As 2019 comes to a close and 2020 arrives, there are a variety of finance related questions that deserve your attention. Even if you have positive vibes about the credit card you’re currently carrying, there are a few questions you can address to ensure that you’ll remain in a good spot for the months to come.
Here are five credit card related questions to answer in 2020:
1. Is there anything your current credit card doesn’t offer that you want?
For example, you may be happy with everything except the cash back rate associated with your credit card.
If you can continue to live without this, there’s nothing you need to do right now. However, if you think you deserve a higher rate, you can contact your credit card issuer and/or consider making a change.
2. Are you happy with the customer service you receive?
It doesn’t matter what type of credit card you have or the bank you’re working with, they should treat you like a valued customer.
If your issuer continues to fall short in regards to customer service, ask yourself if you want to deal with this in the future. You may be able to find another card with the same level of benefits – or more – as well as a better customer service experience.
3. Has your credit score improved?
Maybe you applied for your current credit card when you had poor or average credit. But now that you’ve been doing things the right way for a few years, your score has reached the good or excellent level.
If your score has improved, consider if you could get more out of another credit card.
For instance, if you’re still using a secured credit card, it may be time to make the move to an unsecured offer.
4. What’s your interest rate?
Even if you never carry a balance, it’s good to know the interest rate attached to your credit card account.
If it’s competitive, you can leave well enough alone. But if it’s a bit higher than you would like, especially when compared to other offers, it’s time to contact your issuer to see if they can do anything for you.
5. What’s the annual fee?
You can disregard this question if your credit card doesn’t have an annual fee. But if it does, consider if it’s worth paying for next year.
Tip: don’t be shy about contacting your issuer and asking them to waive your annual fee when it comes due. If you’re a good customer – meaning you always pay on time – they may be willing to comply.
While these are some of the best credit card questions to answer in the near future, others are sure to come to light. No matter what types of questions you have, answer them in a timely and accurate manner.
Depending on what you find, you may realize that it’s time to ditch your old credit card for something that suits you better.