3 Things to Do With Your Credit Cards Before 2023

2022 will be over in a blink.

Believe it or not, the new year is just around the corner. When you're thinking about the end-of-year tasks you need to tackle in the coming weeks, make sure your credit cards are on the list.

For one thing, you need to make sure you've taken advantage of all that your cards have to offer for 2022. But you should also be thinking about the coming year, and how you're going to make the most of your credit cards in 2023. Here are a few tasks to add to your to-do list before the new year.

1. Use up your annual credits

One of the more recent trends for rewards credit cards has been offering various statement credits for specific types of purchases. For example, you may earn a $50 statement credit for purchases at a certain retailer or from a particular brand. These types of credits have become increasingly common, especially from travel rewards cards with high annual fees.

On the one hand, they're great if you can make the most of them; the credits can easily offset the high annual fees in many cases. The downside is that if you don't use them in the designated time period, you lose them. If you have an annual airline fee credit, for instance, you need to use that credit by the end of the calendar year or you forfeit it entirely.

Now is a really good time to take a look at all of your rewards cards and make sure you've used what credits you can before they expire. Just be careful; don't go on a spending spree just to use up your credits. They're not worth blowing your budget on things you wouldn't normally buy.

2. Audit your rewards and costs

Depending on when your credit card annual fees hit, this may be something you should do a few times throughout the year. But at the very least, you should sit down once a year and audit your credit cards.

What does this mean? Look at each and every credit you own, then evaluate its costs and rewards. Every card in your wallet should serve a purpose. And every card for which you pay an annual fee should earn enough to make up for that fee -- and then some.

If you find that you're not using a particular card, it's time to make some choices.

If the card has no annual fee, maybe that choice is to simply put it in a drawer instead of carrying it around. This can make room in your wallet for a different card that will better help you maximize your rewards.

But if you're paying for that card each year, you need to do the math. Do you earn enough from that card to pay the annual fee? If not, it may be time to cancel or downgrade the card.

3. Plan your applications for next year

It seems like issuers come up with new rules every year about who can get which card and what rewards. For example, most issuers now limit how often you can earn sign-up bonuses not just on individual cards, but for entire families of cards.

All these new regulations mean you need to be more organized than ever to make the most of your new card applications.

Now is a good time to consider what your credit cards needs will be in the upcoming year. Do you plan to do a lot of traveling? Figure out which hotel and airline credit cards will be the most valuable for your trips. Have some big purchases on the horizon? Find some good sign-up bonuses you can take advantage of when the time comes.

Don't just drool over bonuses and rewards, however. Keep in mind each issuer's rules about how many recent card accounts you can open or how long you need to wait between applications. If you want a Chase card, for instance, you may need to apply for that card first to keep on the right side of their 5/24 Rule.

The holiday season is about to be in full swing, and the new year will be here right behind it. Take the time now to tidy up your credit cards' loose ends and plan for the next year. Your future self will thank you.