfer. Even if general offers haven’t changed much, you might be able to get more out of your cards by taking advantage of introductory balance transfer rates.

Comparing credit cards isn’t just for people who want a new credit card account. It’s also for people like you — consumers who want a better credit card. The only way you’ll know if your card’s terms are still fair and competitive is to keep an eye on that competition. And if you find that your deal is no longer as good as you thought it was, maybe it’s time for a change.