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How I Justify Paying Over $2,700 In Credit Card Annual Fees In 2020

Last Updated on February 5, 2024August 19, 2020 14 Comments
This post may contain affiliate links. Affiliate Disclosure.This post may contain affiliate links. Financial Panther has partnered with AwardWallet and CardRatings for our coverage of credit card products. Financial Panther, AwardWallet, and CardRatings may receive a commission from card issuers. Some or all of the card offers that appear on the website are from advertisers. Compensation may impact on how and where card products appear on the site. The site does not include all card companies, or all available card offers. Opinions, reviews, analyses & recommendations are the author’s alone, and have not been reviewed, endorsed or approved by any of these entities.

Editors Note: Some offers mentioned below are no longer available. View the current offers here.

Before I got into the world of credit cards and travel rewards, I only had one credit card – and importantly, it had no annual fee. Credit cards with annual fees didn’t make much sense to me. Why, after all, would I pay a bank in order to have the privilege of spending my own money? 

My understanding of how to think about credit card annual fees changed dramatically once I dove into the world of travel hacking and credit card rewards. When I started doing my research, I realized that almost every good credit card came with an annual fee, some as high as $450 or $550 per year.

Paying that much for a credit card initially seemed crazy to me. It’s part of the reason why I was hesitant to start taking advantage of credit card points and miles. Dropping that much cash upfront is scary when you’re still learning how the credit card game works, but once you understand how you can use credit cards to your advantage, the equation behind annual fees becomes really simple.

You just have to ask yourself one question – is the value I’m getting from the card equal to or more than the annual fee? If so, then the fee is worth it. If not, then drop the card. 

I have a lot of credit cards – and some of them come with significant annual fees. But as long as I get more in value than what I pay in fees, then the card is going to stay in my wallet. In today’s post, I’m going to take a look at the current credit card annual fees I’m paying and how I get more value from them than what I pay.

The Credit Cards That I Pay Annual Fees On 

Here’s a look at the current credit cards I have in my wallet that charge an annual fee. 

  • Chase Sapphire Reserve. My wife and I both have the Chase Sapphire Reserve. This card currently has a $550 annual fee, but we’re still paying a $450 annual fee for the next year. Together, we’re paying $900 per year for these two cards. Even at the $550 per year fee, this card would be worth having in the first year you have the card.
  • American Express Business Platinum. We both have an American Express Business Platinum Card. I’ve had mine since early 2019. My wife got her Business Platinum card this year. This card has a hefty $595 annual fee. That means we’re paying $1,190 per year for these two cards. 
  • American Express Hilton Aspire. I’ve wanted to get the Hilton Aspire for a while and finally pulled the trigger on it this year. It comes with a $450 annual fee.  
  • World of Hyatt Credit Card. My wife got the World of Hyatt Credit Card back in 2017, so she’s still grandfathered in at the $75 per year annual fee. Later this year, Chase will be converting this card over to the newer version of the World of Hyatt Credit Card, which has a $95 annual fee. 
  • Marriott Bonvoy Business American Express Card. This was my old American Express SPG Business Card which then got converted into this card after Marriott and SPG merged their programs. This card has a $125 annual fee.

Over the years, I’ve had many more cards that charged annual fees, but I’ve closed or product changed a number of cards when the annual fee didn’t make sense for me anymore. 

So, when you add it up, over the past year, I’ve paid a total of $2,740 in annual fees. That’s actually a bit surprising to me – I didn’t even realize I was paying that much in annual fees.

So how can I justify it?

Doing The Math On My Cards 

The key is to go back to the overriding principle that I stated in the introduction to this post: if the value of the card is equal to or more than the annual fee, then keep the card. If it’s less than the annual fee, then drop the card.

