5 tasks for your year-end credit card checklist
December is an ideal time to make sure you’re maximizing any credit card benefits that may reset or expire at the end of the year. This is especially true if you’re paying for those benefits through an annual fee. It’s also a good time to review your spending habits to make sure the card you’re using is right for you.
Here’s an end-of-year checklist that can help ensure you’re getting the most out of your credit card.
1. Use your credits
Some credit cards offer statement credits for certain types of spending throughout the year, but terms and expiration dates tend to apply. If it’s a recurring credit, it’s often a use-it-or-lose-it perk, meaning you can’t roll over any unused amount to the next month or year.
If the recurring benefit is awarded annually, it’s also important to know whether it resets each calendar year, or on every cardholder anniversary, the month or date you opened the account. Either way, aim to make your purchase a few days before that date so that it posts to your statement on time. Pending charges that officially post afterward may not qualify.
And as with any credit card benefit, don’t overspend on goods or services you don’t want or need just to get a small discount.
Types of common credits include:
- General travel purchases: Many rewards cards offer travel credits to offset eligible travel purchases at airlines, hotels, cruise lines and car rental agencies.
- Airline incidentals: If you’re traveling over the holidays, you can typically apply airline incidental credits to checked baggage, seat upgrades, and in-flight purchases like food and beverages.
- Streaming: Credits for streaming services like Netflix and Spotify have become commonplace. Often, these are distributed on a monthly basis. “We pay for Hulu, HBO Max and Paramount Plus using the streaming credits on our card,” said Deb Toner, a resident of Albuquerque, New Mexico, who works in the TV and movie industry. “Because of the cost of annual fees, I want to make sure I get every single penny out of it.”
- Lifestyle: This may include credits for food delivery services, fitness subscriptions or rideshare services.
- Miscellaneous: Your card may even offer credits at specific department stores, online retailers or subscriptions.
2. Maximize any bonuses linked to spending
Some airline and hotel cards offer benefits like upgraded loyalty status or free night certificates once you spend a certain amount per year on your card. If you’re close to a bonus spending threshold, ask yourself if the benefit would provide enough value to warrant additional spending on the card before the end of the year. If so, you might want to prioritize hitting that target.
But you’ll want to have a plan for using the loyalty status or the free-night certificates before you chase them.
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If your credit card offers free subscription trials you don't want to continue, make sure to cancel them before a fee is charged.
3. Review free trials that may be expiring
Many credit cards offer free introductory trials for premium subscription services at food delivery or rideshare companies. Even if your trial doesn’t expire at the end of the year, now would be a good time to review the promotion terms and — if you’re not interested in keeping the service — set a calendar reminder to cancel it before you’re charged for another year.
And of course, free trial or not, the end of the year is also a good time to review the services you’re already paying for, to make sure they’re still worth it.
4. Consider dusting off unused credit cards
If you stuck your credit card into a sock drawer to avoid the temptation to overspend with it, you may be better off keeping it there. But be aware that many issuers will automatically close credit cards that have been inactive for an extended period, and that closure can come with consequences.
That’s because two big factors that affect your credit scores are credit utilization and length of credit history, and an account closure can negatively impact both.
Credit utilization is the percentage of your available credit that you’re using, and ideally you want to keep that figure low. Losing a line of credit might make that harder to do. “If closing a credit card removes some of the available credit and makes the revolving utilization increase, it could result in a loss of points” from your scores, said Tom Quinn, vice president of FICO Scores, in an email.
And an account closure may also drag down the length of your credit history, depending on how old that account is.
“Bottom line — there is no FICO score benefit associated with closing a revolving account,” Quinn said.
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There’s no such thing as a universal best credit card. The right card for you depends on your lifestyle, your goals and your credit history. For instance, if you’re looking for travel rewards but your friend is building credit, the best card for each of you will differ greatly.
And while there may not be one best card for you — the average American has about three cards, according to a 2021 Experian study — there are many times a card can be wrong for a specific situation.
Here are eight times you could be using the wrong credit card, and what you can do instead.
AP Photo/Keith Srakocic, FileThere’s no such thing as a universal best credit card. The right card for you depends on your lifestyle, your goals and your credit history. For instance, if you’re looking for travel rewards but your friend is building credit, the best card for each of you will differ greatly.
And while there may not be one best card for you — the average American has about three cards, according to a 2021 Experian study — there are many times a card can be wrong for a specific situation.
