4 Tips for Minnesota Credit Card Holders

SURPRISING THINGS THAT JUST MIGHT HELP YOU RIGHT NOW

Credit cards. Typically, if you are able, you can check out the options that many cards offer whether it be their rewards program, travel points, low annual fees or no annual fees. Right now, there are things that some of those cards can't really promise you, which means you could be paying for services that don't even benefit you right now. This might be to your advantage. Here are four things to consider right now regarding your credit cards.

ANNUAL FEES

As mentioned earlier, a lot of the credit cards that offer great travel rewards, come with a pretty expensive annual fee. Since travel is pretty much NOT happening right now, you may be able to call your credit card company and negotiate a lower annual fee. If they WON'T negotiate with you, it may be a good time to consider a different card with a lower or no annual fee, since you're not reaping those benefits.

IS YOUR CARD OPTIMIZED TO YOUR SPENDING NEEDS?

What you USED to spend money on may have changed considerably since Covid-19 changed our world. perhaps you used to use your card for restaurant or gas station purposes and reaped the rewards that your card offered for those types of purchases.  Maybe now, most of your spending is at grocery stores.  Check out your card details to make sure it's in line with your spending. If it's not, check out other options that make more sense.

TALK TO YOUR CREDITORS IF YOU CAN'T PAY RIGHT NOW

Even if YOUR job hasn't been affected by Covid-19, don't forget that many people have lost their jobs. If the pandemic has affected your finances adversely, don't be afraid to contact your creditor and tell them about your circumstances. Most major credit cards will be willing to work with you, but if you don't ask; you won't get any help at all.

CONSIDER A 0% APR CARD

If you are having a tough time because of loss of income right now due to Covid-19, consider getting a card that has 0% APR. Many cards like this will give you a year or more to make purchases without paying interest, which can buy you some time for you to get back on your feet. Just remember; eventually, you WILL have to pay this back; so be cautious about how much you are spending.

USA TODAY