Conducting A Year-End Credit Card Analysis

As 2012 comes to a close, it is a perfect time to conduct a year-end credit card analysis. Analyze your credit cards and make sure you're starting out the New Year in good financial shape.

Identify Your Cards

Compile a list of all your current credit cards that are active. The easiest way to do this is by accessing your free yearly credit report.

Identify The Details Of Each Card

List the details of each card including the interest rate, cash advance rate, rewards program information and annual fee. You should also include the date you opened the account as well as your credit limit. Make a table so you can easily look at this data once you compile it.

Identify Your Card Usages

How do you use each of your credit cards? List the three most important ways you use your credit card, whether it is for financing purchases or for everyday use. Then, make a list of what is important for you in a credit card--a low interest rate, a strong rewards program, or something else?

Identify What Cards Should Stay And What Cards Should Go

If all cards are equal, keep the older accounts since the longevity of an account can be beneficial to your credit score. Eliminate newer cards that have a higher interest rate or a poor rewards payout.

Identify Any New Credit Card Needs

Identify if you have a need for a new credit card. If you have a significant balance on a high interest card, you may consider a balance transfer card with a promotional 0% rate. Do you need more rewards points? Do you need a higher credit limit? Spend time analyzing your data to see what type of new card you need, then use a credit card comparison site like LowCards to find the best card based on your exact needs.

This is a perfect time to set yourself up for financial success in the New Year. So take some time today to analyze your credit cards. It could save you significant money down the road.

This entry was posted in Consumer Tips and tagged , , , by Natalie Rutledge. Bookmark the permalink.
The information contained within this article was accurate as of December 27, 2012. For up-to-date information on any of the terms, cards or offers mentioned above, visit the issuer's website.
Editorial Disclosure is an independent, for-profit web site. participates in the Affiliate Network, and receives compensation from most of the credit card issuers whose offers appear on the site. This compensation helps support our website and enables us to write insightful articles to help you manage your credit card accounts. This compensation, as well as the likelihood of applicants’ credit approval and our own proprietary website guidelines, may impact how and where the cards appear on our site. does not include all credit card companies or every available credit card offer. Opinions expressed here are author’s alone, not those of the credit card issuer, and have not been reviewed, approved or otherwise endorsed by the credit card issuer. Every reasonable effort has been made to maintain accurate information, however credit card offers change frequently. After you click on an offer you will be directed to the credit card issuer’s secure web site where you can review the terms and conditions for your offer.

About Natalie Rutledge

Natalie Rutledge majored in Communications at Mississippi State University. She was in sales for a number of businesses and spent nine years working as a communications advisor to various entities. Natalie can be contacted directly at [email protected]