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I've opened more than 60 credit card accounts over the past decade, including the 21 accounts currently active in my name. I have these cards for a variety of reasons: some for their high rewards earning rates, some for their lucrative benefits, and some due to mere financial inertia.
Each year, I review my portfolio to assess whether the cards I have are meeting my needs, and to get rid of the ones that aren't.
Join me as I evaluated my open accounts, and decide whether to keep or toss each one.
The all-stars
These cards are almost always in my wallet; I use them for a large percentage of my charged transactions, and make regular use of their benefits. Barring significant changes to the cards or my personal finances, they're not going anywhere.
Chase Sapphire Reserve®
As a devotee of the Ultimate Rewards program, the
The
The Platinum Card® from American Express
Having two premium credit cards with
The up to $200 annual airline fee credit and up to $200 in Uber Cash credits cover most of the annual fee normally, and Amex has added other temporary perks during the pandemic to make the card a net gain for me out of the gates.
I use the
I enjoy having access to Amex Centurion Lounges, and I get occasional value out of up to $100 in annual Saks credits, as well as Gold elite status with Hilton and Marriott. Finally, I appreciate the option to add up to three authorized users for an extra $175 annually
The role players
These cards are in my regular rotation for their high earning rates on select purchases. They don't get as much usage as the first two cards, but since none of them charge an annual fee, they're all sure keepers for me.
Ink Business Cash® Credit Card
I use the
Paired with my Sapphire Reserve card, that's worth $300 toward travel booked through the Ultimate Rewards travel portal, or potentially more when I transfer to airline and hotel partners.
Chase Freedom
The
I almost never use this card when I'm only earning 1 point per dollar, but I'll usually max out the bonus when the 5x categories fit with my spending patterns. I should call and switch to a
Discover it® Cash Back
Like the
The Blue Business® Plus Credit Card from American Express
As a no-annual-fee card
I use this card for everyday purchases that don't fit into a more rewarding bonus category, and I regularly save money by using the Amex Offers that show up in my account.
Chase Freedom Unlimited®
The
Although 1.5x on non-bonus purchases is less than what I get from
JetBlue Plus Card
I just got the
Once I earn the bonus, however, this card will fall out of my regular rotation, since its earning rates are mediocre apart from JetBlue purchases.
The bench
These cards get used sparingly and only in specific circumstances. Most of them offer a benefit that justifies paying the annual fee even if they don't get used at all, while a few of them I keep around to maintain my rewards balances and credit history.
IHG® Rewards Club Premier Credit Card
IHG overhauled its co-branded cards in 2018, so the IHG Rewards Club Select card is no longer publicly available, but I'd rather hold onto it than upgrade to the
Southwest Rapid Rewards® Priority Credit Card
I got the
I fly Southwest a lot, so the annual 7,500-point bonus, up to $75 Southwest travel credit, and four upgraded boardings per year easily offset the
PenFed Pathfinder Rewards Card
I opened a PenFed Pathfinder Rewards account in 2012 as a different PenFed product with a superior rewards structure, but I stopped using it as the program declined in value.
Last year I converted to the Pathfinder card, which comes with a $100 annual airline fee credit. Since I'm currently grandfathered into paying no annual fee, keeping this card is an easy win.
Frontier Airlines Mastercard
The FRONTIER Airlines World Mastercard® was my first credit card ever. I applied during a layover in Denver in 2006, when a rep working a kiosk near my gate told me I could get two round-trip flights out of the welcome bonus. I was en route from Michigan to see my then-girlfriend-now-wife in Seattle, and was eager for affordable opportunities to visit, so I didn't need much convincing.
I haven't flown Frontier in ages, but I keep this no-fee card to preserve its lengthy credit history and maintain my stellar credit score. Some part of me also views this card sentimentally for the story behind it. It's a keeper even if I only use it once a year to keep the account active.
Hilton Honors American Express Surpass® Card
I upgraded from the no-annual-fee
I already get Gold elite status and most of the same Amex Offers from my Platinum card, and the earning rates alone aren't enough to justify the
Radisson Rewards Business Visa
I got the Radisson Rewards Business Visa (no longer available to new applicants) with plans to book a hotel stay in Chile that didn't pan out, but the 40,000-point annual bonus justifies paying the $60 annual fee. The automatic Gold elite status will come in handy when I eventually redeem my points.
Citi ThankYou Preferred
I've had a falling out with the ThankYou Rewards program, but I still have a cache of points left over from years past. I keep the Citi ThankYou® Preferred Card (no longer available to new applicants) around to maintain my balance and take advantage of the occasional spending bonus.
Alaska Airlines Visa Business Card
Living in Seattle, Alaska Airlines is one of my preferred carriers, and I used to check bags often enough for the free checked bag benefit on the Alaska Airlines Visa® Business credit card to break even with the $75 annual fee.
That hasn't been the case this past year, however, and even before the pandemic I started traveling lighter, so I plan to dump this card when the annual fee comes due again.
AAdvantage Aviator Business Mastercard
I got the
The pandemic nixed my plans, but what weighs this card down most for me is that I can't access it through my normal Barclaycard account online — I have to use a unique website and login. It's a minor detail, but it's enough to make me never want to use the card. When the annual fee comes due, I'm out.
The practice squad
These cards served a purpose at some point, but now they're dead weight. I should look for opportunities to change to a more useful product or get rid of them.
Merrill+ Visa Signature Card
The MERRILL+® Visa Signature® Card had an uncommon award structure and a strong welcome bonus, so I gave it a shot. The bonus panned out, but the card was dull otherwise. I think the only reason I still have it now is that I like the design of the bull on the front.
Ink Business Unlimited® Credit Card
I applied for the
When the annual fee came due for my second year, I downgraded to the
Bank of America Business Advantage Cash Rewards Card and U.S. Bank Business Cash Rewards Card
I got each of these for their welcome bonuses and 0% APR offers. Since those benefits have been exhausted, they serve no further purpose. If I can't convert them to something more useful, I might as well close the accounts.
Final tally
Four of my credit cards can be closed right away, and two more can be closed when their annual fees come due. Thanks to my plethora of other accounts, those closures shouldn't impact my credit utilization ratio, so there's little downside other than losing some airline benefits.
Every time I review my portfolio, I'm reminded that credit cards are products, not lifelong commitments. If you're not happy with a credit card, you don't have to keep using it. Taking stock of your cards periodically will help you identify which ones are pulling their weight, and which ones can be cleared out to make room for something better.
Peter Rothbart is a credit card connoisseur and award travel guru based in Seattle, Washington. A former aerospace engineer and long-time touring musician, he now covers a wide range of topics from business and personal finance to art, sports, and human interest stories.
