Readers of the blog will know what a big fan I am of reward credit cards. I’ve had a number of them throughout my professional working career and have gotten a lot of benefits out of them and even did a baller first class trip to Europe with points. I’ve earned hundreds of thousands of miles/points/cash back and have taken great advantage of them over the years. I will call out that I’ve never paid any fees (aside from annual) or interest charges on them, and pay them off in full each month. Reward credit cards often come with very high interest rates and so as soon as you have to start paying interest on them, you lose the value of any miles/points you’ve earned. With great power comes great responsibility!

I pay a fair amount in annual fees each year $904 in 2019, and that’s not a small sum of money. I do feel like I get more than $904 of value out of the cards but it is worthwhile once a year or so to review which cards I have and why I have them. As this is a new year it’s good to review! I hope this is helpful for you to see how I think about credit cards and get value out of them.

Card: Bank of America Premium Rewards 

Annual Fee: $95

Why I’ve had it: On the surface this card doesn’t seem that great with 2% on restaurants/travel and 1.5% on everything else, but it’s not a bad return. The kicker is the perk through Preferred Rewards in which the more you have with Bank of America accounts, the higher rewards rate you’ll get. With the highest, you can earn 3.5% on travel/restaurants and 2.625% on everything else. That’s pretty insane! I have rolled over two separate 401(k)s from old jobs and have been able to hit the highest tier. 

Why I’m keeping it: I like to think of this card as my go-to, as it has the best return. I’ll use other cards here and there but this is my main one. In addition to the great return, I also get $100 travel credit, which comes in handy while traveling from time to time. 

How I’ll use it in 2020: I actually have a few other cards I may be using more this year, but will keep this card close by.  Read on to figure out which cards I expect to use more of this year and why.

Card: Delta Platinum American Express 

Annual Fee: $195 (soon to be $250 but I renewed at $195)

Why I’ve had it: I got this card years ago for the bonus Skymiles as I was saving up for a trip. Throughout my career I’ve flown Delta a lot and this card has come in handy for a few perks while flying, and to help achieve status faster. It also comes with a companion pass. Mrs. Money and I enjoy traveling and having a BOGO ticket helps out. 

Why I’m keeping it: The companion pass. 

How I’ll use it in 2020: For better or for worse, I really enjoy having Delta status. I know it’s silly but I do value it a lot and achieved Silver status for 2020. I’d like to ensure I have status again in 2021 and am planning on putting $25,000 in spend on this card first, so I can earn 10,000 MQMs, of which I need at least 25,000 to achieve status again. That along with personal and business trips should help me achieve Silver.

If you’re interested in this card, please consider using my referral link. They’ve got a great signup bonus right now (at time of writing it’s 75,000 Skymiles plus a $100 statement credit).

Card: Chase Sapphire Reserve

Annual Fee: $550 (Used to be $450, went up $100 but I renewed at $450)

Why I’ve had it: To call out, you do get $300 in travel credits each year plus $60 in DoorDash credits so it’s really like $190/year. I got this card a few years ago when it had an insane 100,000 point signup bonus. That really helped us getting to Europe first class (link above). I keep it mainly for the Priority Pass lounge access, which has come in handy a number of flights. There’s a lounge here in my hometown of Atlanta which I’ve used a lot and a few others that I’ve gotten to use for both business and personal travel. 

Why I’m keeping it: I am starting to realize that if we want to do first class again, we’ll need to use points/miles (no way I can pay several thousands). Delta first class fares are pretty pricey, so I have been considering earning more Chase points so I can redeem them on one of their many airline partners. However, Chase just increased the annual fee $100 to $550. I renewed at $450 so I’ll keep it another year but I’m putting it on the chopping block for 2021.

How I’ll use it in 2020: Depending on how my feelings are points wise after hitting the $25,000 spend (which may take most of the year), I may switch to this card to start saving up for our next first class dream vacation. 

Card: Chase Marriott Bonvoy Boundless

Annual Fee: $95

Why I’ve had it: I got this card years ago for a big signup bonus and have kept it primarily for the free night it comes with and the 15 elite credit nights. I’ve been a Marriott loyalist all throughout my traveling career and currently have lifetime Gold. The 15 nights help me achieve my goal of Platinum, which is 50 nights/year, leaving me with 35 nights needed between work and travel.  

Why I’m keeping it: The free night in my opinion pays for the card and I keep it for the 15 nights to help me achieve Platinum. I’m 3 years away from lifetime Platinum so I’ll definitely keep it until then. 

How I’ll use it in 2020: I don’t use this card a ton but will use it once or twice each month to make sure it stays active and when I stay at Marriotts for personal trips. 

If you’re interested in this card, please consider using my referral link. The current offer is for 3 free nights, which is pretty solid!

Card: Chase Southwest Rapid Rewards Card 

Annual Fee: $69 

Why I’ve had it: I got this last year because of a great signup bonus – getting a companion pass after hitting the initial spending requirements. 

I took 3 trips and brought Mrs. Money along for free! 

Why I’m keeping it: I don’t think I’ll renew this card when the annual fee comes around. I didn’t go for a companion pass (small chance I could have hit it) because I don’t see us being able to use that as much in 2020. However, Mrs. Money and I are considering selling our house, and it’s not wise to make changes to your credit history when applying for a mortgage (as we’d buy a new house) so I may end up keeping it after all.

How I’ll use it in 2020: I don’t plan to be! 

If you are interested in this card, they’ve got one of the highest signup bonuses I’ve ever seen at 75,000. That’s at least 2 if not 3 trips depending on how it plays out! Here’s my referral link if you’re interested.

Disclosure: I’ve included some referral links for credit cards that if you apply and are approved, we both can earn bonus miles.