Credit cards have been widely used by most of bank customers as this is a productive way not to spend cash at the moment but to borrow it. How many cards do you personally possess? How do you think if it is a smart option to keep all the cards even without using them. Moreover, are there any pluses of having so many accounts which you basically lose track of?
Read this article in order to figure out what the best ways for getting rid of useless credit cards are and which accounts may eventually become of some use.
1. Find accounts with lower interest rates
First that is needed to be found out is how many accounts you have and which ones have the highest interest rates. If there are some, it is always smarter to transfer the funds to lower interest rate accounts and close the most absorbing ones. They are nothing but waste of your money.
Still, there may be some percent of funds transfer implemented into the process, so before doing that search for the best conditions and then go for it! Do not lose money where you can save it!
2. Are your credit cards beneficial?
How often do you get some rewards or additional points for using the credit cards provided by specific companies and do you get them at all? That is the crucial question.
So many companies and banks suggest different ideas, promotions, discounts and benefits in order to attract higher number of clients. Therefore compare offers of other companies and check whether you are being rewarded sufficiently. If not, it is high time ditching this credit card!
3. Watch out old cards
Some creditors are very quite attentive with old cards owners. if you opened a card account long time ago and have not been using it for awhile, then make at least some transfers in a bit. Otherwise this account may be closed and you will have to pay inactivity fee.
So the best way is to close a new card account with high interest rate. Furthermore, the higher interest rate the card provides, the bigger will be an inactivity fee afterwards.
4. Try to aim at the future
How expensive is your credit card? Do general benefits cover all expenses that you eventually lay for it. If you calculate every single fee and come to a deplorable conclusion that the ends do not meet, ditch the card and search for a better option.
Summing up, credit cards should meet your expectations and correspond with them. But if there is at least one negative aspect do not hesitate and change useless credit cards, as there are too many offers that may capture your attention.