How you get value from these annual fee credit cards generally comes in two forms: 

  1. Credits. Most premium cards with high annual fees give you some form of credit that you can use to offset the annual fee, making the effective annual fee lower than what you initially paid. Some of these credits can be valued at their face value. Others need to be discounted because they can only be used for certain types of purchases. My general strategy with most credits is to figure out ways to turn them into cash equivalents so that I can directly offset some or all of my annual fee costs.
  2. Card Benefits. The vast majority of premium cards typically give you non-monetary perks that, in theory, should have some monetary value. Hotel cards, for example, typically offer a free-night certificate each year, which you can use to justify the annual fee. Almost every premium card also offers some sort of lounge access, which in normal times, has some value. You have to decide what value, if any, you give these sorts of benefits.

Note that an additional benefit these cards offer is a signup bonus, which typically has a value that is much more than the first-year annual fee. Almost always, just getting these signup bonuses in the first year is enough to fully justify an annual fee.

With that brief background out of the way, here’s the math behind my current credit cards and why I’ve been able to justify paying over $2,700 in annual fees this past year: 

Chase Sapphire Reserve 

The Chase Sapphire Reserve comes with a $300 travel credit, which I value at exactly $300. Unlike some travel credits that require a little bit of insider knowledge to use, the Chase Sapphire Reserve’s travel credit is straightforward and works on a wide variety of items that you wouldn’t think would fall under travel (for example, public transit and parking meters fall under the travel umbrella). In 2020, as a result of the pandemic, Chase improved the travel credit by making it apply to purchases from grocery stores and gas stations through the end of the year, so that makes the travel credit worth its face value to pretty much anyone right now,

The travel credit means that the effective annual fee of my Chase Sapphire Reserve is $150. A little known fact, however, is that the travel credit can essentially be used twice in the first year since it resets each calendar year. In effect, in the first year, I actually get $600 of travel credits for a $450 annual fee. For more information about how this works, feel free to email me and I can explain how this works in more detail.

In addition to the $300 travel credit, the Chase Sapphire Reserve also provides a few other credits that make this a profitable card for me to hold. This includes the following: 

  • $60 per year of DoorDash credit for 2020 and 2021. You can use this on pickup orders as well, so it’s essentially $60 of free food per year. I value this benefit at its face value of $60 since I easily spend more than $60 per year on food from restaurants.
  • Lyft Pink Membership. Right now when you get the Chase Sapphire Reserve, you also get a free one-year membership to Lyft Pink. I don’t really value this benefit at anything since I wouldn’t pay for it, but it’s still a benefit that gives me some value. The main benefit I get from my Lyft Pink membership is 3 free 30-minute Lyft scooter rides per month. Typically, I use the scooters to commute somewhere or more often, I use it to do food deliveries when I don’t feel like using my bike (so this benefit actually makes me money by giving me free transportation to do my food deliveries). 

Finally, the Chase Sapphire Reserve comes with a few benefits that are a bit difficult to quantify, but that have some monetary value. These include the following: 

  • Priority Pass. This isn’t worth anything to me right now since I’m not traveling, but when I could travel, my Priority Pass was useful because it got me free food and a comfortable place to sit at the airport. The Chase Sapphire Reserve’s Priority Pass is also one of the best versions of Priority Pass because it works at restaurants (the American Express versions of Priority Pass no longer work at restaurants). 
  • Travel Benefits. The Chase Sapphire Reserve comes with a number of travel benefits when you use the card to pay for certain travel expenses. The main travel benefit that matters to me is trip-delay insurance. If your flight gets delayed for 6 hours or more, Chase will reimburse you up to $500 per person for hotels, food, and transportation. While I’m not sure how I would value this benefit, I can say that it has some value because I’ve used the trip-delay insurance before (during Thanksgiving, my flight ended up getting canceled and I used the trip-delay insurance to get a free hotel and fancy dinner).

So adding it all up, I’m easily getting over $450 in the first year that I hold this card. That makes this card a no-brainer for me, at least in year one. 

American Express Business Platinum 

The American Express Business Platinum card has been extremely valuable for me because of my specific situation. I ended up getting this card back in 2019 when it had a $450 annual fee, and at the time, the card offered a one year WeWork membership, which I wanted because I was looking for a co-working space that I could work from. With no other benefits, I’d still pay for this card just to get the WeWork membership.

