One of the things that bothers me most about reading many credit card related blogs is that they aren’t always transparent with the cards they carry. They’ll write rave reviews about certain card and explain how you must have them, but reveal later on that they don’t carry them nor ever intend to. The reason behind this is obvious, but it’s always frustrated me. So, with that, I try to be completely transparent with my card strategy which has changed a bit in recent months. Given the significant change I figured it’s time to do a quick update regarding the cards I currently carry.
Keep in mind I am not trying to say that my strategy is best by any means. My credit card strategy is what works for me, but that doesn’t mean it’s best for everyone. Also, I have no affiliation with any of the card issuers I’ll discuss in this post. Instead, these are simply cards that add value for me. With this post I’ll explain why I carry each card and what the value add is for me. I’ll also explain my plans long-term with the card or if I think it’s time to finally close any down.
American Express Platinum Card
The first and most valuable card in My Wallet today is undoubtably the American Express Platinum Card. This card comes with a ton of benefits that I find outweigh the insane $550 annual fee. For example, out of the box you get $200 in airline of choice credits and $200 in Uber credits. Now you get an additional $100 in Saks Fifth Avenue credits ($50/6-months) each year. All of those credits combined help drop the “effective” annual fee to just $50.
Additionally, the Platinum card from American Express award 5X points on airfare booked directly with the airline or via AmexTravel and 5X points on hotels booked with AmexTravel. This is my go to card when booking anything travel related these days.
Besides the credits and the points offered by this card, the Platinum card also gets you into Delta Sky Clubs (when flying Delta), Centurion Lounges, Airspace Lounge, Escape Lounges, and Priority Pass Lounges. With this card it is rare that you’ll turn up at a major international airport and not have a quite place to relax.
Finally, the Platinum card offers elite status with Hilton Hotels and Marriott/SPG. While it’s only Gold and Platinum status respectively, both are good enough for upgrades and special benefits when staying at qualifying properties. When I used to earn status organically this benefit didn’t matter to me much, but now that I travel less often I’ve really started to appreciate this benefit.
All in all, the above list helps me justify paying the $550 annual fee each year and will for years to come.
*New* American Express Metal Rose Gold Card
Well, not too long ago American Express announced major changes to the new Metal (Rose) Gold card. First, the card now earns 4X points on dining at US Restaurants and 4X points at Supermarkets. The latter is capped to just $25,000 of spend annually, but trust me, I won’t come close to that. The card also now offers $100 in airline of choice credits and $120 of dining credits ($10/month). Finally, if you apply within the promotion period, the card knocks 20% of all dining expenses until the end of the year. They call this the “we’ll get the tip” campaign. In exchange for the extra bonus points and the new dining credits the annual fee has recently increased to $250. So when you factor in all of the credits the card’s effective annual fee is just $30/year.
That’s not a bad price to pay for 3X points on dining. Sure many will point out that you only earn 4X points on “US” dining, but I’d say 98% of all of my dining expenses are made in the US. Sure I’ll miss out on a point here or there abroad, but it’s not enough to make me pass on this card.
I actually just picked this card up recently and sort of by mistake. I opted for the Rose Gold version which I’m happy to report is not as pink at it appears in the promo photos. I’ll keep this card open as long as the points earning structure remains.
Barclays US American Airlines AAdvantage Aviator Silver Card
If you’ve read my blog with any regularity you already know my feelings on this card. I opened this card about a year ago because I was looking for a way to subsidize my EQD. The Aviator Red card allowed cardholders to earn $3,000 EQD after spending $25,000 a year on the card. So, I opened the Aviator Red car and upgraded to the Silver Card to earn the 5,000 EQM after putting $20,000 of spend on the card.
After about a year with this card I’ve realized that I hate being tied to this card. Because all of my non-bonus spend was now on this card I didn’t have any ancillary spend to move around in case of big sign-up bonuses or promotions.
Not to mention the fact that I’ve once again organically earned enough EQD and EQM to qualify for American Airlines AAdvantage Executive Platinum. Through that process I’ve earned plenty of award miles and receive plenty of benefits through status. Because of this I find the card essentially worthless to me.
So, as I’m sure you can already guess, at the end of this year I plan on either closing or downgrading this card. There is simply no reason to pay the $195 annual fee going forward. Lesson learned.
Citi ThankYou Premier Card
As I’ll explain in a moment, this card is about to get a huge upgrade in my wallet. I rarely use this card, but that’s not to say it’s not valuable. The card carries a $95 annual fee, but offers 3X points on “travel” including gas stations, 2X points on dining and ‘entertainment,’ and 1X points on everything else.
I primarily use this card to buy gas and pay for tickets to shows or sporting events. I also have all of my recurring billings for Spotify and Netflix go to this card so I earn extra points from the entertainment category. Rarely do I use this card for travel (which includes public transportation) because I instead use my Chase Sapphire Reserve card, but I suspect that will change soon.
