The 10 pillars of being a Frugal Backpacker

Since hitting my 500 post milestone and I have been thinking about my thought processes, my goals in life, and how that has molded this blog. As a result I have come up with 10 things that move me towards my goals. These can be applied to anyone's goals no matter how different form mine they may be.

They Are:

1. Spend your time and money on what you are passionate about. Go as cheap as possible on everything else.
2. Time is your most valuable asset of all. Manage it well and use every advantage you can.
3. Get and stay out of debt. Build and emergency fund and eliminate all debts as fast as possible including mortgages.
4. Pack Light. I lived for 18+ months out of a backpack that weighed 30 lbs by the end of my trip. Taking less with you makes travel so much easier and more enjoyable
5. Have a cash buffer. An emergency fund is one of the easiest and most powerful things that you can have for peace of mind and insurance. Start with $1,000 as a minimum and build from there
6. Know who your friends really are. Keep in touch and help each other when you can. No matter where you live in the world everyone needs friends. Life alone is a miserable existence.
7. Take advantage of rewards programs. I preach a lot about points and miles here. These programs, when used correctly, can save you a lot of money and give great experiences on top of that. Keep and eye out for bonuses and promotions that you can profit from.
8. Invest in experiences--not material items. You will get a lot more joy and a great memories from skydiving versus buying a Mercedes. Things come and go. Memories are for a lifetime and can never break or be stolen.
9. Invest all long term savings. Simple savings accounts and CD's won't outpace inflation. You need a diverse portfolio of stocks and bonds to truly get ahead and to be able to stop working someday.
10. Pursue your hobbies and dreams in your spare time. Make it a priority to do the things you wanted to do as a child and adult. Make a "bucket list" and get to work on it!

These are the ideas and goals I live by. I consider them when making all sorts of decisions including money, housing, where to live, where to work, how much to spend on each area, and so on. Following the above has made me much happier with life overall and is continuing to do so. By focusing on what is important you get to reap the benefits of them and increased happiness. 

My Travel Packing Checklist

I travel a lot. Sometimes for work. Sometimes for pleasure. Between that and my around-the-world trip back in 2006-2007 I have learned a lot about packing. My packing checklist has evolved (and still changes a little from time-to-time) from this experience. Stuff is heavy and checked bags can cost money. I minimize this to make my life on the road as easy as possible.

The List:

Clothes:

• 2 pairs of shorts
• 1 pair of jeans
• 1 nice button-up or polo shirt
• 4-5 t-shirts
• Socks and Underwear (depends on trip length)
• 1 pair of sneakers and 1 pair of flip flops
• 1 light jacket (such as a fleece)
• 1 black belt

I adjust the clothes numbers depending on season and length of travel. Work trips are usually 2-3 days so I bring 2 t-shirts, 1 work shirt, and enough socks and underwear to cover the duration. For travel of 7 days or more I bring the above with 7 underwear and 7 pair of socks.

Higene:

• Toothbrush
• Toothpaste
• Hair brush
• Deodorant
• Floss
• Mouthwash
• Razor w/extra cartridges
• Nail clippers
• Shampoo
• Bar of soap
• Small bottle of lotion
• Shower Towel
• Toiletry bag
• Roll of toilet paper (essential!)
• Trident (for times when I cannot brush teeth)

Utility Items:

• Swiss Army Knife -- so many useful tools in one package!
• First Aid Kit - I bought a small one and overstuffed each item in it
• Meds: Tylenol (pain/headahce), Anti-diarrhea pills, antacids
• Spray sunscreen
• Camera, camera case, camera USB cable, memory cards, mini-tripod
• USB Flash drive for storage
• Netbook laptop (long trips only)
• Backup paper copies of all Credit/ATM cards and Indentification docs
• iPod/iPhone and charger + headphones
• $100 USD emergency cash
• Light snacks for extended travel
• BIC lighter
• Pen & Pencil
• Small notepad
• Small book for reading

This list may seem like a lot but the majority of the items are pretty small and light. When I pack for a month long trip everything I carry weighs around 20-25 pounds total. The majority of these items can be bought at your destination if forgotten. Having less keeps you from taking a long time to pack and wasting energy on moving the heavy bag(s). It also saves time, money, and stress. Pack light and travel happy!

Staying Ahead: Pay Retail Price as LAST resort

If someone says they can't stick to a budget then they simply are not trying. I used to think this too until I sat down and did a full evaluation of my finances and what is really important to me.

