Good evening everyone, I hope your holiday season is going well. With the end of the year right around the corner, I decided to publish my 2023 version of credit card annual fees I paid this year. For comparison, here are my previous credit card annual fee posts:
- I Paid $4,588 in Credit Card Annual Fees in 2019 – Was it Worth it?
- I Paid $3,820 in Credit Card Annual Fees in 2020 – Was it Worth it?
- I Paid $3,009 in Credit Card Annual Fees in 2021 – Was it Worth it?
- I Paid $4,043 in Credit Card Annual Fees in 2022 – Was it Worth it?
For this year’s post, I decided to break up the list of credit cards into 5 sections:
- New credit cards with sign up bonuses
- Credit cards with retention offers
- Credit cards that have been upgraded / downgraded / product changed
- Annual fees saved on closed credit cards
- All other credit cards
For simplicity, I did not include the value of miles or points earned from credit card spend, but I did include the value of miles and points earned from sign up bonuses, referral bonuses, anniversary points, discounted points, and rebated points. I counted all credits, reimbursements, and retention offers at dollar face value (with AMEX MR & Chase UR Points at 1.5 CPP, Citi TYPs at 1.0 CPP, airline miles at 1.0 CPP, and most hotel points at 0.5 CPP). For hotel free night certificates, I used a standard value of $100, with the exception of the Marriott 85K Free Night Certificate at $200.
I went through all of my credit card statements and online accounts to see which Credit Card Benefits I used in 2023 and those values are summed up in the CCB$ column. If I received a retention offer, that is listed in the RO$ column. I listed the credit card annual fees in the AF$ column. Lastly, I used this formula to calculate the Profit or Loss (P/L column) for each credit card: CCB$ + RO$ – AF$ = P/L. Laura’s card are included as well.
Summary of new credit cards with sign up bonuses:
- I paid $1,834 in annual fees across 7 credit cards but received $11,295 in credit card benefits and sign up bonuses.
- There were 3 credit cards with $0 combined annual fees, but $3,075 in credit card benefits and sign up bonuses.
- I did not max out some of the AMEX credits since I applied for these credit cards throughout the year.
- The 100K AMEX referral points added $1,500 in value to the bottom line.
| Credit Card Name | Credit Card Benefits | CCB$ | RO$ | AF$ | P/L |
| AMEX Blue Business Plus 2 | 75K AMEX MR Points Sign Up Bonus ($1,125) + keeping for 2x AMEX MR points everywhere spend | $1,125 | $0 | $0 | $1,125 |
| AMEX Business Gold 2 | 90K AMEX MR Points Sign Up Bonus ($1,350) + 25K Referral Points ($375) + Flexible Business Credit ($60) | $1,785 | $0 | $295 | $1,490 |
| AMEX Business Platinum 2 | 150K AMEX MR Points Sign Up Bonus ($2,250) + 75K Referral Points ($1,125) + Dell Credit ($400) + Airline Fee Credit ($200) + Wireless Credit ($90) | $4,065 | $0 | $695 | $3,370 |
| AMEX Delta Platinum Business | 85K Delta SkyMiles Sign Up Bonus ($850) + 8K Rebated Delta SkyMiles with TakeOff 15 ($80) | $930 | $0 | $250 | $680 |
| AMEX Gold (Laura) | 90K AMEX MR Points Sign Up Bonus ($1,350) | $1,350 | $0 | $250 | $1,100 |
| AMEX Hilton Surpass | 170K Hilton Points Sign Up Bonus ($850) + Q4 Hilton Credit ($50) + 1 AMEX Offer ($5) | $905 | $0 | $150 | $755 |
| Barclays AAdvantage Aviator Red | 75K American Airlines Miles Sign Up Bonus ($750) | $750 | $0 | $99 | $651 |
| Chase Ink Business Cash | 90K Chase UR Points Sign Up Bonus ($1,350) | $1,350 | $0 | $0 | $1,350 |
| Chase Ink Business Preferred | 100K Chase UR Points Sign Up Bonus ($1,500) + 1 Chase Offer ($10) | $1,510 | $0 | $95 | $1,415 |
| US Bank Business Altitude Connect | 60K US Bank Points Sign Up Bonus ($600) | $600 | $0 | $0 | $600 |
| $14,370 | $0 | $1,834 | $12,536 |
Summary of credit cards with retention offers:
- I received a total of $450 in retention offers across 5 credit cards, including 2 retention offers on no annual fee cards.
- If you never call and ask for a retention offer, you will never get a retention offer.
