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Make Your Credit Cards Work For You

Regardless of your current situation, if you own a credit card, you should make your credit card and the credit card companies work for you!

Review your current credit card, do you pay a yearly fee? If so, call the company and ask if they will waive it, if not, switch your credit card to another one that does not have a fee. Does your current credit card offer some type of reward? If not, review your choices and contemplate switching to another credit card which offers you rewards. If you are not confident in your knowledge about credit and absolutely need help, there exists companies like the North Shore Advisory who will gladly walk you though all the steps and potentially avoid some unnecessary mishaps.

What perks does your credit card carry? Some credit cards offer additional perks such as insurance on items you purchase with it, insurance on rental cars, travel insurance, etc.

Are you currently carrying a balance on your credit card (it's ok if you do - just promise you will work at paying it down)? Call your company and ask them to lower your interest rate, tell them you are having problems paying it down and request that they lower the interest rate. If the person on the phone declines, escalate to a manager. If the manager declines, escalate again. If you are having problems, just hang up and try again the next day. Many credit card companies will give you a lower interest rate on balance transfers, which means if you transfer your balance from your old company to this new company, you will get a better interest rate. After you do this, work at paying off your credit card.

The bottom line is too often we think we should be grateful for these companies to allow us to use their credit card, we need to turn this around and make these companies grateful for us using their card. These companies make billions and dollars from our spending, we are their bread and butter. There's no reason why we cannot benefit from this as well!

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