One of the methods I used to stay ahead is to shop around for what I need. For example: I need to buy some new clothes. My shorts and jeans are worn and have holes in them. I need replacements but don't have a lot money set aside to go buy all brand new stuff. Instead I look to other sources.

When I go clothes shopping (maybe once per year, I hate it!) I always start at Goodwill. They have a good selections and very affordable. I then look to my local thrift stores to fill any gaps. If I still cannot find what I need I look to closeout stores such as Ross and also check for coupons. Finally if the need is dire I will go to Old Navy (with coupons) and get what I need.

The main point of this, no matter what you are buying, is to buy retail as a last resort. Why pay full price if you don't have too? Use coupons, gift cards, sales, thrift stores, ebay, craigslist, and any other resource you can to get the costs down. Do otherwise is just plain lazy and irresponsible.

Shop smarter not harder!

Pro Tip: Create a "Bills" Calendar on your Computer/Smart Phone

A while back I created a calendar called "Bills" on my computer. This calendar syncs with my iPhone and now I know when all of my bills are due. I have automated the majority of my bill paying but have a few that are not for various reasons.

Regardless if you automate or not this is a useful tool. I have reminders pop up and I can go check to be sure that the automatic payment went through or I just simply make the payment when it is time. This forces me to be aware of my money while still keep it 90% automated and less prone to mistakes.

I also use this to keep track of irregular payments such as insurance. I pay my life, auto, and homeowner's insurance once per yer to get the lowest rate. They are all due in different months. This calendar also reminds me when to send these payments which could be easily forgotten other wise!

Because of this system have virtually eliminated all late fees and associated stress. I don't pay the insurance company's "lazy tax" by getting on a monthly plan. That is just not frugal at all! It took me about 30 minutes to set up and I don't have to worry. Get an new bill? Add it to the calendar. Drop/or change a bill? Adjust as needed!

My top 5 most useful financial tools

I use multiple tools to keep track of all of my financial life. They all make my life easier and automate as much of it as I feel comfortable with. I am the type who checks everything on a daily basis and watches every dollar. I have a good budget built for how I live and it works well for me.

Here are my top 5 financial tools:

1. Online Banking -- I bank with ING Direct. They have one of the best (in my opinion) online banking systems. I can send money electronically to anyone's bank account. I have free bill pay. I earn interest on my checking account. This is definitely my most useful tool!
2. Mint.com -- I use mint to help me keep track of my monthly budgets and it gives me a good "big picture" view of my current financial situation. It is about 90% automated now. I can log in, adjust the categories for a few transactions, and see where I stand at any time!
3. Microsoft Excel -- I use excel to create and adjust my budget (and update Mint if I need too). I also use excel to track all of my non-budgeted items like car repairs and extras that are not specifically in my budget. I do monthly tracking so any "surplus" gets moved to savings and not spent. I also track my Net Worth in Excel monthly (and I post that here too!)
4. iPhone - I make notes to myself related to finance such as budget adjustments I need to make, non-budgeted expenses and income, and ideas to research later. I have a calendar with my schedule of payments and reminders, I have online banking apps, and much more! Very handy.
5. Annual Financial Review - I review my entire big picture once per year in April to look at my budget, taxes, investments, savings, and estate planning each year. I make sure I am still on track for my lifelong goals and make any adjustments that I deem necessary. This step is the most important!

Having the above 5 tools at my disposal makes keeping my finances in order and in line with my goals much easier. I am to the point where I can manage my finances from anywhere that I have internet access. This is important since I plan to live overseas at some point and need to be 100% online if at all possible. 

Incheon (ICN) Airport Seoul: Spa On Air

There is a great spa on the public side of Incheon (ICN) Seoul, South Korea airport. I heard about it from a couple of travel forums but oddly enough could not find any solid information about it online. All I could get was patchy information from those who had visited it in the past.

The sole purpose of this post is to have all of the important info on the spa in one place so people will not have to search forever and hope for the best like I did. I am shocked they do not advertise it more or even mention it on the airport website but I digress...

