Cleaning Out My Wallet: What I’m Keeping, Closing, and Product Changing

My Upcoming Credit Card Decisions – Keep, Close, or Product Change?

Active hobbyists periodically review their portfolios to decide what cards to keep, close, or product change.  While some consider this exercise about as fun as paying an annual fee, others consider it an opportunity for more rewards.  I was in the former group in my earliest years in the hobby, but I’ve been increasingly a fan of the latter with every passing year.  At least once each year, and oftentimes more frequently, I create a blueprint for what cards I plan to keep, close, or product change.  I do so even on cards where I plan to pursue potentially lucrative retention offers.  Here are eight upcoming credit card decisions, and how I determined to keep, close, or product change the cards.

Wyndham Rewards Visa

I acquired the $69 annual fee version of the Wyndham Rewards Visa soon after it was introduced several years ago.  While I find the program’s points expiration policy (four years after earning) irksome, I enjoy the continuing benefits of this card.  As a holder of the first iteration of this credit card, I earn 2x Wyndham Rewards points on all purchases.  I automatically obtain 15k points annually after my card anniversary.  I’m effectively paying $69 for a free night at any 15k point property each year.

I’m tempted by the new group of Wyndham card products.  I particularly like that I have the option to product change to the Wyndham Earner+ card, particularly for 4x and 6x earning at grocery stores and gas stations, respectively.  However, I have plenty of grocery store and gas station capacity (capped and uncapped) primarily via Amex Gold and Citi Premier accounts.  No changes are necessary, for now.

Decision:  Keep

Amex Business Gold

I picked up this card almost one year ago via a 20k referral from my wife and obtained a 75k Membership Rewards welcome offer.  I do like the 4x/5% effective cash back rate I obtain from the card at gas stations via Schwab Platinum Amex cashout.  But another $295 annual fee in year two is a bit much.  While not 5% cash back, I highly value the 3x ThankYou points at gas stations via the Citi Premier.  I actively spend at gas stations, but I don’t scale enough to justify the $295 annual fee.  Barring Amex completely waiving the annual fee via retention call, it will be time to say goodbye.

Decision:  Close

My Upcoming Credit Card Decisions – Amex Delta Gold

I obtained this card close to one year ago during the heightened 60k Skymiles welcome offer.  This is actually the first Delta credit card I have ever held.  I’ve enjoyed the 2x Delta Skymiles earning at grocery stores, but similar to what I discussed in the Wyndham section, I don’t need more grocery store spend options.  Also, with Amex’s more stringent four credit card limit, I’m now more touch-and-go with their credit cards to continue obtaining welcome offers.  And I have plenty more Delta cards to pursue!

Decision:  Close

Amex Hilton Aspire

I’ve enjoyed this card the past few years, and I’ve described my preference for Hilton properties plenty.  Amex effectively pays attentive users to hold this card with its wealth of benefits.  However, we have Hilton free night certificates coming out of our ears, have no immediate need for top-tier Hilton status, and my wife is on deck to apply for an Aspire.

I’ve already held all personal Hilton cards, and I enjoy the ability to even earn 5x at grocery stores long-term.  I’m also a fan of the lucrative upgrade offers on Hilton cards.  It’s therefore a no-brainer to downgrade to the Hilton no-fee card.

Decision:  Product Change

Discover it Miles

I love the 3% cash back on all spend I effectively obtain with the Discover it Miles card.  To keep that rate going, I need to obtain a new card account after the previous account’s first year ends.  Since the effective cash back rate drops to 1.5% for this card in year two and onward, closing is an easy decision.  I will close this account prior to opening a new one this year, hopefully so I can obtain a higher credit line on a future account.

Decision:  Close

PNC Premier Traveler Visa

A niche card in the spirit of the Barclays Arrival+, I liked the 2% back redeemable for travel spend and $300 welcome offer on this card.  Since, I’ve acquired more 2% cash back capacity and have less need for this card at an $85 annual fee.  I’ll try to get the annual fee waived, but I don’t expect it.

Decision: Close

My Upcoming Credit Card Decisions – Chase Freedom

My wife and I hold four Chase Freedom cards between the two of us, five before I upgraded one to a Chase Sapphire Reserve in order to take advantage of the Pay Yourself Back feature.  The Freedom Flex card is rightly getting a lot of attention recently.  But for many current Chase cardholders (including me) who are ineligible for a Freedom Flex welcome offer, the only substantive addition is 3x at drug stores.  With a simple product change, I could obtain that earning option.  That’s great, but I don’t need nor am I looking to run up spend at drug stores.  The Freedom’s 5x categories are enough for me.  I’m intrigued to see what options existing Freedom cardholders may be presented longer term.  In the meantime, I’ll let the game come to me.  So, the best move for me now is no move.

Decision:  Keep

Barclays AAdvantage Aviator Blue Mastercard

I’ve held this card for almost two years thanks to a previous product change from the AAdvantage Aviator Red Mastercard.  I didn’t obtain a retention offer for the Red that appealed to me at the time.  But I liked the Blue’s benefits at the lower $49 annual fee.  Specifically, I’ve routinely taken advantage (groan) of the reduced mileage award capability of the Blue (5k mile round trip discount).  While I also hold CitiBusiness and MileUp AA cards, I like holding an AA card with a second bank.  I don’t think I’m overly aggressive with Citi or Barclays, but I like the shutdown mitigation holding AA cards with each bank provides.  Some may think paying $49 for those two reasons isn’t worth it, but I highly value those benefits for my situation.

Decision:  Keep

My Upcoming Credit Card Decisions – Conclusion

These are just several of my upcoming credit card decisions.  I conduct this process a few times annually so it doesn’t become overwhelming.  It’s key that we all periodically reassess.  Otherwise we run the risk of losing out on more lucrative alternatives, or worse, getting taken advantage of by the banks.  What upcoming credit card decisions are you in the process of making?

Disclosure: Miles to Memories has partnered with CardRatings for our coverage of credit card products. Miles to Memories and CardRatings may receive a commission from card issuers.

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