The WeWork benefit ended up getting extended through 2020, which is why I paid the annual fee again (this time, the annual fee was $595, which was well worth it since I’d easily pay more than that for a co-working membership). Unfortunately, the Business Platinum card no longer offers the WeWork benefit, which isn’t a big deal in a pandemic world. 

Still, even without the WeWork membership, the benefits this year are enough to make up for the annual fee. It comes with the following credits this year: 

  • $200 of Dell credit every 6 months. This used to be $100 of Dell credit, but because of the pandemic, American Express added an additional $100 credit. I turn this credit into a cash equivalent by buying something from Dell that I can then resell. To get more value out of my credits, I combine my Dell purchase with Rakuten cashback, usually when it’s at 10% cashback or higher. In the past, I typically bought a Nintendo Switch, then resold it locally for slightly less. In the past few months, I’ve had to buy Samsung external hard drives, which I’ve then resold on eBay at a slight loss. This basically allows me to turn $100 of Dell credit into about $80 to $90. So, in 2020, I’m basically able to turn $400 of Dell credit into approximately $320 to $360, which I then use to directly offset some of the annual fee.
  • $200 in travel credits. Unfortunately, American Express travel credits are a pain to use compared to the Chase Sapphire Reserve travel credits, but there are still ways to use it. I’ve been able to essentially turn my $200 in travel credits into $200 worth of Southwest points. Message me if you want more info about how to use these travel credits strategically. 
  • $20 per month of wireless service credit per month for 2020. This is a straightforward credit. I simply pay $20 of my phone bill using this card and then American Express reimburses that charge. American Express added this temporary benefit at the beginning of the Covid pandemic, so this won’t be around forever, but I’ll take advantage of it while I can. By the end of the year, I’ll end up with $140 of wireless service credit, which I value at exactly its face value. 
  • $20 per month of shipping credit for 2020. This credit is less valuable, but since I sell things online, it’s actually helped me out. What I’ve been doing is raising the price of the stuff I sell on eBay, but offering free shipping on my items. I then pay for the shipping costs using this card. If I have anything left over, I use it to buy stamps from the post office. I don’t actually value this benefit at anything, but it’s still money I’m getting that I’m able to put into my pocket. 

The other primary benefit of the Business Platinum Card is the improved lounge access you get from this card. With the pandemic, I’m not able to use this benefit, so it’s basically worth nothing to me right now.

Still, for me, the WeWork membership alone has made this card worth keeping for the past two years. I’m able to convert the credits into about $460 of cash, which essentially means I’m paying $135 for my WeWork membership plus $200 of Southwest points and $20 per month of free shipping. 

My wife isn’t getting the WeWork membership with her card, but we signed her up because we got 105,000 Membership Rewards Points from hitting the signup bonus. We’ll have to reassess in a year whether the card is worth hanging onto.

American Express Hilton Aspire  

The American Express Hilton Aspire is a card that has easily paid for itself in 2020. There are four main benefits I’m getting from this card in exchange for the $450 annual fee: 

  • $250 per year of Hilton resort credit. Notably, however, American Express made it so that from June through August, the $250 of Hilton resort credit could be used for restaurants and groceries. I value that benefit at exactly $250. 
  • $250 per year of travel incidental credit. Like with the American Express Business Platinum Card, I’ve been able to convert this credit into approximately $250 worth of Southwest points. 
  • Hilton Free Night Certificate. You get a free night certificate every year that you hold this card. The Hilton free night certificate is particularly good because it can be used at any Hilton hotel in the world. I’m not sure what I value this benefit at, but it’s definitely got some monetary value to me.
  • Hilton Diamond Status. In a normal year, this would probably have some value to me because you get free breakfast and room upgrades at certain Hilton hotels, but since I’m not traveling, it’s not really worth anything to me this year.  

When you add it up, in 2020, I’m effectively paying $200 in exchange for a free Hilton night and $250 worth of Southwest points. Since this is my first year with this card, I’m also getting a large signup bonus (150,000 Hilton points), which by itself is worth much more than the annual fee. 

