How many and what type of credit cards should you have? The answer is not only highly individual but is also likely to evolve—with your finances, your spending, your knowledge, and the credit offers available to you
from Bank of America. All of these cards, except for the Hilton Honors Card, charge an annual fee. Each of these cards represents a specific brand loyalty from my past travels.card because my loyalty to its family of brands was greater than to other hotel groups and because the card, which carries a $0 annual fee, enables me to nearly double the points I earn from a Hilton stay.
A United Airlines credit card fits my lifestyle since I now live near an airport where United has a fortress hub. The World of Hyatt card offers a free night’s stay annually at one of Hyatt’s lower-tiered hotels . That $95 annual fee beats room rates of $399.card offered the most convenient flights to go visit my brother in San Francisco. An airline enthusiast could easily point out the flaw here: both United and Alaska Airlines fly this same route.
provides 6% cash rewards on up to the first $6,000 at U.S. supermarkets you buy every calendar year, compared with the 3% cash back the no-fee version of this card pays. That means, if you spend $500 a month on groceries, you will earn an extra $180 in cash rewards a year. So even after deducting the $95 annual fee for the Preferred version of the card, you’ve gotten an extra $85 in rewards, which can be redeemed as a statement credit.
In my own case, I didn’t stay at Stage 3 card ownership for long. This turned out to be an error in judgment that I am still working on resolving. At Stage 3, I had chosen each credit card carefully, after considering my specific spending behavior. Later on, I got greedy for big sign-up bonuses and jumped into Stage 4, in which a consumer is enticed by big bonuses or big rewards, sometimes in return for paying an even higher annual fee.
Chess isn’t for everyone. It takes time to become a good player. So even if you have an excellent credit score—generally required to play in Stage 4—do not feel obligated to do so.
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