Have you Performed a Credit Card Check-up Lately?
Most of us make a point to go to the doctor every year for our annual checkup. But when was the last time you performed a financial checkup on yourself?
Our finances are an incredibly important part of our lives, whether we like it or not. And credit cards, for many of us, can either make or break our financial health. With that said: when was the last time you checked up on your credit cards? Are they working for you?
Dealing with credit cards, especially in this economic climate, should be on the top of our priority list; unfortunately, though, many of us spend on our credit cards without giving any thought to the money we could be losing. Because of this, it is important to review your credit card situation at least on an annual basis so that you have a greater hand in your financial health. Here’s what you’ll need to do:
- Order a copy of your credit report – Before you even begin looking into your credit card situation you should order a copy of your credit report. You can order a copy of your credit report from all three major credit reporting bureaus once a year, free of charge, so take advantage of this privilege. Once you have the credit report in front of you, carefully read it and immediately contact the appropriate credit reporting agency if you find any errors or discrepancies.
- Review all open credit card accounts – Your next order of business should be to carefully review all of your open credit card accounts. Carefully reread each of the card’s terms and conditions, and review the APR and related fees associated with each card.
- Close, transfer balances, if necessary – If you find that your credit card company isn’t giving you the best deal, contact them immediately and negotiate better terms. If you are unable to negotiate terms to your liking, consider closing the account and transferring any balance you have onto a different credit card. Pay close attention, however, to any balance transfer offers, as they often come with their own share of fees.
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