Spa On Air: Seoul International Airport:

• Price: 15,000 won during the day or 20,000 late at night
• Private Sleeping Room Add on: 20,000 (if available first come first served)
• Open 24 hours a day, 7 days a week all year long
• Amenities: hot tub, shower, sauna, massage (Thai, pay per session), lounge
• Sleeping mats and limited chairs and couches are available.
• Snack bar with light snacks and soft drinks for purchase
• Lockers for shoes (separate) and big lockers in spa for clothes
• Swim trunks and shirts (men) provided at no extra charge
• Towels at no extra charge
• Soap and shampoo in all shower stalls
• Luggage storage up front monitored by staff
• Located in basement of ICN. Go all the way down and check directory

I went to the spa twice myself. It is a great deal and is wonder after a long flight over the pacific. A great place to sleep after a relax in the spa. It made my flights and long layovers much more bearable and I looked forward to the spa!

This information is accurate as of December 4, 2010. That was my last visit there personally. Hopefully they will get this information online soon but until then this is the best guide I have seen!

Travel Abroad: The pre-departure checklist

As I travel abroad for vacation as much as possible I have formed a checklist over the years so that all loose ends are tied up before I go. I want to limit surprises on the road and reduce my unexpected expenses as much as I can. This is done with a little planning and forethought. A little work now saves a lot of hassle later.

Packing for the trip:

• Create a packing list and pack the items in it.
• Repack the bag and with each item ask yourself: Do I REALLY need this for this trip?
• Put away removed items and weigh your bag. You have to carry this heavy thing around!
• Check your packed bag for and tears, broken zippers, and other problems.
• If you have time live solely out of the bag for a couple days. Do you have everything you need?
• Make sure everything is fully charged up if it has rechargeable batteries. Pack all chargers.

Housekeeping Items:

• Set up scheduled payments for all bills that come due while you are gone.
• Day of departure: Unplug everything that does not need to be on while gone
• Get $100 in emergency cash that can be exchanged locally if needed
• Clean the house. No one wants to come home to a wrecked house after 20 hours in transit.
• Use up perishable foods. Stop going grocery shopping a couple weeks before you leave. Eat up what you have first!
• Give a key to a trusted friend or family member to check up on things while you are out.
• Take care of any pet boarding (if applicable)
• Call all associated banks that handle all credit and debit cards you intend to use abroad and inform them of your trip location and dates. Don't get cut off because of "fraud"!

This list can save you lots of hassle both at home and on the road. I found that by following it I can reduce my overall stress before, during, and after my trips.The idea is to enjoy your vacation and not have to worry about stuff back home. That is why we travel in the first place!

50/30/20 Rule: Also good for windfalls!

I have touched on the 50/30/20 rule in the past. The basic idea is that you use 50% of your income for your needs (housing, food, transportation, etc). Next you use 30% for wants (cable TV, gym membership, Playstaion 3, etc.). Finally you allocate 20% to savings (retirement, emergency fund, house down payment, etc.).

This same principal can be used for a windfall of money small or large. This includes: bonuses, inheritance, gifts, side work income, etc. Using a windfall for just one category can leave you feeling short in other areas. The numbers are not set in stone but a great starting point. Here is an example of how you can allocate a $1000 bonus:

• 50% - Need - $500 payment toward debt (credit card, mortgage, etc).
• 30% - Want - $300 - buy that Playstation 3 or Xbox 360 you always wanted.
• 20% - Savings - $200 - Add to emergency fund or retirement account.

I find that by breaking up your windfall into these areas you get ahead on all fronts. In the long term this will get you closer to a multitude of goals and you won't feel the "guilt" of not making any progress. Life is all about balance and why not balance your windfall?

With a little planning we can take advantage of windfalls to the fullest and get one more step closer to financial freedom. By breaking it up into the 3 broad categories you will not have remorse later and and think to yourself: "Gee I wish I had used some of that bonus to pay the credit card" when something bad happens. Balance is the secret to happiness!

Tools and Services for Managing Money

I have mentioned quite a few handy financial tools in various posts. Today I am writing a consolidated post that covers everything I use to keep myself in line financially. With the right tools we can all get ahead and achieve our goals.

I use the following:

• Quicken Online: This is the hub for all of my accounts. It updates daily automatically so it is no work on my part. It has some pretty good tools that shows you where your money is going. It remember categories for expsenses too! They also have an iPhone app (free)!
• Excel: I keep my budget and cash flow projections here. I am very comfortable with excel and It makes it easy for me to make sure I can cover all of my bills and goals. A free alternative to Excel is openoffice.org.
• Online Banking and Bill Pay: These are probably the 2 most important. Doing most of my banking business online saves time, gas, money, mileage, etc. Bill Pay saves costs on stamps and paper checks and is free. The benefits are numerous and free!
• Direct Deposit: My salary goes directly to my primary checking account. This saves me lots of time and hassle!
  