Also, this card waives foreign transaction fees which means I suspect it will be my go to card for international dining. Yes I’ll miss out on the extra points offered by the Chase Sapphire Reserve card, but still 2X points is better than the 1X points offered from either of my American Express cards.
Long story short, I plan on keeping this card around for a while. It’s not the best card in my wallet by any means, but it’s a solid option that I don’t think gets the credit that it deserves.
Chase Sapphire Reserve Card
Well, are you ready? I’ve had a bit of a love affair with the Chase Sapphire Reserve card. Early into the blog it was the first card I really wrote about and Chase rewarded me (unexpectedly) with a dinner. They asked for nothing in exchange, but simply offered it as a gesture of appreciation for my tiny blogs coverage of their card.
However, over the years the allure of this card has worn off. Don’t get me wrong, it’s still a very solid card, but as the Sapphire Preferred card before it, the Sapphire Reserve hasn’t been able to keep up with the competition. The main problem is, the card’s benefits overlap too much with other cards in my wallet.
- Lounge Access – American Express Platinum Card is better
- 3X Points On Dining – American Express Metal Rose Gold Card is better (4X)
- 3X Points On Travel – Amex Platinum Card for Flights / Hotels and Citi ThankYou Card for everything else.
Sure there are other benefits like trip protection and rental car insurance, but I’ve never used them or needed to. Plus, I’m sure the protection offered by the Platinum or Gold cards from Amex is also adequate.
At the end of the day, I just can’t justify paying the $450 ($150 effective) annual fee any more. At the end of my membership year I plan on downgrading this to the free Chase Sapphire card to retain access to the Ultimate Rewards program.
Chase Freedom Card
I’ve also spent quite a bit of time covering the Chase Freedom Card over the years. I like this card because it’s unique. While it won’t ever be a “daily driver” of mine it is a card I do use quite a bit. The card offers a unique 5% cash-back rotating bonus category for up to $1,500 of quarterly spend.
The rotating categories are usually convenient to use so I typically earn about 7,500 points a quarter from this card. I then transfer those points to the Ultimate Rewards program which nets me about 25,000 to 30,000 points a year. Considering the card lacks an annual fee I see no reason to adjust my current strategy. I plan on keeping this card open for as long as I maintain my Chase Sapphire card.
Marriott Rewards Premier Plus Card From Chase
The Marriott Rewards Premier Plus card is new this year and was released around the same time Marriott and SPG formally merged. The card comes with a $95 annual fee, but offers 6X points on Marriott spend and 2X points on all other spend. Keep in mind you are earning Marriott points which are much less valuable than many other points currencies.
The real value of this card comes in the form of the annual free night certificate. Each year, card holders receive a free night worth 35,000 Marriott points. That’s good enough to get you a room at one of Marriott/SPG’s mid to upper-tier properties each year. If used correctly this annual certificate can easily offset the $95 annual fee which makes keeping this card open in perpetuity worthwhile.
Additionally, the card offers 15 elite nights each year you pay the annual fee. While 15 nights wont get you much they do count toward Marriott Lifetime Elite Status. Again, just another small reason I opt to keep this card open indefinitely.
United MileagePlus Explorer Card From Chase
This is another card with a negligible annual fee that I believe is worth keeping open each year. I don’t fly United typically nor do I maintain any sort of status with them. However, this card grants me some benefits that make flying United (when necessary) tolerable.
For starters the card offers 1 free checked bag per flight which can save you money each trip. It also comes with priority boarding and access to additional award seats when booking award flights. Both of those benefits have come in handy in the year that I’ve carried the card. Finally, the card offers 2 United Club passes annually. These passes used to be paper and a burden to use, but now they are digital and always with me. Those benefits alone make this card worth keeping open for the foreseeable future even though the card comes with a $95 annual fee.
Bank Of America BankAmericard Cash Rewards
Yes, this is a bit of an odd card for me, but the only reason I keep it open is because I’ve had this card the longest. I opened this card in college and have maintained the account ever since. I buy a pack of gum on the card every month or two to keep it active, but otherwise never ever use the card. The card lacks an annual fee which means I will most likely keep it open forever as it extends the “average age” of my credit which helps my credit score. Overall I’m sure the card is just fine, but I’ve never really looked into the card’s benefits and I don’t ever really intend to.
Final Thoughts
So, what does all of this mean. Well, nothing really. I’m just trying to show you the cards that I carry and why. I’m really happy with my current lineup of cards. I was excited when Amex launched the new Gold card because it solidified my decision to close the Chase Sapphire Reserve card.
Overall, I think that’s what you should take away from this post. Each of these cards in my wallet offers me something each year. I believe that I earn enough value from each card I carry that each year I’m coming out at least even and in some cases much better off than that.
One thing that surprised me when making that list is to think back to 2015 when I started taking credit cards seriously. At the time really on the Chase Sapphire Preferred and American Express Premier Rewards Gold cards offered more than 1X points on spending. Now, just look how many cards offer 2, 3, 4, or even 5X points on daily spend! It’s incredible to see how far along credit cards have come in such a short period of time. My only hope is that this trend continues for some time to come.
