The housing market is in decline. As a result of all of the bad debt associated with mortgages credit is getting expensive or more difficult to attain (even for individuals who are good credit risks). There’s never been a more important time to make sure that you’re getting the best deals you possibly can with the credit cards that you are carrying. If you’re like me, you carry several different credit cards that you’re pretty happy with. You don’t overuse them, you pay the bill regularly, and you keep the balance at a manageable level, if not always at zero. But are you getting the best deal for your money?

What I described in the last paragraph is the responsible use of credit cards, and millions of individuals do just that - they enjoy the advantages and convenience of credit cards year in and year out, using their flexibility responsibly to ease financial transactions every day. There’s a problem with this behavior though: this is just what the credit card issuing companies hope for, because as you become lulled by the ease and convenience of these financial tools you are less likely to shop and compare the deals that different credit card vendors offer, and you are less likely to discover that the credit card deal they offer stinks!

The credit card business is a very competitive one - there are hundreds if not thousands of credit card issuers all vying for your business. The result of this is that just about as many different incentives are offered to entice you to use a particular vendor’s product. Award points. Cash back. Low interest. Zero interest introductory offers. Low interest on balance transfer. Travel services. Roadside assistance services. The list goes on and on. You may be familiar with all of these services, but remember, they’re only offered because the business is so competitive. I’ll guess that it’s been a good long time since you’ve shopped those services to make sure that you’re getting the very best value that you can.

Shopping for credit cards could potentially save you money in fees and interest. Make sure that you find credit card products that match your spending and payment habits. Here are a few pointers to keep in mind:

1) Understand the features of your credit cards. If you pay your bill in full on time, you can be less concerned about the interest rate offered and can instead focus on other desirable features such as cash back or frequent flier miles. If these features don’t tickle your fancy then you should shop for the credit card that has the longest grace period - the period of time between when you make a purchase with the card and when interest begins to accrue. (Some cards begin to charge interest on the date of the charge!)

2) Compare credit card costs and features frequently. Credit card interest rates and features fluctuate over time, and was a great deal when you signed up for your card several years ago might not be such a great deal now. When you shop you will most likely discover other credit card offers which are better suited to your individual needs than the solution you have in your purse or wallet. Check frequently, and if you find a better deal, take it. (They’ll give you incentive to do so such as zero interest balance transfer offers. These are excellent offers if you manage your account diligently.)

3) Know your rights when using credit cards. One of the beauties of credit cards is the added security they offer over cash. If your credit card is ever lost or stolen you will never have to pay more than fifty dollars of any charges made on the card. The Federal Truth in Lending Act guarantees this protection. If you are ever offered the chance to purchase “credit card insurance” - don’t bother. You don’t need it to cover anything over the initial $50 of unauthorized use.

4) If you have a problem with your credit card, file a complaint. If you ever find an error on your credit card bill, be certain to write the credit card company within 60 days of the date on the billing statement. Make sure your letter includes your name and account number, tell them that you believe that the bill contains an error, explain why, and give them the amount and date of the error. When paying your bill you don’t have to pay the entire thing, or even the entire minimum payment. You can pay all other parts of the bill but you do not have to pay the disputed amount, any minimum payments associated with it, or finance charges that apply to it. This protection is guaranteed through the federal Fair Credit Billing Act in the United States, and by similar legislation in other countries.

It’s important to understand your rights and the features available to you with credit cards, and it’s pretty easy. The major protections are backed by law, the same for all cards, and they don’t change over time. Shopping for credit cards is different though - it’s a task that you should do periodically, over and over. Once every six or twelve months spend some time reviewing the offers available online. Credit cards are easy and convenient to shop online, and you’ll save yourself a lot of money by doing it.

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