My Current Credit Card Portfolio
I have been asked this question many times. What do you have in your credit card portfolio? Well, here it is! I would like to note that I set my wife up on a different credit card portfolio than mine, so that we can complement each other, as we share our expenses very closely.
I will rank the credit cards list below according to the ones I use the most.
Capital One Aspire World Travel Elite MasterCard
This is usually my go to card when I do not have another credit card that requires a minimum spend requirement (to qualify for a sign up bonus) or gives me a better return on a specific category purchase. Earning 2 points per dollar (or 2% cash back on travel expenses) on all purchases is a decent return. The main reason I have this credit card is because I am grandfathered from the previous version. Otherwise, I probably would not have sign up for this credit card as it is today. The $150 annual fee is too steep for me without the anniversary bonus. If Capital One decides not to honour my grandfathered account, you can be sure that I will be cancelling this credit card.
For now, I plan to keep it for as long as I can!
American Express Gold Rewards Card
I use this credit card primarily for gas, groceries, drug store and travel purchases. Essentially any category that gives me 2 points per dollar only. I value Membership Rewards points at 1.7 cents a piece; thus giving me a 3.4% return on those category purchases.
I am still on the first year fee waived period, but my annual fee is due in June, so I will need to decide whether I want to continue to keep this credit card. I am on the fence about it, because they discontinued the sign up bonus, so churning is no longer an option.
CIBC Aerogold Visa for Business
The first year fee waived and sign up bonus was a big reason why I have this credit card in the first place. Being self-employed allows me to sign up for business credit cards. I just put my business expenses on this credit card. Makes it easier for my accountant to keep track of my expenses.
I mainly have this credit card because I am a client of RBC, so I need to keep one credit card active every 90 days to get my transaction fees waived. Right now, I am just waiting for a British Airways or American Airlines transfer bonus with RBC Rewards.
I am a Rogers client for my Internet service, so I have my recurring monthly bill on this credit card to keep the annual fee continually waived. I also use this credit card when I travel as it waives its foreign transaction fees. I plan to keep this credit card so long as I am a Rogers client. If I switch providers, then I will probably cancel this credit card. My wife already has the Chase Amazon.ca Rewards Visa as an alternative, but I am afraid that they may discontinue that credit card, so this gives me another reason to hang on to the Rogers MasterCard.
I understand that a lot of people are not fans of Best Western, but I couldn’t resist the 40,000 sign up bonus points. I have a few Best Western stays coming up, so I will use this credit card solely to pay for those stays.
I am uncertain what to do with this credit card as it is redundant to the CIBC Aerogold for Business. The only reason I have this credit card was because when I walked into a CIBC branch to deposit a cheque, they offered me the first year free waived to sign up for the credit card. I can’t resist a nice sign up bonus. I will decide what to do with this credit card as we approach the anniversary date.
Conclusion
I am actually ready to apply for a new batch of credit cards to add to my portfolio. Any suggestions?