I’m leaving Chile this morning and heading back to the UK. But before I go, this week’s card …
My prince of reality checks has come. Jack says I must confront my credit cards. This is a 3 step dance — part investigative, part just-do-it!
The Nike part comes first.
I’ve 2 credit cards in my wallet (a VISA and an AMEX) and one lying around at home (not sure… a Virgin Mastercard? All I know is it’s pink).
I need to check what I owe on each and clear those amounts if possible (my goal for the first 3 months of the year is to wipe out all non-secured debt*).
To do this I’ll need to track down various pins and passwords … I’d like to think that this time I’ll come up with a more fool-proof place to log that personal data for future reference. There’s nothing like this sort of paperwork-related memory loss to trigger the most virulent form of procrastination. Simplify. Simplify. Simplify. I need a password tracker.
Somewhere obvious to me but not to thieves.
Once accessed and hopefully cleared, the 2nd step to confronting my credit cards involves understanding what using them costs me. What does that little APR mean? Theoretically I get it, cash-wise I don’t. It’s time to rip off this band-aid of ignorance.
Finally, the 3rd part of this exercise involves asking the most obvious follow-on question … how do my credit cards stack up against their rivals? Is it time to cut the ones I have in half and maybe apply for something smarter? More fundamentally, do I really need them at all?
Next week I’ll reveal the secrets that my credit cards reveal under the swinging light bulb of interrogation.
*Can’t recall when I learnt this term, but basically it means everything I owe except for my mortgage.