What’s in My Wallet?
Editor’s Note: This page contains references to products that I use and may receive compensation when you click on those links.
I received my first credit card back in high school when my parents added me as an authorized user to use for emergencies, but I really just used my debit card for purchases. Back in college, I opened up my first credit card with USAA and had a $500 limit. I used it a little bit, but I made the mistake and still stuck with my debit card for almost all purchases as I didn’t know better back then.
Post-college when I started working full time is when I opened the NFCU GoRewards credit card, which was my first big boy credit card. That’s when I started to learn about the art of travel hacking. I earned points on every purchase and then I started using those points on cash back. I thought it was pretty nice to get money back after spending and paying off my credit card bill in full.
So a few rules of thumb to live by. First and this is the most important, make sure you pay off your credit card in full every month. If you can’t, then it isn’t travel hacking because the interest charges will eat into the rewards very quickly as interest rates range from about 10-30%. Second, pay everything with a credit card. Some sign-up bonuses can be hefty for some credit cards and you don’t want to miss out on the bonuses as they can be very valuable. The only expenses that I pay out of my checking account are expenses that charge a credit card transaction fee (typically 3%) instead of using ACH. Typical expenses are rent, insurance, utilities, etc. Third, always keep credit cards that you don’t use open. Put them in a sock drawer and forget about them. The credit utilization ratio makes up about 30% of your credit score and closing unused lines of credit will increase your credit utilization ratio, which lowers your credit score, if those lines are closed. Your financial institution will notify you of inactivity and you can spend a little bit to keep the line open if you want it.
So below are the credit cards that I currently use or that I own. I only use about 5 credit cards even though I own 12 credit cards. My credit card strategy since 2018 has been the Chase Trifecta so I use the Sapphire Reserve, Freedom Unlimited, and Freedom for the majority of the year. When I open up a new credit card, I make sure I use that card for spending so I can achieve the sign-up bonus.
Chase Sapphire Reserve (CSR): My go-to credit card for dining out and travel. You earn 10x points on every dollar spent on hotels and car rentals booked through Chase Travel, 10x points on dining booked through Chase Dining, 10x points on Lyft rides, 5x points on travel booked through Chase Travel, 3x points on every dollar spent on dining and travel, and 1 point on everything else. The annual fee is $550 with no foreign transaction fees. The benefits include a $300 travel credit per year on your anniversary date (effectively reducing the annual fee to $250), Priority Pass Select membership, numerous travel/retail benefits, 1.5 cents per point redemption using the Chase Ultimate Rewards travel portal, and more. You will need excellent credit (750+ credit score) in order to be approved for this card. When combined with the CFU and CF, the Chase Trifecta is a powerhouse for annual points earning.
Chase Freedom Unlimited (CFU): I use this credit card for everyday spending. The CFU was revamped in late 2020 and it has become one of the strongest no annual fee credit cards on the market. You earn 5x points on travel booking through the Chase Ultimate Rewards, 3x points on dining and pharmacies, and 1.5x points on everything else. The card has no annual fee, a fair APR, normal balance transfer and cash advance fees. But it has foreign transaction fees so make sure you only use it domestic purchases. You will need good to excellent credit (670-850 credit score) in order to be approved for this card.
Chase Freedom Flex (CFF): I use the Chase Freedom (CF), which has been rebranded to the Chase Freedom Flex and the CF is no longer available. You earn 5x points up to $1,500 in combined purchases in bonus categories every quarter when activated. Activating is easy as you are sent a link before the start of the new quarter or you can activate using online/mobile banking. You also earn 5x points on travel booking through the Chase Ultimate Rewards, 3x points on dining and pharmacies, and 1x point on everything else. In the past, the rotating categories have been grocery stores, department stores, Amazon, gas stations, streaming services, etc. The card has no annual fee, a fair APR, normal balance transfer and cash advance fees. But it has foreign transaction fees so make sure you only use it domestic purchases. You will need good to excellent credit (670-850 credit score) in order to be approved for this card.
American Express Platinum: The battle of the premium credit cards raged on when the Chase Sapphire Reserve came out to compete with the American Express Platinum Card, which was the cream of the crop when it comes to travel and luxury. During the pandemic, American Express and Chase offered all time high sign-up bonuses and I already owned the CSR. So with a 100,000 point sign-up bonus plus 10x points on groceries/gas stations for 6 months for the Platinum card, I decided to open up the American Express Platinum Card to give it a try. I should first start off by saying that the Platinum card is not a credit card and it’s a charge card, meaning you have to pay off your balance in full every month or you will pay numerous fees and penalty APR.
