Reward Credit Cards – What’s in My Wallet?

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Every year around this time, I don’t re-evaluate my reward credit cards but since a whole bunch of other bloggers do, I figured I might as well do the same. My basic strategy is that I don’t really want to use more than three or four credit cards and each one of the cards has to serve a distinct purpose in order to make it into my wallet. Here are the three that currently make the cut and why:

1. Citi mtvU Platinum Select – For Movies & Restaurants
Usually a points credit card is a deal breaker for me, I prefer cash all the way, but I can convert Thank You Reward Points into payments towards my student loan debt so for the benefits I let this one slide. I chose the Citi mtvU card because it offered 5% cash back on bookstores ( included), restaurants, and movies. The mtvU card also has the added benefit of giving me points for good grades and paying my bill on time.

3. Citi Platinum Select MasterCard – For Supermarkets
Speaking of the Platinum Select card, I keep this in my wallet because it still offers 2% on supermarkets and drugstores (better than nothing I suppose) and because there really is no reason to cancel the card.

4. American Express TrueEarnings Costco Card – For Everything Else
I shop at Costco when I can and the only cards they accept are debit cards and their own American Express. This card doesn’t have an annual fee if you’re a Costco member (I don’t see a reason why you’d get it if you weren’t) and it gives you 1% on everything payable annually. It’s really just my catch-all card when I don’t get bonuses on anything else.

{ 4 comments, please add your thoughts now! }

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4 Responses to “Reward Credit Cards – What’s in My Wallet?”

  1. I don’t know if you can still do it, but a month or more ago I still got a Chase Cash Plus Rewards Card that pays the 5% on Gas and Groceries, just had to go to a physical branch to get the card.

    I’ve got two of them now and use them for all my purchases….got the 1 maxed on rewards and hopefully I’ll have the 2nd one maxed before the end of the year…..I keep asking Chase and they swear that I am grandfathered in under that program and it won’t be eliminated.

  2. Another thing to consider aside from the Rewards Programs when assessing your credit cards are to look at the various traps credit card companies set out that will keep you in debt longer than anyone would like. For instance, did you know that credit card companies can change the terms of your contract at any time? That’s just one of the credit card traps that can trip up consumers and lead to spiraling debt. Consumers Union, the nonprofit publisher of Consumer Reports, has put together a lighthearted animated holiday-themed satire about abusive credit card fees and practices. Check out “It’s Always Christmas Time (for VISA)” at Be sure to take action after viewing the animation!

  3. Amex69 says:

    Costco accepts all american express cards, not just their own.

  4. Mark says:

    Costco takes all American express cards.
    but you have to pay 50.00 a year. if your aware of there cacelation policy on there costco aqua card why would you want that card.
    just get your own american express.

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