MONEY: AUDIT YOUR CREDIT CARDS FOR GREATER SAVINGS

Credit card rewards help our family save money on groceries, gas and other necessities. We also use rewards for airline tickets, hotel rooms and airport lounge access.

We’re in good company. Most Americans have at least one rewards card, and nearly half of rewards cardholders are using their perks to help offset rising inflation, according to a 2022 Wells Fargo survey.

But a recent review of our cards revealed that some are no longer worth their annual fees or have been eclipsed by better offerings.

Credit card fees, reward rates and benefits change all the time. So do the ways we spend our money, which means a card that used to be a good fit may no longer work as well. Given all that, it’s not surprising that fewer than one-third of credit card users feel that they’re making the most of their rewards cards, according to J.D. Power’s 2022 U.S. Credit Card Satisfaction Study.

An annual review of our credit cards helps ensure we’re getting properly rewarded.

CREATE A REWARDS TRACKER

First, a few caveats. Rewards credit cards make sense for our family because we pay balances in full every month. If we didn’t, the cost of interest would more than offset the value of any rewards. Also, you don’t need to be as obsessed with rewards as we are to benefit. A simple cash-back rewards card can save you money without a lot of hassle.

Once we had a few cards, though, I found it helpful to start using a spreadsheet to keep track of each card’s annual fee, renewal date, “earn rate” (such as 6% cash back on groceries, or 3 points per dollar spent on flights) and other relevant benefits. Every year or so,