Here are eight times you could be using the wrong credit card, and what you can do instead.
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You may have started out by building your credit with a secured card, student card or alternative card, but once your credit is in better shape, it may be time to upgrade.
If you’ve used a starter card responsibly by keeping your utilization rate low and paying balances in full every month, you may qualify for a card that’s a better fit now. A different card could offer a higher credit limit, better rewards earnings and perks like cellphone protection and travel benefits. Some card issuers may automatically upgrade your card once you’ve reached certain thresholds, while others may not. Contact the issuer to check your options.
AP Photo/Mark Lennihan, FileYou may have started out by building your credit with a secured card, student card or alternative card, but once your credit is in better shape, it may be time to upgrade.
If you’ve used a starter card responsibly by keeping your utilization rate low and paying balances in full every month, you may qualify for a card that’s a better fit now. A different card could offer a higher credit limit, better rewards earnings and perks like cellphone protection and travel benefits. Some card issuers may automatically upgrade your card once you’ve reached certain thresholds, while others may not. Contact the issuer to check your options.
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New cardholders can often earn a lucrative welcome bonus but usually with a caveat: You have to spend a minimum amount within a specific time frame to get it. Note the spending requirements for a card’s sign-up bonus, and use the new credit card enough by the deadline. If you continue to pay with an older credit card that’s already in your wallet, you risk missing out on the bonus if you don’t spend enough on your new card.
A little planning can help. Think about upcoming big purchases you need to make, such as a car repair or a new laptop. Just one of those could be enough to hit the bonus’s spending requirements.
AP Photo/Jenny Kane, FileNew cardholders can often earn a lucrative welcome bonus but usually with a caveat: You have to spend a minimum amount within a specific time frame to get it. Note the spending requirements for a card’s sign-up bonus, and use the new credit card enough by the deadline. If you continue to pay with an older credit card that’s already in your wallet, you risk missing out on the bonus if you don’t spend enough on your new card.
A little planning can help. Think about upcoming big purchases you need to make, such as a car repair or a new laptop. Just one of those could be enough to hit the bonus’s spending requirements.
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It’s true a store credit card can save you money, especially if you are a frequent, heavy spender at that store. However, the rewards earned with a store credit card are often only redeemable at that store, limiting their usefulness.
Most shoppers would be better off using a general rewards credit card and earning more flexible rewards. Some cards have elevated rates for online shopping purchases, while others earn as much as 5% back at popular merchants like Target, Walmart and Amazon.
AP Photo/Paul SakumaIt’s true a store credit card can save you money, especially if you are a frequent, heavy spender at that store. However, the rewards earned with a store credit card are often only redeemable at that store, limiting their usefulness.
Most shoppers would be better off using a general rewards credit card and earning more flexible rewards. Some cards have elevated rates for online shopping purchases, while others earn as much as 5% back at popular merchants like Target, Walmart and Amazon.
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Several cards boast a top 5% cash-back rate in popular spending categories like grocery stores, restaurants and gas. The catch, though, is that you’ll have to do some work to earn that rate. In most cases, you’ll need to track categories: Qualifying 5% purchases may rotate quarterly, or you may have to choose your own categories. If you’re spending outside of those categories with this card, you’ll likely earn a paltry 1% instead of the juicy 5% you think you’re earning.
Most times, you’ll have to activate the bonus categories before the issuer’s deadline to earn the 5%, even if you’re spending in the right category. Plus, you’ll likely run into spending caps in those 5% bonus categories; once you hit those caps, the rewards rate drops to 1%. For those who find a 5% card to be high maintenance, opt for one that earns a flat 2% cash back on every purchase instead.
AP Photo/Elise Amendola, FileSeveral cards boast a top 5% cash-back rate in popular spending categories like grocery stores, restaurants and gas. The catch, though, is that you’ll have to do some work to earn that rate. In most cases, you’ll need to track categories: Qualifying 5% purchases may rotate quarterly, or you may have to choose your own categories. If you’re spending outside of those categories with this card, you’ll likely earn a paltry 1% instead of the juicy 5% you think you’re earning.
Most times, you’ll have to activate the bonus categories before the issuer’s deadline to earn the 5%, even if you’re spending in the right category. Plus, you’ll likely run into spending caps in those 5% bonus categories; once you hit those caps, the rewards rate drops to 1%. For those who find a 5% card to be high maintenance, opt for one that earns a flat 2% cash back on every purchase instead.
