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.
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!
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.
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.
I am actually ready to apply for a new batch of credit cards to add to my portfolio. Any suggestions?