World of Hyatt Credit Card  

The World of Hyatt Credit Card that my wife currently has is the old Hyatt card from 2017. This card has a $75 annual fee and in exchange, each year you get a free night certificate that you can use at a Category 1-4 Hyatt Hotel. A night at even your cheapest hotel costs more than $75, so paying the annual fee in exchange for the free night certificate has always made sense for us. 

Later this year, Chase will be converting this card over to the newer version of the Hyatt card, which has a $95 annual fee. Even at that price point, we’ll still probably keep the card because $95 for a room at a nice Hyatt hotel is worth it.

Marriott Bonvoy Business American Express Card  

I kept this card last year because it comes with a free night certificate and the customer service rep was able to offer me a small retention offer of $40. I ended up using my free night certificate earlier this year when I went to Austin for a friend’s wedding. I’m going to drop this card later this year because I don’t think the free night certificate is worth $125.

Final Thoughts 

Even though I’ve paid over $2,700 in annual fees this past year, it’s made sense for me because I’m getting more than what I pay in fees. Specifically:

  • Each Chase Sapphire Reserve card gets me $600 in cash equivalents in the first year. So, while I paid $900 in annual fees, I’m getting back $1,200 in cash equivalents. That’s a net profit of $300. In addition, I’m also getting $120 per year of free food with this card ($60 for me and $60 for my wife).
  • My American Express Business Platinum Card gets me a WeWork membership and $200 in Southwest points for an effective annual fee of $135. That’s a price that I think is well worth paying (in effect, I’m paying $11-$12 per month for my WeWork membership).
  • My wife’s American Express Business Platinum Card is also a profitable card to have, even without the WeWork membership. She’s paying an effective annual fee of about $135 in exchange for $200 in Southwest points. And because she’s in her first year with the card, she’s also getting us 105,000 Membership Rewards points from meeting the minimum spend. That’s worth much more than the fee.
  • The Hilton Aspire has an effective annual fee for me of $200 in exchange for $250 of Southwest points and a Hilton free night certificate. I’m also getting a signup bonus, so the value I get from this card easily exceeds the fee I’m paying.
  • The Hyatt card has a free night certificate in exchange for $75. The free night certificate is worth more than $75 to me. 
  • The Marriott Bonvoy Business Card isn’t worthwhile for me to keep anymore. Since it’s worth less than what I pay, it makes sense for me to get rid of it when the time comes. 

So, that’s a look at how I justify paying all of those annual fees this past year. Think of these cards in mathematical terms – are you willing to exchange the annual fee for the credits and benefits you get? So long as you get more than what you paid, you’re coming out ahead. 

Note: If you want some help picking out your next credit card, check out my free credit card consultation page. Simply answer some questions so that I know your situation and goals. I’ll get back to you with my personal thoughts and a general roadmap for you to help you on your way.

This post may contain affiliate links. Financial Panther has partnered with AwardWallet and CardRatings for our coverage of credit card products. Financial Panther, AwardWallet, and CardRatings may receive a commission from card issuers. Some or all of the card offers that appear on the website are from advertisers. Compensation may impact on how and where card products appear on the site. The site does not include all card companies, or all available card offers. Opinions, reviews, analyses & recommendations are the author’s alone, and have not been reviewed, endorsed or approved by any of these entities.

More Recommended Ebike/Scooters

Check out these other ebikes and scooters I've reviewed:

  • Urban Arrow Ebike – Last year, I made one of the largest purchases I’ve ever made – I bought a $9,000 electric cargo bike from Urban Arrow. In my Urban Arrow review, I will discuss what it is and why I decided to buy this bike, as well as discuss how impactful a bike like this can be on your journey to financial independence.
  • Troxus Explorer Step-Thru Ebike – The Troxus Explorer Step-Thru is a fat-tire ebike that I’ve had the pleasure of riding for a while now. It has amazing power, great looks, and awesome range. If you’re looking for a great fat-tire ebike that offers a lot for the price, the Troxus Explorer Step-Thru is definitely one for you to consider. Check out my Troxus Explorer Step-Thru Review.
  • Hovsco HovBeta Ebike – The HovBeta is a folding ebike with great specs and a lot of interesting features, and importantly, it’s sold at a good price point. I’ve had a blast commuting with it and using it to do deliveries with DoorDash, Uber Eats, and Grubhub. Check out my Hovsco HovBeta Ebike Review.
  • Vanpowers Manidae Ebike – The Vanpowers Manidae is a fat tire ebike that I’ve been riding as my primary winter commuting bike and have also been using it to do food delivery with apps like DoorDash, Uber Eats, and Grubhub. After clocking in a decent number of miles with this ebike, I wanted to write a post sharing what my experience with the Vanpowers Manidae ebike has been like. Check out my Vanpowers Manidae Review.
  • Sohamo S3 Step-Thru Folding EBike Review – A Great Value Folding Ebike – The Sohamo S3 Step-Thru Folding Ebike is an entry-level folding ebike that offers a lot of value for the price point. I’ve been riding the Sohamo S3 for a while now, putting the bike through its paces, and I have to say, this bike has exceeded all of my expectations. Check out my Sohamo Review.
  • KBO Flip Ebike – The KBO Flip is an excellent bike. I’ve had a great time riding it and think it’s a versatile bike that can be used for a lot of purposes and can fit a variety of lifestyles. It’s worked out great for me as a general commuter bike and as a food delivery bike. Check out my KBO Flip Review.
  • Hiboy P7 Commuter Ebike – The Hiboy P7 is an excellent electric commuter bike that’s offered at an affordable price point. The range and speed of this bike are both very good, so you won’t have any trouble getting anywhere you need to go with it. As a food delivery vehicle, this is also good – with how much range it offers, you’ll be able to work all day on a single charge. Check out my Hiboy P7 Commuter Electric Bike Review.
  • Himiway Escape Ebike – The Himiway Escape is an interesting bike for anyone looking for a moped-style ebike. If you’re a gig economy worker, the Himiway Escape is particularly interesting and it’s possible to think of it as an investment, especially if you can opt to do deliveries with the Himiway versus using a car. It’s not cheap, but you can definitely make your money back when you compare the mileage you’ll put on your car versus using an ebike. Check out my Himiway Escape Bike Review.
  • Espin Sport Ebike – The Espin Sport is a good ebike for someone who is looking for an ebike that feels and rides more like a regular bike. There are many ebikes that are really only bikes in name. In reality, they’re basically electric mopeds. The Espin Sport, by contrast, is a bike you could probably ride without the battery and you’d feel like you’re just riding a regular bike. Check out my Espin Sport Review.
  • Varla Eagle One Scooter – The Varla Eagle One is an excellent scooter that can make sense for a lot of people. It can work as a primary mode of transportation. You can use it to work on gig economy apps like DoorDash, Uber Eats, and Grubhub. And it can also be a recreational vehicle if you’d prefer to use it for that. Check out my Varla Eagle One Review.
  • Varla Falcon Scooter – The Varla Falcon is an excellent scooter that offers a good amount of power at a lower price point compared to more powerful scooters. It’s not exactly an entry-level scooter, nor is it a high-powered scooter. I think it fits somewhere in-between those two categories – an intermediate scooter if I had to give it a category. Check out my Varla Falcon Review.
  • Hiboy S2 Scooter – The Hiboy S2 is an excellent entry-level commuter scooter that's perfect for someone looking to save some money in transportation costs and improve their commute. Check out my Hiboy S2 Review.
  • Hiboy S2R Scooter – The Hiboy S2R is one of the more interesting electric scooters I’ve been able to test out. It’s not a high-powered scooter, but for an everyday transport option, it’s very useful, especially given some of the unique features that it has. Indeed, for the price, the Hiboy S2R might be the best value scooter I’ve used. Check out my Hiboy S2R Review.
  • Fucare H3 Scooter – The Fucare H3 is a fun scooter and I’ve enjoyed testing it out. For a daily commuter or quick trips or errands, the Fucare H3 is probably the scooter I’ll use. It’s portable and easy to maneuver, so it’s just easier to take on the road when I need it. Check out my Fucare H3 Scooter Review.