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Victim of credit card fraud? 6 actions to take nowAP Photo/Jenny Kane, File
According to a 2020 NerdWallet study, 14% of Americans view credit cards as “complicated,” and it’s not hard to see why. Some issuers offer suites of cards in the same family and have names that are nearly identical. The logos of some issuers are strikingly similar, too. Perform a quick audit of your credit cards to make sure that they are the cards you intended to get. Cards that look and sound nearly the same may be worlds apart in terms of fees and rewards structure.
AP Photo/Jenny Kane, FileAccording to a 2020 NerdWallet study, 14% of Americans view credit cards as “complicated,” and it’s not hard to see why. Some issuers offer suites of cards in the same family and have names that are nearly identical. The logos of some issuers are strikingly similar, too. Perform a quick audit of your credit cards to make sure that they are the cards you intended to get. Cards that look and sound nearly the same may be worlds apart in terms of fees and rewards structure.
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Victim of credit card fraud? 6 actions to take nowAP Photo/David Goldman, File
Balance transfer cards can be excellent tools for paying off debt. They consolidate several debts into one place, making them easier to keep up with, and they can give you a breather on interest for many months. However, if you’re using a balance transfer card for everyday expenses as well, it will be hard to whittle that balance to $0. Plus, many balance transfer cards don’t come with rewards. Leave the balance transfer card at home but take the cash-back card with you — and be sure to make regular payments toward both.
AP Photo/David Goldman, FileBalance transfer cards can be excellent tools for paying off debt. They consolidate several debts into one place, making them easier to keep up with, and they can give you a breather on interest for many months. However, if you’re using a balance transfer card for everyday expenses as well, it will be hard to whittle that balance to $0. Plus, many balance transfer cards don’t come with rewards. Leave the balance transfer card at home but take the cash-back card with you — and be sure to make regular payments toward both.
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Victim of credit card fraud? 6 actions to take nowAP Photo/Richard Drew, File
It pays to know the rewards rates for all of your credit cards. Say you have two credit cards, one that earns 4% on gas and another that earns only 1%. Using the 4% card whenever you fill up would return $30 more if you spent $1,000 annually on gas. That $30 may not seem like a lot, but small amounts add up, especially if you have multiple rewards credit cards. To help keep track of different rewards rates, you could label your cards with sticky notes or keep a small reference guide in your wallet.
Often you’ll have to keep spending caps in mind, too. Issuers typically cap earnings on their highest rewards rates after you reach a certain amount of spending in a particular category. Make sure you track your progress toward that cap and switch to another card with a better rate when you reach it — until the limit resets.
AP Photo/Richard Drew, FileIt pays to know the rewards rates for all of your credit cards. Say you have two credit cards, one that earns 4% on gas and another that earns only 1%. Using the 4% card whenever you fill up would return $30 more if you spent $1,000 annually on gas. That $30 may not seem like a lot, but small amounts add up, especially if you have multiple rewards credit cards. To help keep track of different rewards rates, you could label your cards with sticky notes or keep a small reference guide in your wallet.
Often you’ll have to keep spending caps in mind, too. Issuers typically cap earnings on their highest rewards rates after you reach a certain amount of spending in a particular category. Make sure you track your progress toward that cap and switch to another card with a better rate when you reach it — until the limit resets.
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Victim of credit card fraud? 6 actions to take nowAP Photo/Matt Rourke
Though they may look and feel virtually the same, a debit card is very different from a credit card. Credit cards offer protections and perks that debit cards (and cash) do not. You can earn cash back and other rewards with credit cards that you won’t get with debit, and it’s often easier to recover from losing a credit card than a wallet full of cash. More importantly, responsible credit card use builds your credit score, which can translate into more favorable loan terms and insurance rates, among other money-saving benefits.
AP Photo/Matt RourkeThough they may look and feel virtually the same, a debit card is very different from a credit card. Credit cards offer protections and perks that debit cards (and cash) do not. You can earn cash back and other rewards with credit cards that you won’t get with debit, and it’s often easier to recover from losing a credit card than a wallet full of cash. More importantly, responsible credit card use builds your credit score, which can translate into more favorable loan terms and insurance rates, among other money-saving benefits.
