Should You Quiet Quit These Credit Cards?

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KEY POINTS

  • Quiet quitting is a term for people who set boundaries at work and don't overexert themselves.
  • You can also take a quiet quitting approach with the credit cards you have.
  • If a credit card isn't providing enough value, it's time to replace it with something better.


A job isn't the only part of life where you can join the quiet quitting movement.

Quiet quitting has become one of the biggest trends of 2022. Tired of being overworked and undercompensated, many workers have decided to stop going above and beyond at their jobs. For those who are frustrated with their jobs, quiet quitting is a way of taking back some control.

Even though this has been a job-related movement so far, that's not the only place you can put it into practice. You could quiet quit almost anything you don't feel is worthwhile anymore.

A good place to start is with your finances, like your credit cards. If you're not using the right type of credit card, it could cost you money. To help you figure out which cards you should and shouldn't use, here's how to decide which credit cards to quiet quit.

Quit your store credit cards

Most store credit cards really only provide good value at the store in question. They typically earn big rewards, like 3% back or more, at the store that issues them. Everywhere else, they earn lower rates that don't come close to what you'd get from the best rewards credit cards.

No credit card earns a high rate everywhere. But when it comes to store cards, you have to ask yourself -- do you spend enough there for a store card to be worth it? Even if you shop at, say, Macy's or Nordstrom often, you'd probably get more value from a card with bonuses on groceries or other living expenses.

Another drawback is that these cards usually earn store rewards. That means the only way to redeem your rewards is to buy more stuff at that store. If you were using a cash back card instead, you could turn those rewards into actual money in your bank account.

If you have any store credit cards, only use them for purchases at the issuing stores. For the rest of your purchases, go with a card that has more useful and flexible benefits.

Give travel credit cards a performance review

Travel credit cards run the gamut. They can be extremely valuable or a waste of money, depending on how you use them. Most of the top travel credit cards have money-saving benefits, but they also charge annual fees. Fees normally range from about $75 to over $500.

Anytime you're paying for a credit card, it's important to make sure you're getting your money's worth. To do that, add up the value of the benefits you're using, including the rewards you earn per year. If a benefit doesn't have a strict dollar value, come up with an estimate based on what it would normally cost.

Only keep a travel card if you're getting more value than the cost of its annual fee. For example, if a card costs $95 per year, I'd aim to get at least $150 to $200 in value from it. If you're barely breaking even or losing money, downgrade the credit card to one without an annual fee or close it.

Stay committed to your cash back credit cards

Cash back credit cards are a consumer favorite, and deservedly so. Their rewards are the easiest to use. You just redeem them for cash, normally as a statement credit, a deposit to your bank account, or by requesting a check.

Best of all, most cash back cards have no annual fee. And even when they do charge an annual fee, it's almost always under $100, and these cards offer higher cash back rates.

Keep your cash back credit cards around as a regular part of your rotation. These cards can work for just about anyone, no matter your financial situation, so it's worth hanging on to them.

When to quiet quit a credit card

We've gone over recommendations for whether to quiet quit some major types of credit cards. But if you're wondering about a specific card you have, there's an easy way to decide if you should keep it.

First, check if your credit card is saving you money. This could be through rewards it offers, travel benefits, a 0% intro APR, or any other features it has. Any card you have should save you money in some way, so if yours doesn't, then it's time to replace it.

Next, compare it to the best credit cards available at the moment. See if any of those cards look like a better deal. If so, take a closer look at their benefits to decide if it's worth making a change.

If you've found one or more credit cards that are right for you, it makes sense to stick with them. But if there's something better out there, go with the one that will save you the most.

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