More Recommended Investing App Bonuses

For additional investing app bonuses, be sure to check out the ones below:

  • M1 Finance ($100) – This is a great robo-advisor that has no fees and allows you to create a customized portfolio based on your risk tolerance. You also get $100 for opening an account. Check out my M1 Finance Referral Bonus – Step-By-Step Guide.
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More Recommended Bank Account Bonuses

If you’re looking for more easy bank bonuses, check out the below options. These bonuses are all easy to earn and have no fees or minimum balance requirements to worry about.

  • Upgrade ($200) – Upgrade is a free checking account that’s currently offering a $200 referral bonus if you open an account and complete a direct deposit. These bonus terms are easy to meet, so it’s well worth doing this bonus as soon as you can. Here’s a post I wrote with more details: Upgrade $200 Referral Bonus – Step By Step Directions.
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  • Fairwinds Credit Union ($175) – Fairwinds Credit Union is offering a referral bonus for users that sign up using a referral link. Fairwinds has no fees or minimum balance, so this is a particularly easy bonus to earn. Since this is a smaller credit union, my gut instinct tells me this offer won’t be around long, so if you’re in a position to meet the bonus requirements, grab this bonus before it’s gone. Here is my step-by-step guide on how to earn your Fairwinds Credit Union bonus.
  • Chime ($100) - Chime is a free bank account that offers a referral bonus if you use a referral link and complete a direct deposit of $200 or more. In practice, any ACH transfer into this account triggers the bonus. This bonus is easy to earn and posts instantly, so you’ll know if you met the requirements as soon as you move money into the account. I wrote a step-by-step guide on how to earn your Chime referral bonus that I recommend you check out.
  • US Bank Business ($900) – This is a fairly easy bank bonus to earn, since there are no direct deposit requirements. In addition, you can open the Silver Business Checking account, which comes with no monthly fees. Check out how to earn this big bonus here.
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financial panther

Kevin is an attorney and the blogger behind Financial Panther, a blog about personal finance, travel hacking, and side hustling using the gig economy. He paid off $87,000 worth of student loans in just 2.5 years by choosing not to live like a big shot lawyer.

Kevin is passionate about earning money using the gig economy and you can see all the ways he makes extra income every month in his side hustle reports.

Kevin is also big on using the latest fintech apps to improve his finances. Some of Kevin's favorite fintech apps include:

  • SoFi Money. A really good checking account with absolutely no fees. You'll get a $25 referral bonus if you open a SoFi Money account with a referral link, and an additional $300 if you complete a direct deposit.
  • 5% Savings Accounts. I'm currently getting 5.24% interest on my savings through a company called Raisin. Opening a Raisin account takes minutes to complete, it's free, and all of your funds are FDIC-insured. I explain how it works, why I'm now using it to store my emergency fund and any other cash savings I have, and why I recommend everyone check it out in this review.
  • US Bank Business. US Bank is currently offering new business customers a $900 signup bonus after opening a new account and meeting certain requirements.
  • M1 Finance. This is a great robo-advisor that has no fees and allows you to create a customized portfolio based on your risk tolerance. You also get $100 for opening an account.
  • Empower. One of best free apps you can use to monitor your portfolio and track your net worth. This is one of the apps I use to track my financial accounts.

Feel free to send Kevin a message here.

Filed Under: credit cards, Travel Hacking

Reader Interactions

Comments

  1. Matt says

    August 22, 2020 at 9:48 am

    Great post! I am thinking of getting the Hilton Aspire myself. Quick question, is it worth it to get the Sapphire Preferred first since it has a larger sign up bonus and then upgrade to the Reserve? I don’t understand how a card that is almost $350 more in Annual Fees per year can have a lower sign up bonus than the $95/year annual fee card. I know the other benefits are really good for the CSR, but just wanted to see what your thoughts on this were.

    Reply
    • Financial Panther says

      September 5, 2020 at 8:25 am

      Hey Matt,

      So that’s an interesting question that’s worth thinking about. In theory, 10,000 extra chase points for what amounts to a $95 fee is worthwhile since at the bare minimum, the 10,000 chase points are worth more than the $95.