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5 tasks for your year-end credit card checklistShutterstock
Image Credit: kitzcorner via Shutterstock
Access to credit is an important resource for managing personal finances, whether to pay for major purchases, serve as a bridge to cover regular expenses, or smooth out spending when something unexpected happens. But reliance on debt like credit cards can also mean racking up large balances that are hard to pay off. In the tumultuous economy of the last few years, consumers have experienced both highs and lows when it comes to credit.
Despite a spike in unemployment at the outset of COVID-19, many households fared well financially during the early phases of the pandemic. Government relief programs like stimulus checks, expanded unemployment benefits, and mortgage and student loan forbearance gave a boost to household finances, while consumers spent less due to lockdowns and concerns about the virus. This allowed debt holders to make progress toward becoming current on payments. Credit card balances in the U.S. declined by more than $120 billion in 2020 and another $28 billion from December 2020 to April 2021.
Inflation has reared its head over the last 18 months, however, putting new pressure on families. Prices for essentials like food, energy, and shelter have risen rapidly and remained at elevated levels. Savings rates, which had increased to historic heights earlier in the pandemic, are now on the decline, leaving households less in reserve to help weather the effects of inflation. As a result, consumers are turning to credit cards to help manage costs: aggregate limits on credit cards increased by $100 billion from Q1 to Q2 of 2022, while credit card balances increased by $46 billion over the same period.
ShutterstockImage Credit: kitzcorner via Shutterstock
Access to credit is an important resource for managing personal finances, whether to pay for major purchases, serve as a bridge to cover regular expenses, or smooth out spending when something unexpected happens. But reliance on debt like credit cards can also mean racking up large balances that are hard to pay off. In the tumultuous economy of the last few years, consumers have experienced both highs and lows when it comes to credit.
Despite a spike in unemployment at the outset of COVID-19, many households fared well financially during the early phases of the pandemic. Government relief programs like stimulus checks, expanded unemployment benefits, and mortgage and student loan forbearance gave a boost to household finances, while consumers spent less due to lockdowns and concerns about the virus. This allowed debt holders to make progress toward becoming current on payments. Credit card balances in the U.S. declined by more than $120 billion in 2020 and another $28 billion from December 2020 to April 2021.
Inflation has reared its head over the last 18 months, however, putting new pressure on families. Prices for essentials like food, energy, and shelter have risen rapidly and remained at elevated levels. Savings rates, which had increased to historic heights earlier in the pandemic, are now on the decline, leaving households less in reserve to help weather the effects of inflation. As a result, consumers are turning to credit cards to help manage costs: aggregate limits on credit cards increased by $100 billion from Q1 to Q2 of 2022, while credit card balances increased by $46 billion over the same period.
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5 tasks for your year-end credit card checklist
Credit card debt in Q2 of 2022 totaled $890 billion, which still trailed a pre-pandemic peak of $930 billion in Q4 of 2019. But debt has surged over the last year. Credit card debt was 9.1% higher in Q1 of 2022 than the year before and 12.7% higher in Q2. The latter figure represents the fastest rate of growth for credit card balances in nearly 20 years.
Credit card debt in Q2 of 2022 totaled $890 billion, which still trailed a pre-pandemic peak of $930 billion in Q4 of 2019. But debt has surged over the last year. Credit card debt was 9.1% higher in Q1 of 2022 than the year before and 12.7% higher in Q2. The latter figure represents the fastest rate of growth for credit card balances in nearly 20 years.
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5 tasks for your year-end credit card checklist
With the amount of credit card debt rising again, cardholders are also increasingly at risk of falling behind on payments. The share of credit card debt in serious delinquency remains at historically low levels after declining across 2020 and 2021. But after 2 straight years of decline, the percentage of newly delinquent credit card debt rose in the first 2 quarters of 2022, from 4.1% at the end of last year to 4.76%.
With the amount of credit card debt rising again, cardholders are also increasingly at risk of falling behind on payments. The share of credit card debt in serious delinquency remains at historically low levels after declining across 2020 and 2021. But after 2 straight years of decline, the percentage of newly delinquent credit card debt rose in the first 2 quarters of 2022, from 4.1% at the end of last year to 4.76%.