- It’s amazing how all the retention offers I was offered had no spending requirement at all.
| Credit Card Name | Credit Card Benefits | CCB$ | RO$ | AF$ | P/L | Notes |
| AMEX Blue Business Plus | Keeping for 2x AMEX MR points everywhere spend | $0 | $50 | $0 | $50 | $50 retention offer, no spend required |
| Bank of America Business Advantage Unlimited Cash Rewards | None (planning on closing next year) | $0 | $50 | $0 | $50 | $50 retention offer, no spend required |
| Chase IHG Rewards Premier | 40K Uncapped IHG Free Night Certificate ($100) + 1 Chase Offer ($15) | $115 | $50 | $89 | $76 | $50 retention offer, no spend required |
| JPMorgan Chase Ritz Carlton | Airline Incidental Credit ($300) + 85K Marriott Free Night Certificate ($200) + 1 Chase Offer ($5) | $505 | $150 | $450 | $205 | $150 retention offer, no spend required |
| US Bank Altitude Reserve | Travel Credit ($325) | $325 | $150 | $400 | $75 | 10,000 US Bank Altitude Reserve Points ($150) retention offer, no spend required |
| $945 | $450 | $939 | $456 |
Summary of credit cards that have been upgraded / downgraded / product changed:
- This is a much shorter list than last year, but I had a huge number of cards that I closed this year.
- I was only keeping the CSP for the referral bonus, but I did not get any referrals by the time the annual fee posted.
- This is my second Chase Freedom Flex, which has come in handy this quarter with 5% cash back at PayPal.
| Credit Card Name | Credit Card Benefits | CCB$ | RO$ | AF$ | P/L | Notes |
| Chase Sapphire Preferred | 4 Chase Offers ($12) | $12 | $0 | $12 | Downgraded to no annual fee Chase Freedom Flex | |
| $12 | $0 | $0 | $12 |
Summary of annual fees saved on closed credit cards:
- I closed several AMEX cards since I or my wife can get them again in the future (and enjoy a new sign up bonus to go with them).
- I figured I would close a lot of unneeded / unused credit cards in the hope that I can apply for them again in the future (and enjoy a new sign up bonus to go with them).
| Credit Card Name | Credit Card Benefits | CCB$ | RO$ | AF$ | P/L | Notes |
| AMEX Business Gold 1 | None | $0 | $0 | $0 | No retention or reason to downgrade, closed on 5/8 | |
| AMEX Business Platinum 1 | Dell Credit ($392) + Airline Fee Credit ($200) + Wireless Credit ($110) + 3 AMEX Offers ($40) | $742 | $0 | $742 | No retention or reason to downgrade, closed on 12/7 | |
| AMEX Gold | 4 AMEX Offers ($173) + Dining Credit ($40) + Uber / Uber Eats Credit ($40) | $253 | $0 | $253 | No retention or reason to downgrade, closed on 5/8 | |
| AMEX Hilton Honors | None | $0 | $0 | $0 | $0 | Closed on 10/26 to free up spot for Hilton Surpass |
| Bank of America Business Advantage CCR | None | $0 | $0 | $0 | $0 | No retention or reason to keep, closed on 8/7 |
| Bank of America Business Advantage TR | None | $0 | $0 | $0 | $0 | No retention or reason to keep, closed on 12/18 |
| Bank of America Unlimited Cash Rewards 1 | None | $0 | $0 | $0 | $0 | Account was a forced conversion from Better Balance Rewards, closed on 8/7 |
| Bank of America Unlimited Cash Rewards 2 | None | $0 | $0 | $0 | $0 | Account was a forced conversion from Better Balance Rewards, closed on 8/7 |
| Barclays AAdvantage Aviator Business | None | $0 | $0 | $0 | No retention or reason to keep, closed on 10/31 | |
| Barclays Wyndham Rewards | None | $0 | $0 | $0 | $0 | No retention or reason to keep, closed on 10/31 |
| Capital One Spark Cash Select Business | None | $0 | $0 | $0 | $0 | No retention or reason to keep, closed on 10/11 |
| Chase Ink Unlimited | None | $0 | $0 | $0 | $0 | No retention or reason to keep, closed on 7/24 |
| Citi American Airlines Business | None | $0 | $0 | $0 | No retention or reason to downgrade, closed on 12/18 | |
| PNC Cash Rewards Business | None | $0 | $0 | $0 | $0 | No retention or reason to keep, closed on 12/18 |
| US Bank Business Triple Cash Rewards | 1 US Bank Offer ($15) | $15 | $0 | $0 | $15 | No retention or reason to keep, closed on 12/18 |
| Wells Fargo Business Platinum | None | $0 | $0 | $0 | $0 | No retention or reason to keep, closed on 2/24 |
| $1,010 | $0 | $0 | $1,010 |
Summary of all other credit cards:
- I saved 10K Wyndham Rewards Points on my Barclays Wyndham Rewards Earner Business Credit Card and earned another 45K points from referrals.
