(CNN) – Credit cards seem to stick around.
According to a creditcards.com report, 20 million people haven’t switched their primary card in ten years.
Matt Schulz, Creditcards.com Senior Industry Analyst, says it’s time. “A ten-year-old credit card is kind of like a ten-year-old pair of pants or a jacket. It probably doesn’t fit you that well anymore.”
49 million cardholders have never changed their primary credit card.
If you want to switch, Schultz has some advice. “Know thy self. So take the time to ask yourself a few questions. And the biggest ones are, what do you want to get from this card? And how do you plan to use it?”
Schulz adds a word of caution before you just jump into a new card, “Before you sign up for that new card with the big sign-up bonus, make sure you can pay off that credit card when you get it. Otherwise, you are asking for some trouble.”
You can still take advantage of new card benefits even if you want to keep your old one.
“Talk to your current credit card issuer,” Schultz says, “and say I love my card, but the interest rate is really high, and I’m getting offered cards with a lot lower APRs, is there anything that you can do to work with me? And there’s a good chance that they will.”
The study also found millennials were more likely to have switched their primary card within the last few years, which is a good thing, especially since many first cards have fewer benefits.
Also, women are more likely to hold onto their card than men, but more research is needed to determine why.