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5 tasks for your year-end credit card checklist
Credit card reliance and behavior vary across the country, meaning that rates of usage and delinquency can look different by geography. Many of the states with the highest credit card delinquency rates are found in the Southeast and Southwest, which have relatively low incomes compared to the rest of the U.S. While low-income residents in these areas are less likely to have a card and tend to have lower balances, they are also more likely to struggle with paying off credit card debts.
Notably, 3 states in the Southeast and Southwest regions — Nevada (12%), Florida (10.66%), and Arkansas (10.23%) — stand out as having more than 10% of credit card debt 90+ days delinquent, which are the 3 highest delinquency rates in the nation. In contrast, the Upper Midwest and New England tend to have the lowest rates of delinquency, highlighted by Wisconsin (5.34%), Minnesota (5.78%), and Vermont (6.03%).
The data used in this analysis is from the Federal Reserve Bank of New York’s Household Debt and Credit Report and Experian’s FICO Score by State. To determine the states with the highest delinquency rates, researchers at Upgraded Points calculated the share of credit card balances at least 90 days delinquent as of the fourth quarter of 2021. In the event of a tie, the state with the greater total credit card debt per capita was ranked higher. The percentage point change in the credit card delinquency rate was calculated by comparing Q4 2021 to Q4 of 2019.
Credit card reliance and behavior vary across the country, meaning that rates of usage and delinquency can look different by geography. Many of the states with the highest credit card delinquency rates are found in the Southeast and Southwest, which have relatively low incomes compared to the rest of the U.S. While low-income residents in these areas are less likely to have a card and tend to have lower balances, they are also more likely to struggle with paying off credit card debts.
Notably, 3 states in the Southeast and Southwest regions — Nevada (12%), Florida (10.66%), and Arkansas (10.23%) — stand out as having more than 10% of credit card debt 90+ days delinquent, which are the 3 highest delinquency rates in the nation. In contrast, the Upper Midwest and New England tend to have the lowest rates of delinquency, highlighted by Wisconsin (5.34%), Minnesota (5.78%), and Vermont (6.03%).
The data used in this analysis is from the Federal Reserve Bank of New York’s Household Debt and Credit Report and Experian’s FICO Score by State. To determine the states with the highest delinquency rates, researchers at Upgraded Points calculated the share of credit card balances at least 90 days delinquent as of the fourth quarter of 2021. In the event of a tie, the state with the greater total credit card debt per capita was ranked higher. The percentage point change in the credit card delinquency rate was calculated by comparing Q4 2021 to Q4 of 2019.
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5 tasks for your year-end credit card checklistShutterstock
Photo Credit: Mihai Andritoiu / Shutterstock
- Credit card delinquency rate (90+ days): 8.38%
- Change since pre-pandemic (percentage points): -0.18
- Per capita credit card debt: $3,180
- Credit card debt as share of all non-mortgage debt: 18.3%
- Average credit score: 714
ShutterstockPhoto Credit: Mihai Andritoiu / Shutterstock
- Credit card delinquency rate (90+ days): 8.38%
- Change since pre-pandemic (percentage points): -0.18
- Per capita credit card debt: $3,180
- Credit card debt as share of all non-mortgage debt: 18.3%
- Average credit score: 714
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5 tasks for your year-end credit card checklistShutterstock
Photo Credit: Sean Pavone / Shutterstock
- Credit card delinquency rate (90+ days): 8.53%
- Change since pre-pandemic (percentage points): +0.16
- Per capita credit card debt: $2,370
- Credit card debt as share of all non-mortgage debt: 14.4%
- Average credit score: 691
ShutterstockPhoto Credit: Sean Pavone / Shutterstock
- Credit card delinquency rate (90+ days): 8.53%
- Change since pre-pandemic (percentage points): +0.16
- Per capita credit card debt: $2,370
- Credit card debt as share of all non-mortgage debt: 14.4%
- Average credit score: 691
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5 tasks for your year-end credit card checklistShutterstock
Photo Credit: f11photo / Shutterstock
- Credit card delinquency rate (90+ days): 8.60%