You’ll earn 5x points for flights booked with the airline or through AMEX travel, 5x points on prepaid hotels booked through AMEX travel, and 1x point on everything else.
The annual fee was just increased to $695, however you can offset it. There are no foreign transaction fees. You will need excellent credit (750+ credit score) in order to be approved for this card.
You will receive the following credits to offset the annual fee:
- $200 in Uber/Uber Eats credits ($15/month and an extra $20 in December).
- $200 airline incidental credit used for checked bags, change fees, seat assignments, Admiral’s Club Passes/United Club Passes, etc. You will choose an airline at the start of the calendar year.
- $240 entertainment credit ($20/month) used for Audible, Peacock, NYTimes, or SiriusFM.
- $100 credit ($50 semi-annually) for Saks Fifth Avenue.
- $200 hotel credit used Fine Hotels + Resorts/The Hotel Collection on AMEX Travel.
- $155 credit for a year’s worth of Walmart+ subscription.
- $300 Equinox Fitness credit used for membership or Equinox+.
- $179 Clear Membership credit.
- Fee credit for TSA Precheck/Global Entry every 4 years. Yes, AMEX loves their credits as I am sure that not everyone utilizes them all and even forgets about them.
So not all of these credits are feasible for everyone. I don’t plan on ever using the $300 Equinox Fitness credit as a membership is about $2,200/year, although we do have a gym in Chicago. The $200 hotel credit used for Fine Hotels + Resorts/The Hotel Collection might work if I travel to a destination that has one of those hotels. If I find a good deal and it works for me then I’ll use it, but I won’t go out of my way and spend more money that I have to in order to use it. The $200 Uber/Uber Eats credit, $200 airline incidental credit, $100 Saks Fifth Avenue credit, and $240 entertainment credit are the bread and butter credits, which effectively pays for the annual fee. I’m a huge foodie so I order carryout for lunch using Uber Eats monthly. I use the $200 airline incidental credit for airline seat selections (upgrade to Main Cabin Extra) and Admiral’s Club passes. For the Saks Fifth Avenue credit, I use it to purchase some skin care items at a discount that cost about $60 and they have lasted me 6 months so that works out well. I’ve been using Audible and Peacock quite a bit lately as you get a free audiobook each month with the Audible subscription and I watch Premier League games/The Office on Peacock, which has a lot of content.
I haven’t even started with the benefits yet. But you get access to the AMEX Centurion lounges plus 2 guests with no charge until 1/31/23 ($50/guest or $30/child after that date unless you spend $75,000 on the card within the calendar year), a priority pass select membership, Hilton Honors Gold Status, Marriott Bonvoy Gold Status, and p-remium rental car status (Avis Preferred, Hertz Gold Plus, and National Emerald Club Executive).
Finally, you get a number of travel/retail benefits including secondary rental car insurance (upgrade to primary for about $25), Trip Delay Insurance (delayed 6+ hours or overnight delay), Trip Cancellation Insurance, Return Protection, Purchase Protection, Extended Warranty, and cell phone insurance. You will also get a ShopRunner membership where you get 2-day free shipping.
Overall, there are a ton of benefits for this card. This card will not make me a lot points annually as I don’t travel enough. It’s best suited for business travelers or for people who travel a lot. I only travel about 5 times a year so that is why I was hesitant on getting it. However, the credits and benefits will pay for itself and combining it with the AMEX Gold for the AMEX Dyad is where I will earn the points.
American Express Gold: I was very hesitant with opening up the AMEX Platinum card because I don’t travel enough and I really don’t pay for flights/hotels. I use points for that! But when combined with the AMEX Gold card to form the AMEX Dyad, this is a very powerful combo. Again, the AMEX Gold is a charge card and not a credit card so you have to pay your balance off in full every month.
You’ll earn 4x points on groceries (up to $25,000 spent annually and it doesn’t include Target, Walmart, Costco, etc.), 4x on dining, 3x points on flights, and 1x points on everything else.
The annual fee is $250, but again you can offset it. There are no foreign transaction fees. You will need excellent credit (750+ credit score) in order to be approved for this card.
The AMEX Gold is much less complex to use than the AMEX Platinum and you will receive the following credits to reduce the annual fee to $10:
- $120 in Uber/Uber Eats credits ($10/month).
- $120 in credits to use at Grubhub, Seamless, The Cheesecake Factory, Shake Shack, or Ruth’s Chris Steak House.
As long as you eat out monthly, these credits are easy to use. I view it as a free lunch every month. They are much easier to use if you live in city.
