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Funding Your Future: Signs you’re using the wrong credit card

Posted at 2:45 PM, Oct 23, 2019
and last updated 2019-10-23 16:45:23-04

There are several options when it comes to selecting a credit card, and it's important to make sure you're using the right one for you.

David Sant, Chief Marketing Officer for Cyprus Credit Union, joined us with some signs that you may be using the wrong credit card.

Don`t Use Rewards
If your rewards keep piling up and you`re not making active plans to use them (ex. Saving up miles for a vacation) this may be a sign that your card isn't the right one for you.
Not Getting Value
Sometimes, card can seem like such a great deal that you don`t even think how it fits into your current routine. For example, while getting cash back every time you go to a restaurant is great. However, if you`re only going out to eat every couple of months, that may not be getting the full value of the card. When selecting a card, take your own lifestyle into account and choose one that most closely aligns with your current spending habits.
Older Card
While it`s important to not close cards that will affect your length of credit, you should update cards that no longer benefit your life. The card you selected 10+ years ago may have been a great option at the time, but it may not be anymore. Examine how your life has changed since you got that starter card and see if there is something that will work better for you now.
Credit Score is Better
If you first got your card when you had bad credit, it may not be the best option for you anymore. People with bad credit tend to have higher interest rates and have to pay additional fees. Once your credit score improves, looking into an option with a lower interest rate may help you save a little money while still working on your credit.

In October, Cyprus is launching a cash back credit card in addition to their other credit card offerings. By launching this card, Cyprus Credit Union is better suited to meet the varying needs of individual members.

For more information about the cash back card and other cards, please visit