- Change since pre-pandemic (percentage points): -0.02
- Per capita credit card debt: $2,520
- Credit card debt as share of all non-mortgage debt: 14.2%
- Average credit score: 689
ShutterstockPhoto Credit: f11photo / Shutterstock
- Credit card delinquency rate (90+ days): 8.60%
- Change since pre-pandemic (percentage points): -0.02
- Per capita credit card debt: $2,520
- Credit card debt as share of all non-mortgage debt: 14.2%
- Average credit score: 689
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5 tasks for your year-end credit card checklistShutterstock
Photo Credit: Sean Pavone / Shutterstock
- Credit card delinquency rate (90+ days): 8.63%
- Change since pre-pandemic (percentage points): +0.47
- Per capita credit card debt: $2,810
- Credit card debt as share of all non-mortgage debt: 16.0%
- Average credit score: 693
ShutterstockPhoto Credit: Sean Pavone / Shutterstock
- Credit card delinquency rate (90+ days): 8.63%
- Change since pre-pandemic (percentage points): +0.47
- Per capita credit card debt: $2,810
- Credit card debt as share of all non-mortgage debt: 16.0%
- Average credit score: 693
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5 tasks for your year-end credit card checklistShutterstock
Photo Credit: Sean Pavone / Shutterstock
- Credit card delinquency rate (90+ days): 8.77%
- Change since pre-pandemic (percentage points): -0.73
- Per capita credit card debt: $2,150
- Credit card debt as share of all non-mortgage debt: 12.3%
- Average credit score: 681
ShutterstockPhoto Credit: Sean Pavone / Shutterstock
- Credit card delinquency rate (90+ days): 8.77%
- Change since pre-pandemic (percentage points): -0.73
- Per capita credit card debt: $2,150
- Credit card debt as share of all non-mortgage debt: 12.3%
- Average credit score: 681
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5 tasks for your year-end credit card checklistShutterstock
Photo Credit: ESB Professional / Shutterstock
- Credit card delinquency rate (90+ days): 8.91%
- Change since pre-pandemic (percentage points): +0.58
- Per capita credit card debt: $3,210
- Credit card debt as share of all non-mortgage debt: 16.3%
- Average credit score: 693
ShutterstockPhoto Credit: ESB Professional / Shutterstock
- Credit card delinquency rate (90+ days): 8.91%
- Change since pre-pandemic (percentage points): +0.58
- Per capita credit card debt: $3,210
- Credit card debt as share of all non-mortgage debt: 16.3%
- Average credit score: 693
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5 tasks for your year-end credit card checklistShutterstock
Photo Credit: Mihai Simonia / Shutterstock
- Credit card delinquency rate (90+ days): 8.94%
- Change since pre-pandemic (percentage points): -0.02
- Per capita credit card debt: $3,520
- Credit card debt as share of all non-mortgage debt: 21.3%
- Average credit score: 722
ShutterstockPhoto Credit: Mihai Simonia / Shutterstock
- Credit card delinquency rate (90+ days): 8.94%
- Change since pre-pandemic (percentage points): -0.02
- Per capita credit card debt: $3,520
- Credit card debt as share of all non-mortgage debt: 21.3%
- Average credit score: 722
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5 tasks for your year-end credit card checklistShutterstock
Photo Credit: Sean Pavone / Shutterstock
- Credit card delinquency rate (90+ days): 9.07%
- Change since pre-pandemic (percentage points): +0.07
- Per capita credit card debt: $2,540
- Credit card debt as share of all non-mortgage debt: 17.7%
- Average credit score: 699
ShutterstockPhoto Credit: Sean Pavone / Shutterstock
- Credit card delinquency rate (90+ days): 9.07%
- Change since pre-pandemic (percentage points): +0.07
- Per capita credit card debt: $2,540
- Credit card debt as share of all non-mortgage debt: 17.7%
- Average credit score: 699
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5 tasks for your year-end credit card checklistShutterstock
Photo Credit: Dancestrokes / Shutterstock
- Credit card delinquency rate (90+ days): 9.07%
- Change since pre-pandemic (percentage points): +0.37
- Per capita credit card debt: $3,330
- Credit card debt as share of all non-mortgage debt: 21.5%
- Average credit score: 721
ShutterstockPhoto Credit: Dancestrokes / Shutterstock
- Credit card delinquency rate (90+ days): 9.07%
- Change since pre-pandemic (percentage points): +0.37
- Per capita credit card debt: $3,330
- Credit card debt as share of all non-mortgage debt: 21.5%
- Average credit score: 721
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5 tasks for your year-end credit card checklistShutterstock
