Wallet Review – Cards I’m Keeping and Cards I’m Cancelling

My wallet is getting a bit out of control these days.  It’s bursting at the seams with credit cards.  **  Thanks to many recent credit card app-o-ramas, it’s time to do a thorough review of my wallet contents and figure out which cards to cancel and which ones to keep.

Back in November, I attempted to cancel several cards, but I was lured back in with things like $75 and $45 statement credits.  But, I made a mental note to still cancel those cards before the annual fee came due.

Credit Cards I’m Canceling:

Chase AirTran Personal card.  We travel domestically a lot, and I wanted to get this card before it would be discontinued thanks to the Southwest / AirTran merger.  I applied for this card back when Chase was offering 32 AirTran A+ Rewards (good for two free roundtrip tickets).  I earned those points, and now the card has outlived its usefulness, so away it goes.

Nearly all of my Citi AAdvantage Cards.  I got hooked on these cards back during the 75,000 points double browser method days.  Then there was the whole applying for three cards every 60 days thing.  I have many personal and business versions of these cards.  I’m going to keep one, since it offers a 10% rebate on AAdvantage miles redeemed.  That netted me 10,000 miles when I redeemed 100,000 miles for our flight from St. Petersburg, Russia to Washington, DC.  But all the other ones will be cancelled.

US Airways Mastercard.  I already had one of these cards, so I wondered whether I would get approved for a second one.  But I really wanted an extra 45,000 miles in my account before this card went bye-bye as part of the US/AA Merger. Luckily, I was approved!  Now that I’ve earned my bonus miles, I don’t have much use for this card, so away it goes.

On a related note, I tried canceling my old US Airways Mastercard a few months ago (one I’ve had since 2010).  They offered me a $45 statement credit and basically “downgraded” the card to a no-fee Barclays World Arrival card, so there wouldn’t be an annual fee anymore.  So I kept the card open as the new no-fee World Arrival card.  But, in trying to streamline my wallet, I’ve kept their $45 and am going to cancel anyway.

Ken’s Citi Hilton HHonors Visa Signature Card.  We collected 50,000 bonus points on this and don’t need it anymore.

Not now, but canceling soon:

Amex Platinum card.  I scored this card during an amazing one day fluke of 100,000 bonus points back in January 2013.  It carries a $450 annual fee, and I used to think that you got a lot of value for that $450 fee, including free airline lounge access.  Now that the Amex Platinum is no longer offering lounge access in US Airways and American Airlines lounges, I don’t have much use for this card.  (Although I may see if they offer a credit or other bonus).  However, I’m holding on to the card for now because this is my only Membership Rewards points-earning card.  I used to have an Amex Gold Business card, but I cancelled it last year.  So if I cancelled with Amex Platinum right now, I’d forfeit all of my Membership Rewards points.  Hopefully a good sign up bonus will come soon, and I can apply for a new Amex Membership Rewards points card and cancel my Platinum.

On the fence

Chase Sapphire Preferred Card.  My annual fee comes due for this card soon, and I think I might cancel it.  While the 2X points on dining and travel are nice, I don’t think it is worth the annual fee. I’m not sure, I need to think about this one.

Keeping in my Wallet

I’m keeping the rest of my cards, at least for now.  I especially get a lot of value out of the Chase Ink Bold card, my Barclays World Arrival card (different than the World Arrival card I mentioned above.  This was a new application back in November, not a downgraded card), and my Chase Freedom card.

Have you cancelled any credit cards recently?  Which ones did you ditch?  Which ones are you keeping?

**I don’t actually keep all these cards in my wallet.  Once I’ve met minimum spending requirements on one that I don’t plan to use anymore, I relegate it to a designated drawer at home.  It’s good to have a stash at home in case I lose my wallet!

End Note: A lot of people recommend keeping cards open so that you have leverage if you apply for a new credit card and are declined.  That way you can say, “Well, can you approve me if I cancel this card?”  1) Thankfully, I’m rarely declined for a credit card.  2) When I am declined, that technique never works for me.  So I just cancel them when I feel like it.


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