Check the interest rate on your credit cards

The Federal Reserve's rate cutting has mostly had a positive effect on credit card interest rates. However, not every card issuer is following the Fed. Bill Hardekopf of LowCards.com points out that while the Fed has cut rates 2.25 percentage points since September, some card issuers actually increased their rates. He said the rate on the Chase Freedom card went up, from 14.24% to 17.24%. Citi Platinum Select's rate went down, from 10.24% to 8.49%. The moral of the story: Unless you pay off your card balance in full each month, pay attention to what's happening with the rate you are being charged.

If your rate has not fallen, call and ask the card issuer for a lower rate. If you're turned down, it's time to go card shopping.