- Referral bonuses on Chase and Capital One credit cards added $1,450 to the bottom line.
- The combination of having the $95 annual fee Citi Premier Credit Card for the ability to transfer Citi ThankYou Points to travel partners and the no annual fee Citi Rewards+ Credit Card that offers a rebate of up to 10K TYP each year works well.
- I’m hoping there will continue to be good Chase Offers, Citi Merchant Offers, and BankAmeriDeals next year.
| Credit Card Name | Credit Card Benefits | CCB$ | RO$ | AF$ | P/L |
| AMEX Blue Cash Everyday | 2 AMEX Offers ($50) | $50 | $0 | $0 | $50 |
| Bank of America Alaska Airlines | Alaska Airlines Companion Fare ($100) + 4 BankAmeriDeals ($81) + Alaska Airlines In-Flight Food Rebate ($3) | $184 | $0 | $95 | $89 |
| Bank of America Alaska Airlines (Laura) | Alaska Airlines Companion Fare ($100) | $100 | $0 | $75 | $25 |
| Bank of America Alaska Airlines Business | Alaska Airlines Companion Fare ($100) | $100 | $0 | $95 | $5 |
| Barclays Wyndham Rewards Earner Business | 45K Referral Points ($450) + 15K Anniversary Points ($150) + 15% Points Discount on 7 Vacasa Nights = 10,500 Points ($105) | $705 | $0 | $95 | $610 |
| Capital One Venture Rewards (Laura) | None (Laura’s everyday card) | $0 | $0 | $59 | -$59 |
| Capital One Venture X | Travel Credit ($300) + 25K Referral Points ($250) + 10K Anniversary Points ($100) | $650 | $0 | $395 | $255 |
| Chase Freedom (Laura) | 1 Chase Offer ($11) + keeping for the 5% cash back bonus categories | $11 | $0 | $0 | $11 |
| Chase Freedom Flex | 2 Chase Offers ($27) | $27 | $0 | $0 | $27 |
| Chase IHG Rewards Business | 40K Uncapped IHG Free Night Certificate ($100) | $100 | $0 | $99 | $1 |
| Chase IHG Rewards Premier (Laura) | 40K Uncapped IHG Free Night Certificate ($100) + 1 Chase Offer ($5) | $105 | $0 | $89 | $16 |
| Chase IHG Rewards Select | 40K Capped IHG Free Night Certificate ($80) + 2 Chase Offers ($20) | $100 | $0 | $49 | $51 |
| Chase Ink Plus | 80K Referral Points ($1,200) + 1 Chase Offer ($35) + keeping for the 5% cash back bonus categories | $1,235 | $0 | $95 | $1,140 |
| Chase Marriott Bonvoy Premier Plus Business | 35K Marriott Free Night Certificate ($100) | $100 | $0 | $99 | $1 |
| Chase Southwest Airlines Priority (Laura) | 3 Chase Offers ($80) + Travel Credit ($75) + 7,500 SWA Points ($75) | $230 | $0 | $149 | $81 |
| Chase World of Hyatt (Laura) | Category 1-4 Hyatt Free Night Certificate ($100) + 2 Chase Offers ($5) | $105 | $0 | $95 | $10 |
| Citi Costco Anywhere (Laura) | Ability to shop at Costco and get Costco Gas | $0 | $0 | $0 | $0 |
| Citi Custom Cash 1 | Keeping for the 5% cash back bonus categories | $0 | $0 | $0 | $0 |
| Citi Custom Cash 2 | 1 Citi Merchant Offer ($35) + Keeping for the 5% cash back bonus categories | $35 | $0 | $0 | $35 |
| Citi Custom Cash 3 | PayPal Purchase Bonus ($51) + 1 Citi Merchant Offer ($20) + Category Spend Bonus ($10) + Keeping for the 5% cash back bonus categories | $81 | $0 | $0 | $81 |
| Citi Double Cash | 1 Citi Merchant Offer ($20) + keeping for the 2% cash back everywhere spend | $20 | $0 | $0 | $20 |
| Citi Premier | $100 Off $500 Citi ThankYou Point Hotel Booking ($100) + Ability to transfer to TYP partners | $100 | $0 | $95 | $5 |
| Citi Rewards+ | 10K Rebated Citi ThankYou Points ($100) | $100 | $0 | $0 | $100 |
| Discover It 1 | Keeping for the 5% cash back bonus categories | $0 | $0 | $0 | $0 |
| Discover It 2 | Keeping for the 5% cash back bonus categories | $0 | $0 | $0 | $0 |
| JPMorgan Chase Ritz Carlton (Laura) | Airline Incidental Credit ($300) + 85K Marriott Free Night Certificate ($200) | $500 | $0 | $450 | $50 |
| Synchrony Premier | None (planning on closing next year) | $0 | $0 | $0 | $0 |
| US Bank Cash Plus 1 | Keeping for the 5% cash back bonus categories | $0 | $0 | $0 | $0 |
| US Bank Cash Plus 2 | Keeping for the 5% cash back bonus categories | $0 | $0 | $0 | $0 |
| $4,638 | $0 | $2,034 | $2,604 |
Across 61 credit cards, I paid a total of $4,807 in annual fees, but I received a total of $20,975 in credit card benefits and $450 in retention offers for a net profit of $16,618. I always think it’s funny when I hear non travel hackers say that hate paying annual fees or avoid credit cards with annual fees like the plague. Most credit cards that have annual fees provide benefits that offset or exceed the annual fee, if you are able to jump through some hoops to get the benefits.
