I have 14 credit cards and pay more than $2,600 in annual fees. Here’s how I’m deciding which cards to keep

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I have 14 credit cards, and their annual fees total more than $2,500. I’m planning to get rid of the cards I don’t fully utilize.
It’s easy to justify some of those fees, like on the Chase Sapphire Reserve and the Platinum Card® from American Express thanks to their amazing perks and annual statement credits. But I don’t travel with certain airlines and hotels enough to continue paying the high fees for some other cards.
Take a hard look at whether you’re fully utilizing the benefits of each credit card to decide whether it’s worth continuing to pay. And if you do decide to get rid of a card, consider the impact it will have on your credit score.

It’s all relative, especially in the world of points, miles, and award travel. I have 14 credit cards — a jaw-dropping number in the eyes of most of my friends and family, but a modest lineup compared to plenty of others who put time and effort into maximizing every dollar they spend to fuel their adventures around the globe.

I recently did a personal credit card inventory and found that I’m paying $2,654 in annual fees. It adds up quickly, especially because I have four premium credit cards with annual fees of $450 or higher.

Some cards are easily worth the high fee for me

A few cards are no-brainers for me to keep open, as I use their perks on a regular basis and they offer me bonus rewards on the purchases I make the most. These include the following:

The Chase Sapphire Reserve — Thanks to that $300 annual travel credit and the strong earning rate of 3x points on travel (excluding the $300 travel credit) and dining. I also find Chase points some of the easiest to use, thanks to …read more

Source:: Business Insider


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