Good afternoon everyone, I hope your weekend is off to a great start. A few days ago, I wrote a post titled I Paid $4,588 in Credit Card Annual Fees in 2019 – Was it Worth it? In that post, I shared the 21 credit cards that I plan on keeping and how I justify paying the annual fees on those credit cards. I felt bad for the 16 no annual fee cards that Laura and I have and decided to write a post about them too. Roughly half of the no annual fee credit cards were downgraded / converted from a credit card with an annual fee. Besides the rewards that some of the no annual fee credit cards provide, keeping no annual fee credit cards open long term is good for your credit score. It improves the length of credit history (average age of accounts), which represents 15% of your total credit score. It also helps with the amounts owed (your credit utilization ratio), which represents 30% of your total credit score. Lastly, it helps with payment history (paying your credit card bills on time), which represents 35% of your total credit score. For more info, check out this Doctor of Credit page.
Good morning everyone. As we approach the end of the year, I decided to take a look at my credit card spreadsheet and see how much my wife and I paid in annual fees this year. I removed all the no annual fee credit cards and here are the 26 credit cards that have annual fees (sorted alphabetically). I will break down this list into cards that I am 99% sure that I will cancel, 99% sure that I will keep, and the 50/50 cards that I might keep or cancel. Read through this post and let me know if you agree or disagree with my thinking.
Updated on 7/20/2019 at 8am: I added the Barclays rejection letter to the bottom of this post.
Good morning everyone, I hope your 2 day Prime Day shopping spree is going well. Even though I didn’t buy much on the first day of Prime Day, I did pick up a few new credit cards. My last App-O-Rama was in March, so I patiently waited 3+ months until my July App-O-Rama. As a reminder, I was approved for 3 out of 4 credit cards in my March App-O-Rama, including the American Express Gold Card, the US Bank Altitude Reserve Visa Signature Credit Card, and the Wells Fargo Business Platinum Credit Card. With those minimum spending requirements completed and the sign up bonuses redeemed, it was time to focus on these 5 credit cards. Here is a quick summary of my July App-O-Rama:
- Citi Premier Credit Card – instantly approved
- American Express Platinum Delta SkyMiles Credit Card – pending, then approved (I called AMEX and had to close an old card to open up a credit card slot)
- Barclay AAdvantage Aviator Business Credit Card – pending, then declined (too many recent inquiries)
- Banco Popular Avianca Vuela Credit Card – instantly approved
- Wells Fargo Propel World Credit Card – instantly approved (I called Wells Fargo to apply for this credit card over the phone)
Citi Premier Credit Card
I currently have a Citi Premier Credit Card that I have had for 4+ years, but I wanted to get another one since the sign up bonus is currently 60,000 Citi Thank You Points after spending $4,000 in 3 months. If I was approved for a second Citi Premier Credit Card, my plan was to downgrade/convert my old Citi Premier Credit Card into a Citi Rewards+ Credit Card.
Good morning everyone. A few days ago, AwardWallet notified me that my Wyndham Rewards points balance went up 3,000 points. I did not transfer La Quinta Returns Points to Wyndham Rewards Points and I haven’t used my Barclays Wyndham Rewards Credit Card in several months, so I was very surprised to see the 3,000 bonus points in my account. I vaguely remember when I first got the credit card that having the Barclays Wyndham Rewards Credit Card makes me a Wyndham Rewards Platinum Elite Member. And as a Wyndham Rewards Platinum Elite Member, I get 3,000 annual bonus points. Mystery solved!
Good morning everyone. As part of my “Keep, Cancel or Convert?” series, I like to evaluate and reevaluate credit cards to make sure they still deserve a spot in my wallet (or at least my credit card drawer). A few weeks ago, the $99 annual fee posted to my Barclays JetBlue Plus Credit Card. I don’t fly JetBlue very often, but I do enjoy getting a 10% rebate on my redeemed miles and getting 5,000 bonus anniversary points every year. Those 2 benefits alone are probably worth close to $99, depending on how much you value JetBlue points and how many JetBlue points you redeem. So the question is, is this card a keeper? I was leaning toward keeping the credit card, but I decided to call Barclays and ask if there were any retention offers available anyway. Good thing I called…