      The thing is though, that doesn’t consider the CSR travel credit double dip, which on its face means you make a $50 profit without any signup bonus. So in my opinion, when choosing between the two, I typically recommend the CSR just because of the travel credits.

      That said, the ideal strategy is to do what is called the Modified Double Dip, which is one way you can get both cards at the same time. Shoot me an email if you want to know how to this

      Reply
  2. FinanceFTW says

    August 21, 2020 at 9:08 pm

    Insightful post! Have you considered getting some of Chase’s business credit cards? Some of those are great value as well, despite annual fees.

    Reply
    • Financial Panther says

      September 5, 2020 at 8:21 am

      You know, I totally forgot to put the Chase biz cards that I pay an annual fee on. I currently keep a Chase Ink Preferred that I use for this blog because of the bonus it gets on Facebook ads. That’s an additional $95 per year, but it’s also a business expense, so I think of it a little differently.

      Reply
  3. Bob says

    August 21, 2020 at 10:20 am

    Seems reasonable when explained, although I agree with another commenter; i don’t have that kind of patience to keep track. I own several credit cards as well, but recently, I’ve simplified my strategy for owning them:

    1) i have at least one of each type of credit card, i.e. 1 AMEX, 1 Visa, 1 MC, 1 Discover. I probably didn’t need to do that, but most of them have no annual fees.

    2) I use 1 card as my default for all personal purchases, typically a Visa card, since it’s accepted in more places than any other card. I also use one card as my default for all work-related purchases. This strategy keeps my cash back rewards in one pool, at least for the personal purchases. The work purchases typically translate to travel-related rewards.

    3) I have one card with an annual fee; a Southwest Visa card, which also happens to be my work card. Pre-pandemic, it made a lot of sense to me to have this card. Given the current situation, that strategy doesn’t make as much sense, so I will have to reevaluate that.

    Reply
  4. Steveark says

    August 20, 2020 at 8:28 am

    That was interesting, personally the time required to take advantage and keep track of all that makes the concept unappealing to me but I see why it works for you. I always wondered about the math of high fee cards and now I have a much better handle on how you can come out ahead.

    Reply
  5. Ben says

    August 20, 2020 at 7:08 am

    FYI, for the past 18-24 months the Chase $300 travel credit reset has been tied to your renewal date and not the calendar year which means regardless of when you sign up you’ll never be able to double dip the $300 credit your first year.

    I know because I got the card a few months after the change. 🙂

    Reply
    • Financial Panther says

      August 20, 2020 at 7:29 am

      Hey Ben, I probably mistyped if I wrote calendar year, as I meant cardmember year. It actually doesn’t matter that it’s tied to cardmember year when it comes to double-dipping. Remember, you get at least 30 days to downgrade to a CF or CFU and get a full refund on the AF, which gives you sufficient time to double-dip the credit. Hope that makes sense.

      Reply
  6. Jasper says

    August 20, 2020 at 6:12 am

    I suppose credit cards can be helpful if you use them effectively. I think most people struggle with impulse spending, and that’s probably why credit cards are frowned upon in the personal finance community.

    Reply
  7. Debbie says

    August 19, 2020 at 10:01 pm

    Great information on credit cards. Thanks for all the details. These benefits are definitely something that think about.

    Reply
  8. dizzy says

    August 19, 2020 at 3:59 pm

    So I also do an analysis whether a card is worth keeping or not based on the credits offsetting the annual fee. HOWEVER, I have now started selling tradelines, which is a game changer. Can earn hundreds or thousands each year, easily offsetting the fee. Only problem is risk management (some banks don’t love if you do this, although it’s totally legal).

    Reply
    • OlderRetiredGuy says

      August 19, 2020 at 4:50 pm

      dizzy – I’m curious, would you explain what you are talking about, starting with what are “tradelines”. Thanks!

      Reply
      • Rahim Rattani says

        August 19, 2020 at 10:42 pm

        I think “tradeline” is adding someone to your credit card as an authorized user for a fee, in order to help them improve their credit score.

        Reply
    • Financial Panther says

      August 20, 2020 at 6:05 am

      I’m personally not comfortable with the tradelines thing, so I avoid it.

      Reply

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