The over 50 crowd doesn’t get a whole lot of press all the time, but we wanted to highlight them. Personal finance means the world to us, and we think that it’s something that you have to focus on for the rest of your life. You can’t just pay lip service to it when you’re young — it’s a subject that has to grow with you as much as possible. There’s nothing wrong with thinking about personal finance when you’re over 50. If anything, it’s absolutely necessary in today’s complicated world. You need to make sure that you’re thinking about your entire financial blueprint and altering anything that doesn’t address your goals.
Could your credit cards be holding you back? That’s the latest news from the Saga Research Group, who discovered that 33% of the over 50 crowd actually just settled for the credit card that was associated with the bank. They felt that it was too much hassle to switch over to a more competitive offer. Of course, this isn’t something that’s just limited to those living out their golden years. Many middle aged people feel that with jobs and children and everything in between, there’s just no time to really look over the latest deals. Thankfully, there are some ways to even the field in terms of getting a much better deal.
The benefits of finding a better credit card are incredible: for starters, you’re going to be paying a lot less interest than what you’re paying now. What if you qualified for a 0pc intro offer? If you weren’t looking, you really wouldn’t know. This means that you have to make sure that you’re thinking about the bigger picture in terms of savings. Remember that interest paid to the credit card company really doesn’t serve your interests at all. This means that you could end up having to take care of even more interest, giving them more profit…that comes right out of your pocket. With rising costs everywhere you look, wouldn’t it make more sense to go with something that isn’t going to cost you extra money?
If you’re going to hunt, you need to make sure that you hunt smart. Don’t just go on what’s advertised — read all of the contract details involved. Generally speaking, you can’t just claim that you didn’t know a clause was included in your new credit card. If you begin using the card, you’ll be bound by those terms and conditions. Research them ahead of time to make sure that the “good deal” you found online is really the best deal around.
Keep in mind that you might want to check your credit reference report. The best deals go to the best credit risks, so if your credit is a bit lacking you might find that the good deal you had your eye on isn’t open to you. What’s worse is that you might not realize that the deal has been changed due to your credit not meeting the credit card company’s heavy requirements. This means that you could get a new credit card in the post that’s different from the advertised terms. This is legal to do, but it’s problematic for consumers that were hoping on that “great deal”.
Every deal has an expiration date, so pay close attention to that as well. Of course, if you’re really looking around for great deals, it never hurts to call up the credit card company directly to see if there’s anything that they can do for you. This is a clever trick that comes in handy when you’ve been away on holiday and can’t access the best deals. If they really want your business, they’ll figure out what promotions you qualify for.
This is a great time of year for rewards credit cards, which allow you to get points, miles, or even cashbook. It’s completely up to you, but remember — always compare and contrast deals! Good luck!