Last Updated on May 21, 2021 by MoneyVisual
Too many of us seem to think that it is all too much hassle to change banks or switch to a different credit card provider but that loyalty or indifference could be very costly.
If you think that there is not much difference between the various banks around and most credit cards offer similar features and rates you might be in for a bit of a shock when you discover that this is not always a level playing field.
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Here are some pointers on why your loyalty might be misplaced and some of the myths that might be preventing you from switching your current account or stopping you from searching out a better credit card deal.
All Bank Accounts are Much the Same
If you subscribe to this popular belief it is probably time for a wake-up call, as there can be substantial variances in the benefits and service that you get between banks.
Some accounts offer you a better rate of interest on your credit balance than others and you might that the terms of any overdraft facility that you might need could be cheaper elsewhere than the rate you are currently paying.
Some banks are probably relying on your sense of loyalty and lack of motivation to shop around and don’t feel that inclined to reward you for staying with them.
It is always worth checking to see whether you could get a better deal elsewhere and you might even find that your existing bank offers you better terms to try and keep you with them.
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Switching is too Complicated and Time-Consuming
Another major myth that seems to exist amongst a hardcore of dedicated people who seem reluctant to take their business elsewhere is that it is too much hassle to even think about switching banks or credit card providers.
You obviously don’t want any problems with your regular payments going out each month and trying to notify each payee individually would certainly be a hassle, but you are unlikely to have to need to do that anymore.
Many banks offer a dedicated switching service that is designed to be hassle-free and painless as possible, arranging everything for you once you agree to the switch.
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All Credit Cards are Alike
Another popular myth is that all credit cards are much the same and there is no real advantage to swapping around.
The rate of interest you pay on any outstanding credit card balance can soon add up to a tidy sum each year and if you can shave a few points off that number it is well worth doing.
You might be able to find a zero percent introductory deal or a better deal, such as air miles, that actually makes moving your balance worthwhile. Take the opportunity to check your existing bank and credit card deals on a regular basis and don’t be afraid to move if the grass is greener on the other side than you first thought.