• ING Direct: Their checking account is the best I have seen. Free overdraft protection (only pay interest), online payments to anyone, decent interest rates. No checks allowed! By far the best in my book.
• Local Credit Union: my local credit union offers a good savings account (7% for the first $500!) and also useful for depositing checks and cash to transfer up to ING as needed.

All of above tools and services all work together to create a stable and manageable financial life. Having all the right tools can help make managing money easier, more efficient, and get you closer to your goals. Everything we need is out there and available!

Cable TV/Internet hint: Don't pay for basic cable!

I have Comcast cable internet service at home. I do not own a TV and probably never will unless I use it as a big monitor to play movies from my laptop. I pay $57.95 per month for high speed cable internet only service. My bill never changes from month to month.

For those of you who do watch TV here is one of the best kept secrets in the biz: They cannot give you cable internet access and block basic cable. It is different these days with the digital changeover and the need for set top boxes.

The bottom line is that if you have and pay for cable internet only service you will have some channels coming through. Any station that still broadcasts in analog will come over the lines to your home. Granted it is not as many as it used to be. You cannot complain for free!

Money Hacks: How to get ahead with psychology!

I have read about some money hacks recently and I do use some of them, and some of my own, to get ahead. Curbing spending is hard for a gadget lover like me but I have come a long way. Here are a few hacks I use regularly:

• Time Cost: I ask myself: How many hours did I have to work to buy this? Do I still really want it? How else could I better use this money?
  
• Come back Saturday: If I find something I like I will wait and come back Saturday to buy it. Most often I don't go back. I call it "impulse buy insurance".
• 30-Day List: Courtesy: Get Rich Slowly. If you see something you want put it on a 30 day list and review after 30 days to see if you still want it
• 2-for-1: Courtesy: Get Rich Slowly. For every item you buy you have to sell or donate 2. This doesn't always work but it is a good incentive to get the clutter down. I use this one now too!
• Sell Stuff First: Similar to above. If their is an item I want I make myself sell something to get the money to buy it. I do eBay often and use my paypal account to keep track of how much I have to go toward that item purchase.
• Going out: Find a coupon, discount, or groupon-like option. I force myself to never pay full price at a restaurant. Saves big!

The above hacks keep me out of financial trouble and more debt. There are tons out there! Find the ones that work for you and stick with them. Waiting to make a purchase almost always saves you money in some way or another.

6 Changes I have made to save money

Ever since my pay cut I have been digging deep to find ways to cut expenses. I find I am more on edge about money and worry about it more often now. Work is a little slow too which also concerns me a bit. I am also closing on my home equity line of credit Friday so hopefully that will get me some "closure" on that debt.

As a result I have made some changes to save money. They are:

• I formed a new habit of turns lights on and off religiously
• Programmed my thermostat to be as efficient as possible
• Cooking a lot more meals at home
• Using online deals for going out (Groupon, half off depot, etc)
• Utilizing the grocery game to save on food
• Searching more diligently for side computer repair work

I am running out of things I can change though. My budget is quite tight now and will be for some time. I am working very hard to find extra income so I can pay down my debts and remove the handcuffs of payments each month. I made my mistakes and now I have to pay for them.

It is not easy and I have been a bit down about it lately. I am forcing myself to push forward and keep up momentum. I am considering a vacation with a friend to do a cross country road trip. I need some time away from it all!

Tech: Use Google to save you time and headache!

Everyone is familiar with the Google.com search engine. Google is now a verb in the dictionary! What most people don't know/utilize is their free services that can save us a lot of time and headache down the road.

Useful FREE Google Services:

• Documents - You can store, edit, and share access to documents online. It includes word processing, spreadsheets, and presentations. You can even export them to Microsoft Word, Excel, or Powerpoint!
• Contacts - You can load all of your contacts into your Mac (Address Book) or PC (Outlook) and have it synchronize with Google automatically. It's a free online backup of your contacts that you can access anywhere! If you have an iPhone it will sync over the air to it too!
• Calendar - You can set up Google Calendar and also have it sync with iCal on Mac or Outlook on PC. You can change it in one place and it gets sent to all others automatically. Again if you have an iPhone you can sync this over the air
• Gmail - This is the best online email I can find. Great spam filter, fast site, and easy to use. No need to change email addresses if you move or switch internet providers. Gmail works everywhere!
• Reader - If you read a lot of blogs this is great. It automatically updates when new posts go up and you can read them all in one place. Ditch the bookmarks and save time!