If you have any questions about any of these credit cards, please leave a comment below. Have a great evening and happy holidays everyone!
Really interesting. I do think you might be undervaluing some things. For example I think a Hyatt category1-4 night is worth more than $100. Another is since Citi points transfer to Turkish 1:1 I think they’re worth around 1.5 cents per IMO. Still, you’ve got quite the robust system going. That’s nice to see.
Hi Christian, thank you for your comment. I agree that some items are undervalued but I tried to be pretty conservative with my valuations. It would not be very difficult to get 3-5x the value of the free night certificates in real life.
Thanks for reading and happy holidays!
Would like to see how much you had to spend on those 7 cards to unleash the bonuses that each card provides. For instance the Chase Business Cash card gets you 90k points but you have to spend $6,000 within 3 months. Not sure the average Joe can hit those kinds of marks on all 7 cards within a year.
Hi Steve, that is a good point. Here are the new credit cards and their minimum spending requirements:
AMEX Blue Business Plus 2 – $15k spend in 12 months
AMEX Business Gold 2 – $10k spend in 3 months
AMEX Business Platinum 2 – $15k spend in 3 months
AMEX Delta Platinum Business – $4k spend in 3 months
AMEX Gold (Laura) – $6k spend in 3 months
AMEX Hilton Surpass – $3k spend in 6 months
Barclays AAdvantage Aviator Red – $1 spend
Chase Ink Business Cash – $6k spend in 3 months
Chase Ink Business Preferred – $8k spend in 3 months
US Bank Business Altitude Connect – $6k in 6 months
Total of $73k spend. I didn’t realize it was that much! I usually wait until I have a large purchase or 2 to make before applying for a credit card. I used credit cards to pay for federal / state taxes, property taxes, home / car / life insurance, home improvements, new appliances and everyday spend.
Hey Grant!
Nice breakdown! I agree with how most people push back against high AF’s, perhaps not knowing the full value which can be rung out of these cards, but the next roadblock for others is even harder to overcome in most people’s minds. The time commitment and chores which must be tended to seem quite onerous to many. If they could shell out $650 and automatically get $2,500 in bennies, it would be an easy sell. I believe you either love the game or you don’t. So, we go on living the envious good life while they stand in awe willing to do nothing.
Hi Brant, I totally agree with your thoughts. No one wants to put in the time and energy to get the benefits, or learn how the game works, or look for award space. They just want to click a button and have it all done for them. We will keep on living the envious good life *cheers*
Happy holidays :)
Ya know, something just came to me. What I should have said is “the enviable good life” not “the envious good life”. LOL!
Haha, I think I knew what you meant :)
Most people I know are thrilled to get a $200 or $300 bonus on a no-fee card because it’s so simple. But those of us who have been playing the points and miles game for many years realize that you have to get much more value than that to make it worth all the time and energy to keep track of all the spending requirements and special offers. I aim to net at least $1,000 in value for any new card
Hi PSL, getting $1,000+ value from a card is not too difficult if you focus on business credit cards and premium personal credit cards. I silently shake my head when friends tell me about their new store credit card or $100 new card bonus.
Really nice to see this analysis laid out Grant. I’m with you there are a lot of benefits to be had with these premium cards when you break down the bonuses and benefits on them. Not knowing anyone with them before I wish someone had opened my eyes to all the bonuses out there a decade ago! Some may find it too much work but for others we just never had anyone give us that first nudge to take a look at what is out there. Better late than never!
Hey Andrew, I am glad you found out about these awesome premium cards that come with huge sign up bonuses and hundreds of dollars of benefits. Welcome to the club!
Hey Grant, on an extended vacation now–so finally getting a chance to catch up on my favorite websites…as always, a thorough and complete analysis! Do you use a spreadsheet for this or just went through manually to do all the analysis?
Hi Bruce, I have spreadsheets that track all my credit cards, the sign up bonuses, and annual fees. But I had to manually check each card to see how much value I received from each card which took a while with so many cards. Welcome back from vacation :)
Thanks!!