With so many card options on the market, sticking with a credit card that no longer fits your financial habits can quietly cost you money over time. Financial advisers recommend reviewing the cards in your wallet at least once a year — or sooner if your circumstances shift. A change in income, travel routines, debt levels, or available card products can all be signs that it’s time to reconsider your lineup.
For some people, the issue is paying annual fees for cards they rarely use. Others might have shifted spending categories, meaning they’re no longer earning rewards efficiently. In some cases, new card releases offer stronger bonuses, better travel credits, or more flexible point systems. Reviewing your cards regularly helps make sure you’re maximizing everyday spending instead of leaving potential value unused.
One of the biggest reasons to reassess your card strategy is debt. Data from a NerdWallet survey conducted online by The Harris Poll in October 2024 found that 21% of Americans used a credit card to earn rewards in the previous 12 months despite carrying credit card debt. That can be a costly trade-off. The interest on a balance often outweighs the value of points and cash back in a matter of months.
For example, someone carrying a $5,000 balance at 23% APR could save an estimated $809 in interest by transferring that balance to a 0% APR card for 18 months, even after paying a 3% transfer fee — assuming the balance is repaid within that promotional period. In scenarios like this, focusing on reducing debt offers a more meaningful long-term benefit than continuing to chase rewards.
Annual fees are another area worth monitoring. Premium and mid-tier cards can offer travel credits, lounge access, hotel upgrades, and other perks that easily justify the cost if used regularly. But when travel patterns shift or perks go unused, those fees — often $150 or higher — may no longer make sense. For cardholders who want to preserve their credit history but avoid annual charges, downgrading to a no-fee option from the same issuer can maintain account age while eliminating an unnecessary expense.
As card programs evolve, benefits can change — sometimes significantly. A no-fee card that once earned minimal rewards may now compete with higher-tier options, while previously premium cards could lose certain perks or add restrictions. Credit profiles also mature over time, meaning cards you didn’t qualify for years ago may now be accessible. Periodically reassessing your card selection helps you align benefits with your current lifestyle, spending patterns, and financial priorities.
Taking time to evaluate whether your cards are still serving you well ensures you’re capturing the rewards and savings available — while avoiding unnecessary interest and fees. In a constantly shifting credit landscape, staying proactive can make a meaningful difference in long-term financial efficiency.