Using the above tools allows you to save time, money, and creates backups of all of your important info. Another added bonus is you can access it anywhere you have internet access around the world. Centralizing all of your important data makes things easier in the long run.

Cash out on old stuff when you buy new

I have used this trick for years and was surprised how few people do it. For example, I just bought a new hard drive for my laptop. It arrived and I installed it and everything is working great! It cost me $125 for the new part. Most people stop here.

I take it one step further and sell my old hard drive on eBay or craigslist. I quick search on eBay shows that the going rate for my old hard drive is $40. I can assume that I will get close to that so the net cost of my new drive is $85.

Selling stuff right away, especially electronics, reduces waste, costs you less out of pocket, and goes a long way to prevent clutter. This extra hard drive would sit for ages before I use it or sell it for even less down the road. If you keep up with the "turnover" of your stuff then you will have a lot less in the long run to deal with and more financial flexibility.

You can win the battle against clutter and waste!

Save money on shipping!

It is inevitable that one day we all have to ship something. Whether it be a gift, returning an item to a store, or even for business. It is also well known that the UPS Store and Fedex Office are expensive to ship from and I personally hate the Post Office and skip it. I have a solution:

Create and print your shipping labels online at UPS.com!

You get a better rate than at the UPS store and you can pay online with a credit/debit card for the shipping fees. You then simply print the label at tape it to your box(es) and you are good to go. It also has the option to save addresses in an address book for future use. You can always log back into your UPS account later to track the shipments which is easier than trying to type it off a receipt printout from the UPS store.

You can then take the packages down to any UPS Store or any other UPS drop-off location (such as Staples). This saves you their "handling" charges of up to $6 per box! Another trick I use is to go to department or liquor stores for boxes (free and better for the environment) if you don't have one. I do my best to keep a few in my closets for times like these. Don't waste money on shipping when you don't have too!

Remember: Do things that make you happy!

Today I felt like I need a reminder of why I am budgeting, sacrificing, and flat out busting my butt at work day in and day out. I realized that I need to make time to do things that make me happy. I tend to get caught up in focusing on paying my debts off and worrying about money that I forget to live life!

No matter what your budget or debt situation you have to do something that you actually enjoy. It is the only way to stay motivated and stay on track. Those of us who make good progress on debt then revert usually forget to do this. We get burned out and go off the deep end with spending to compensate and we are back in the hole again. We have to strike a balance that keeps the train rolling.

I wrote this post as a reminder to me and all of you to be sure you take time to live your life. It doesn't have to be all work and drudgery. We all have to do fun stuff to relax and take our minds off things for a while. A little can go a long way here!

My 6 Personal Financial Wins

Yesterday I wrote about my financial blunders. Today I want to share the positive choices that I have made. We all-to-often hear about the bad choices we make and not the good. I believe that acquiring good financial habits also requires us to focus on what we do right. Here is my list:

1. Started a Roth IRA: When I was working in college I did put some money in a Roth IRA. In retrospect it would have probably been better to pay down debts but is still a good choice.
2. Built an Emergency Fund: I now have an emergency fund that equals roughly 3-months take home pay. Based on my current situation this is the best thing I could have done.
3. Contribute to my 401(k): I get matched 100% for the first 3% of my pay that I contribute. With immediate 100% vesting this was an easy choice. The match I get outweighs the interest I pay on debt and adds up fast. Worst case scenario I can withdraw it if I absolutely have too. I also save on taxes!
   
4. Bought a foreclosed home: I got such a good deal on my house that I had to buy it. I now have a roommate who covers my mortgage and I own it. I gain equity each month. I also lowered my expenses at the same time. If I had to sell it today for well under its value I would still be ahead in most cases.
5. Changed Banks: I used to pay way too much in banking fees. I got smart and moved to a bank (ING Direct) that does not charge month service charges and minimum balance fees. I also earn a lot more interest on checking and savings!
6. Tracking expenses: I now track every penny (because I have too) in order to live within my means. With the help of Quicken Online and doing 98% of my transactions via credit/debit card I have this seamless. I can log in and quickly tell where I stand currently.

