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One of the most asked questions by my friends and readers is "what is in your wallet?"  Even though I always think this is a very personal question as you may value a credit card very differently than I do, I think it will be at least interesting to talk about it.

I have quite a few credit cards, and I keep several in the drawer for their perks without even spending a dime on them.  However, these four cards are in my wallet most of the time:

• Amex EveryDay Preferred Card
• Citi Prestige World Elite MasterCard
• Chase Sapphire Preferred Visa Signature
• J.P. Morgan Ritz-Carlton Visa Signature

Before I discuss them, let me go back a little bit and talk about the three cards I used a lot in the past and why I decided to switch to the current lineup.  For years, I used a very powerful rewards combo - Amex SPG and Chase Sapphire Preferred for my daily spending.  Please move to our featured review "All About Credit Card Rewards" to see the best rewards credit card combos, and you will see this combo is one of our top recommendations.  As I have had a sufficiently large balance of both SPG and Chase Ultimate Rewards (UR) points, I have decided to diversify my points to pick up more Amex Membership Rewards (MR) and Citi ThankYou (TY) points.  These four programs have always been our recommendations to people who prefer frequent traveler miles/points to cash back rewards, since they are not tied to a single frequent traveler program but rather allow points transfer to multiple partners.  The third card I had for several years was Amex Platinum Card, which was not for rewards but for travel perks such as airport lounge access and luxury hotel privileges.  Since now I don't fly as much as before and I can obtain hotel privileges from somewhere else, I have closed this card to avoid the $450 annual fee.

Now let's see why I decided to open and keep the four cards that are now in my wallet.  I opened Amex EveryDay Preferred (EDP, annual fee $95) in 2015 when Amex offered 30,000 points signup bonus and have since kept charging at least 30 purchases each statement cycle to trigger the monthly 50% monthly points bonus.  In this way this card returns 4.5x, 3x, and 1.5x MR points for groceries, gas, and other spending (6.75%, 4.5% and 2.25% respectively, based on our current valuation).  Obviously, EDP is my most used card nowadays due to its powerful rewards for both bonus categories and general spending.  In addition, EDP also features Amex Offers that save me money or give me extra points here and there, for the purchases I will make anyway. 

I pair EDP with another excellent rewards card Cit Prestige, which I opened in late 2014 when Citi offered 60,000 points signup bonus and a free companion ticket.  Since then I have kept paying the reduced $350 annual fees (down from the regular $450), as I have a Citigold account.  It's pretty easy to get the annual $250 airline credit as airfare is eligible, and the effective annual fee of Prestige becomes $100, comparable to most premium rewards cards.  It offers 3x TY points for most travel purchases and 2x for dining/entertain (5.5% and 3.7%, respectively, based on our current valuation and the 15% annual bonus thanks to Citigold relationship).  Between EDP and Prestige, they cover four most important bonus categories: groceries, gas, travel and dining, and rewards points add up really quickly.  Note that when I charge airfare to Prestige, I will have industry-leading travel protection including $1M Travel Accident Insurance, Travel Cancellation or Interruption, Lost Luggage, Travel Delay beyond 3 hours, and Baggage Delay beyond 3 hours.  In addition, I will also use Prestige for electronics and other items that may have a price drop in near future (Citi Price Rewind) and event tickets (Event Ticket Protection).  Last but not least, as one of the premium high-end cards, Prestige offers amazing travel perks such as airport lounge access through Admirals Club and Priority Pass Select, 4th Night Free at most hotels, luxury hotel privileges through World Elite Luxury Hotels and Resorts program, 3 free rounds of golf each year, Global Entry application fee reimbursement, enhanced Roadside Assistance (free towing up to 10 miles, etc., which makes me think about canceling my AAA membership), and so on.  In this way, Prestige more than fills the gap left by Amex Platinum when it comes to travel perks.

Unlike Amex SPG which I am about to cancel, I decide to keep paying the $95 annual fees on my Chase Sapphire Preferred mainly due to my UR points balance, as I would rather enjoy the flexibility than transfer points to a specific partner program such as United or Hyatt.  Since I am keeping it, now I actually have more reasons to use this card.  Even though its bonus categories (travel and dining) overlap with Citi Prestige's, I will use Sapphire Preferred for all awards tickets plus tickets I pay for other people like my parents, due to the fact that Chase's Travel Accident Insurance covers awards tickets as well as family members.  I will also use Sapphire Preferred for car rentals (primary Rental Car Collision Coverage in the U.S. and abroad),  Costco (starting June 2016 only Visa will be accepted), and some online shopping (Chase UR is the only one among the aforementioned four programs with multiple transfer partners that still offers bonus points through shopping portal).

JPM Ritz-Carlton Visa, which I opened in early 2015 and received 140,000 points signup bonus from, is mostly for perks.  The annual fee is $395, but after making use of the annual $300 airline credit, I am paying $95 effectively.  I will charge $10,000 each year to maintain the Ritz-Carlton/Marriott Gold status, which is arguably the best mid-tier hotel status and guarantees lounge access at JW Marriott, Autograph Collection, Renaissance, and Marriott hotels (while resorts are excluded).  The three annual lounge level upgrades at Ritz-Carlton hotels and resorts are also extremely valuable, especially when combined with the $100 hotel credit for each stay of 2+ nights.  Ritz-Carlton Visa also offers free Lounge Club memberships with unlimited access to primary and additional cardholders (there is no annual fee to add an additional cardholder).  I don't need Lounge Club membership myself since I have already received Priority Pass Select from Citi Prestige, which covers all Lounge Club lounges plus some more; however, Lounge Club will be great for my family members with no additional cost.

Lastly, I would add that for couples it doesn't make sense to pay double annual fees for the same rewards card, unless there is a very specific reason.  I added my wife to my EDP and Sapphire Preferred accounts, so she has these two cards for daily spending.  In this way, we avoid paying double annual fees and rewards points can be pooled quickly.  Why don't I add her to my Citi Prestige account?  Well, there is an additional $50 annual fee for that and Sapphire Preferred offers similar rewards.

Now you have known what is in my wallet, would you tell me which cards you have in your wallet?

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