There’s a lot on your plate as the calendar turns to a new year. This is particularly true when it comes to your finances.

Even though it may not be high on your to-do list, it makes good sense to contact your credit card company at the start of the new year. This gives you the opportunity to better understand your account, while also asking a few key questions.

Here are five questions to start with:

1. Is there anything you can do about my annual fee?

If your annual fee is coming due in the first three months of the year, call your credit card company to ask if they can waive it for you. Sometimes this works, sometimes it doesn’t. However, it always makes sense to ask.

If your credit card company can’t help and you don’t want to pay the annual fee once again, it may be time to consider your other options. They’re not the only game in town!

2. Can you lower my interest rate?

If your account is in good standing but your interest rate is high, ask if there is anything they can do to help.

For example, if you have a variable interest rate, your credit card company may agree to lower it to a fixed rate. Not only does this save you money on interest if you carry a balance, but it also allows you to avoid a hike in the future.

3. Is there any type of bonus you can offer me?

Yes, it takes some nerve to ask this question, but if you’re a good customer there’s nothing wrong with asking for something in return.

If you’re lucky, you’ll get someone on the phone who can credit your account with bonus points, should you have a rewards card.

4. Does your company offer a card that is better suited for someone in my position?

Most credit card issuers have several offers to choose from. If your account is in good standing and you have good or excellent credit, you may qualify for a card that has more to offer.

After telling the customer service representative what you’re looking for – such as a cash back or rewards card – they can give you a rundown of everything that’s available at the present time.

5. Are there any recent or upcoming changes to my terms and conditions?

Your credit card company can (and probably will) change your terms and conditions every now and again. By asking about this once a year, you can get a better feel for if anything major has changed or will change in the near future.

Also, keep your eye on the mail, as any changes to your terms and conditions will be mailed to you.

Final Thoughts

It only takes a few minutes to contact your credit card company to ask the questions above. Once you’re done with the conversation, you’ll look back and realize it was informative and rewarding – especially if you were able to secure better terms.