As we move forward in our financial lives on the road to financial independence we have to take a step back and take a look at what we do right in order to stay motivated. Keeping track of how you are improving gives us motivation to carry on!

My 6 Personal Financial Mistakes

Going along with the adage that "no one is perfect" I have decided to share my personal financial mistakes. I hope that sharing my mistakes will help prevent others from doing the same thing. It is never easy to admit mistakes, especially when it involves money, but I think it is a good exercise to perform.

1. Student Loans: I currently am carrying almost $14,000 in student loans. Most of this was used for living expenses during college. If I could do it over again I would have worked at McDonald's in order to avoid them. Luckily I locked in a 2.79% interest rate.
2. Credit Cards: This one is two fold. I used credit cards to fund my 18-month around-the-world trip. I consolidated and then used some again to fund a failed small business. This is a very expensive lesson that I will pay for the next 5+ years.
3. Investing: I learned the hard way that index funds are the way to invest for the long term. I thought I could beat the market and got "schooled". I have straightened it out now but had some losses to begin with.
4. Tracking Expenses: Before I learned about personal finance (thanks to a class in college!) I basically just checked my bank balance. I have come a long way from living hand to mouth to having an emergency fund of any kind.
5. Buying a car: Back in 2003 I bought a brand new 2003 Honda Civic. I made a good choice in the car itself as I still drive it today. I made the bad choice of financing it. I locked in a 2.9% rate but the next car I buy will be cash (or 0% with cash to back it up). That car payment was not fun in college (hence the student loans above). On paper it is paid off but I still have the student loans.
   
6. Unemployment: For nearly 2 years in college and another 20 months during my around-the-world trip I was unemployed. This is by far the most financially devastating event(s) in my life to date. I have a mountain of debt to prove it. I now have gotten into networking and better interviewing plus an emergency fund to combat future problems.

I have learned a lot of hard lessons that I am now paying for. If I had been taught better habits at a much younger age I would have been much better off. Most of us don't learn about how to handle money until college or well after. Now is the time to live within your means!

Tip: Slowing down on eating out

A lot of us have the problem of eating out too much. I admit that I eat out too much myself. I justify part of it by my need to get out of the office for a break during the day. Even then I usually limit myself to $5 for lunch. I work in IT support and I find the stress reduction is worth the investment to me.

The real money spent on eating out is on dinners. They always cost more and we like to do it because it is convenient and fun to go out. I have a way to combat this. I made two rules for myself that I find fairly easy to stick too:

1. Only eat out for dinner once a week (at most).
2. If at all possible have a coupon or gift certificate (that you didn't buy) to use.

A side effect of these rules is that I eat at home which is cheaper and also healthier as I can control portions and salt content among other things. I do enjoy cooking to an extent as well so I try to do it fairly often. I like to try to make things I have eaten before as a fun experiment. Sometimes I just settle for a lean cuisine or pot pie if I had a long day.

Eating out also tends to eat away at our budgets (pun intended). If we take the above easy steps to combat our temptations we will be more able to attain our goals and possibly live a healthier life at the same time. All that money spent on eating out can be put towards retirement so we can get out of the rat race sooner and enjoy life!

Credit Card Tip: Get your interest rate lowered

Today I decided to call about my oldest credit card account, a student card, to see if I could change to a type of card that would give me a better rewards program. I was unable to get better rewards but by changing to a different type of card they lowered my interest rate 5%! This is great!

I have always called and asked them to lower my rate when I had to carry a balance for a while. I did not realize that you can also get a lower rate by changing the type of card you have. It is worth your while to call and ask if you are carrying a balance. This can save you a lot of money in interest!

I usually do my research online first to see what types of cards are offered. Keep in mind that if you have a Visa you can only change to a different Visa card. You cannot change from a Visa to a Mastercard (or any other brand of card) as they all have different agreements and require a whole new application. Once you find one you like you may see that they are advertising a lower rate than yours. Chances are you could get your rate lowered and a better rewards program.

In my special case today I have a card that was owned by a company that was bought up by Citibank a few years back. For a long time I was stuck with the type of card I had. Today I was finally able to change over and at least get my rate lowered and gain a few other perks. Credit cards can be useful tools and it is important to get the most out of them.