Does your credit card still fit your lifestyle in the 'new normal'?

You might not always give your credit card arrangements much thought, but things can change, including the way you might want to use your card.

Cleaning up those charges and fees

A great place to start is by looking at any annual or other fees and charges you’re paying for, and any balance transfer amounts, interest-free periods or benefits you have on your current card. If these don’t align with your needs, think about whether it’s still the right card for you?

Have you become an annual fee hoarder?

Some of us like to use credit cards as a backup – tucked away for emergencies or occasional spending.

If you have a card that’s charging an annual fee and you’re finding that you’re not using your card that much, you may wish to think about whether or not it’s the right card for you.

Do those perks still spark joy?

Everybody loves perks, but you may wish to review what they are and if you’re getting what you want out of them.

It may be time to reacquaint yourself with the benefits you signed up for. If you’re not using them and don’t plan to use them, is there an alternative that better suits your needs?

Ask yourself – are the fees and charges I’m paying still worth the benefits I get from my card?

You can use our card comparison tool to see if there’s another option for you.

Dust off those numbers and take a fresh look

We’re big fans of creating regular self-appointments to pulse check your credit card spending habits against your budget.

While those check-ins can help you keep an eye on your daily habits, it’s also key to take stock of your budget generally. For example, you may wish to take a look at your monthly or quarterly spending and budget to find trends in how you spend.

This process may also help you review how you currently manage your credit card payments. For example, if you’re only paying the minimum monthly repayments, you may end up paying more interest over time and it may take longer to pay off your credit card debt. Conducting a general review of your budget may reveal ways you can save. You might want to think about if it’s worthwhile using those savings to repay more than the minimum monthly repayment and fast-track paying off your credit card balance.

You can also look at other factors, such as if your credit limit is still the right fit for your budget.

Does your credit card still fit you like a glove?

While we’re at it – is your spending and your card still in line with your current mindset and goals?

Maybe ‘past you’ wanted all the perks, bells and whistles for spending – but ‘current you’ is saving for a home loan deposit.

It’s always a good time to review how you use your personal credit card and whether the features of your current card still work well for you.