If you lost your wallet right now, could you tell police what cards were in it? Do you know? Do you know the issuers? Do you know the card numbers? Do you know their expiration dates? Do you know the spending limits for purchases and cash advances? If your answer is “No,” raise your hand. Don’t feel bad, nearly everyone else is raising theirs. This post explores ways to have this information readily accessible – as it should be.
In order to keep track of your credit cards and everything that comes with them, it’s important to keep a Card Management System. The best way to do this is by keeping a pencil and paper file locked in a file cabinet in your bedroom or home office or by keeping a digital spreadsheet, password protected, on your computer. Yes, you want to have this information easily accessible – but only by you.
There are many things you need to keep in your Card Management System:
Card Holder: If you’re the only member of your household, then this may not be necessary, but if you and your spouse are creating a system together, you’ll want to keep track of whose card is whose.
Card Name/Card Type/Last 4 Digits/Exp Date/CVV: This is simply to help you identify which card this information pertains to. This is also essential information should any of your cards get lost or stolen.
Card Issuer: This helps you to keep track of the number of credit cards that you have from each issuer. You may have multiple cards per lender, or only one card per lender. It’s important to keep track of where each card is from.
Annual Fee: If a certain card comes with an annual fee (many times, rewards cards will be accompanied by one of these), keep track of that fee.
Credit Limit: This information is incredibly important, as you don’t want to max out any of your credit cards. That’s an embarrassing shopping trip. Keep track of all of your credit card spending limits so that you don’t get declined at the checkout by trying to use the wrong card.
Card Status: Don’t delete information from your old cards. Even if you’ve closed out an account, you still want to keep track of your historical data. So in this box, simply mark active or inactive.
Closure Date: For cards you’ve closed, enter the closing date.
Rewards: Keep track of reward type and value. For example, you may receive miles from one card, but cash back from another. You’ll want to know what you receive from which card.
Interest Rate: This may be a section that you’ll need to update, as many cards have a lower introductory interest rate. Card interest rates can greatly affect your spending, so you’ll want to remember these.
Remember to check in with and update your Card Management System regularly. Also, remember to keep it in a safe place that only you (and your spouse, if applicable) can access. Keeping track of your credit cards is essential for financial wellness. If you’re in the market for a new card, let us help you find your credit card.