Photo Credit: Sean Pavone / Shutterstock
- Credit card delinquency rate (90+ days): 9.16%
- Change since pre-pandemic (percentage points): +0.25
- Per capita credit card debt: $2,530
- Credit card debt as share of all non-mortgage debt: 16.4%
- Average credit score: 692
ShutterstockPhoto Credit: Sean Pavone / Shutterstock
- Credit card delinquency rate (90+ days): 9.16%
- Change since pre-pandemic (percentage points): +0.25
- Per capita credit card debt: $2,530
- Credit card debt as share of all non-mortgage debt: 16.4%
- Average credit score: 692
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5 tasks for your year-end credit card checklistShutterstock
Photo Credit: Sean Pavone / Shutterstock
- Credit card delinquency rate (90+ days): 9.40%
- Change since pre-pandemic (percentage points): -0.99
- Per capita credit card debt: $3,060
- Credit card debt as share of all non-mortgage debt: 18.5%
- Average credit score: 710
ShutterstockPhoto Credit: Sean Pavone / Shutterstock
- Credit card delinquency rate (90+ days): 9.40%
- Change since pre-pandemic (percentage points): -0.99
- Per capita credit card debt: $3,060
- Credit card debt as share of all non-mortgage debt: 18.5%
- Average credit score: 710
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5 tasks for your year-end credit card checklistShutterstock
Photo Credit: Sean Pavone / Shutterstock
- Credit card delinquency rate (90+ days): 9.43%
- Change since pre-pandemic (percentage points): +0.23
- Per capita credit card debt: $3,190
- Credit card debt as share of all non-mortgage debt: 17.5%
- Average credit score: 692
ShutterstockPhoto Credit: Sean Pavone / Shutterstock
- Credit card delinquency rate (90+ days): 9.43%
- Change since pre-pandemic (percentage points): +0.23
- Per capita credit card debt: $3,190
- Credit card debt as share of all non-mortgage debt: 17.5%
- Average credit score: 692
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5 tasks for your year-end credit card checklistShutterstock
Photo Credit: Sean Pavone / Shutterstock
- Credit card delinquency rate (90+ days): 10.23%
- Change since pre-pandemic (percentage points): +0.49
- Per capita credit card debt: $2,380
- Credit card debt as share of all non-mortgage debt: 15.3%
- Average credit score: 694
ShutterstockPhoto Credit: Sean Pavone / Shutterstock
- Credit card delinquency rate (90+ days): 10.23%
- Change since pre-pandemic (percentage points): +0.49
- Per capita credit card debt: $2,380
- Credit card debt as share of all non-mortgage debt: 15.3%
- Average credit score: 694
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5 tasks for your year-end credit card checklistShutterstock
Photo Credit: Sean Pavone / Shutterstock
- Credit card delinquency rate (90+ days): 10.66%
- Change since pre-pandemic (percentage points): +0.12
- Per capita credit card debt: $3,450
- Credit card debt as share of all non-mortgage debt: 19.6%
- Average credit score: 706
ShutterstockPhoto Credit: Sean Pavone / Shutterstock
- Credit card delinquency rate (90+ days): 10.66%
- Change since pre-pandemic (percentage points): +0.12
- Per capita credit card debt: $3,450
- Credit card debt as share of all non-mortgage debt: 19.6%
- Average credit score: 706
-
5 tasks for your year-end credit card checklistShutterstock
Photo Credit: Sean Pavone / Shutterstock
- Credit card delinquency rate (90+ days): 12.00%
- Delinquency rate change since pre-pandemic (percentage points): +0.49
- Per capita credit card debt: $3,350
- Credit card debt as share of all non-mortgage debt: 20.9%
- Average credit score: 701
ShutterstockPhoto Credit: Sean Pavone / Shutterstock
- Credit card delinquency rate (90+ days): 12.00%
- Delinquency rate change since pre-pandemic (percentage points): +0.49
- Per capita credit card debt: $3,350
- Credit card debt as share of all non-mortgage debt: 20.9%
- Average credit score: 701
5. Look behind to plan ahead
As the year draws to a close, review your spending habits to see where your money is going. Your credit card statement will make this process fairly easy.
Maybe the amount you’re spending has increased in certain categories, like travel or grocery stores. If so, it might be time to look for a different card that can increase your cash back or travel rewards. Or perhaps you have some big expenses coming up early next year that could be put on a new card to earn a lucrative bonus.
Identifying your habits and shifting your spending to the right credit card could pay dividends in the new year.
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