You will also get a numerous of travel/retail benefits similar to the AMEX Platinum such as secondary rental car insurance (upgrade to primary for about $25), Trip Delay Insurance (delayed 12+ hours or overnight delay), Trip Cancellation Insurance, Return Protection, Purchase Protection, and Extended Warranty. You will also get a ShopRunner membership where you get 2-day free shipping.
Overall, the AMEX Gold is an amazing card for foodies. It offers one of the highest points multipliers for dining out and groceries on the market. This combined with the AMEX Platinum and/or even the AMEX Green card is a great combination. This will be my go-to card for groceries and dining when I don’t use the CSR.
American Express Hilton Honors Aspire: I chose Hilton to be my go-to option for hotel stays and I use this credit card on mainly for Hilton hotel bookings. You earn 14x points for every dollar spent on Hilton hotel bookings, 7x points for every dollar spent on restaurants/car rentals/flights, and 3x points on every dollar spent. Benefits include $250 in Hilton Resort credits every calendar year, $250 in airline incidental credits every calendar year, a free weekend night with Hilton every card anniversary year, automatic Hilton Diamond Status, Priority Pass Select membership, and numerous other travel/retail benefits.
This is one of the strongest credit cards on the market and is the only credit card where the annual credits are more than the annual fee. So in theory AMEX is paying you to own the credit card. However, the credits can be difficult to use for some people and that is what AMEX is banking on. The card has a $450 annual fee, a fair APR, normal cash advance fees, and no foreign transaction fees. Overall, this is still one of the strongest cards on the market for Hilton Loyalsts. You will need excellent credit (750+ credit score) in order to be approved for this card.
American Express Hilton Honors (x2): I used this card before I got the Hilton Honors Aspire card. I used the Hilton Honors ladder strategy to earn 350,000+ Hilton Honors points. You earn 7x points for every dollar spent on Hilton hotel bookings, 5x points for every dollar spent on restaurants/grocery stores/gas stations, and 3x points on every dollar spent. There is no annual fee and no foreign transaction fees. The main benefit is automatic Hilton Honors Silver status. This has no annual fee, a fair APR, normal cash advance fees, and no foreign transaction fees. Overall, this is a great no annual fee card for Hilton Loyalists. You will need good to excellent credit (670-850 credit score) in order to be approved for this card.
Citi / AAdvantage Platinum Select World Elite Mastercard: I use this card for the benefits only and I don’t really use it for spending anymore. The benefits include priority boarding (boarding group #5), 1 free checked bag for you and up to 4 companions on domestic flights, and 25% off in-flight meals & beverages. You earn 2x miles on American Airlines flights, restaurants, and gas stations and 1 mile for every dollar spent on everything else. The card has a $99 annual fee waived the first year, a fair APR, low balance transfer and normal cash advance fees, and no foreign transaction fees. This card has ok earning rates for miles, but very good benefits if you fly with American Airlines often. You will need good to excellent credit (670-850 credit score) in order to be approved for this card.
Capital One Quicksilver: The Capital One Quicksilver card was one of the first credit cards I got after graduation. This was before I got the Chase Freedom Unlimited. You earn 1.5% cash back on every purchase. Simplicity is the name of the game for this credit card. The has no annual fee, a fair APR, low balance transfer and cash advance fees, and no foreign transaction fees. Overall, this is a great starter card for its simplicity and fair terms. You will need good to excellent credit (670-850 credit score) in order to be approved for this card.
Capital One VentureOne Rewards: I’m a big fan of Capital One as they have great earning rates for their credit cards and they are simple to use. The Capital One Venture credit card was my 4th credit card after graduation until I downgraded to the VentureOne card to avoid the $95 annual fee. This card earns 1.25x miles on every purchase and 10x miles on Hotel.com bookings. The has no annual fee, a fair APR, low balance transfer and cash advance fees, and no foreign transaction fees. Overall, this is a great no annual fee card to earn points and it is simple to use. You will need good to excellent credit (670-850 credit score) in order to be approved for this card.
Navy Federal Credit Union GoRewards: This was my 1st credit card after graduating from college and it’s only for people who have ties to the military, DOD, or National Guard and their family or household members and are members of Navy Federal Credit Union. You earn 3x points on restaurants, 2x points on grocery stores, and 1x points on everything else. The has no annual fee, a low APR, no balance transfer and low cash advance fees, and no foreign transaction fees. Overall, this is a great card for earning points and you can cash out points for 1 cents per point. You will need good to excellent credit (670-850 credit score) in order to be approved for this card.