In my last blog post, I broke down the different kinds of cards you should have in your wallet. In this post, I will go through the cards that are in my own wallet. Hopefully this provides you with an example of what a diversified Credit Card portfolio might look like.
Throughout the years I have added a number of credit cards to my collection. I have 10 cards currently and plan to open 2 more this year. However, my main cards include the following:
My “Catch All” Card
I use the Chase Freedom Unlimited Card as my catch all card – this earns 1.5% cash back on all purchases.
My "Bonus Category Specific" Cards
I have three main bonus category specific cards:
1. American Express Gold Card for all restaurants and grocery store bonus categories – this earns 4x points. Note: Annual fee of $250.
2. American Express Blue Cash Everyday for all online purchases – this earns 3% cash back
3. Chase Freedom Flex – this earn 5% cash back on all gas purchases until April as this was a special bonus offer when I opened the card April 2022. (Then I will go back to using the Blue Cash Everyday for the 3% cash back)
My "Travel" Card
I use the Chase Sapphire Reserve® Card for anything travel related. This gives me access to Priority Pass, which allows me to enter any lounge when traveling internationally, and gives me access to both Global Entry and TSA PreCheck® to skip the lines at all US airports. As for earning rates, I use this card to get 3x points on all dining and 1x back on everything else when outside the country since this card has no foreign transaction fees. Note: annual fee of $550.
Goal for this year
My main goal this year is to stockpile more points as I have some big travel goals in the future (Oahu, Hawaii with friends, Korea again, and Thailand).
Lastly, how do credit cards maximize time and money?
Great question! Let’s start with the obvious. The cash back you earn on all transactions using credit cards can help offset expenses in your life. With great financial habits such as paying off credit cards every month and only buying what you need, the cash back can either be used to pay off those expenses by redeeming as statement credits or the cash back can be saved to purchase something off your wish list or help fund a vacation.
Using credit cards wisely can also help maximize family time and personal time. They can help you earn valuable cash-back, miles, and points to buy your loved ones gifts you wouldn’t normally be able to afford. You can use your points on one in a lifetime vacation where you can create priceless memories with loved ones.
I hope this blog post helped you understand a bit more within the realm of credit cards and personal finance. If you are interested in breaking down your budget and finding ways to optimize your own personalized spending habits, make sure to set an initial Credit Card consultation with me by CLICKING HERE.
Best,
Brandon