What’s in Our Wallets? [2021]

I had written the original “What’s in My Wallet?” article in 2019, providing a rundown of exactly which credit cards I had open at the time and why I had them open.

Since then, the Prince of Travel team has grown, and for this update we thought it would be fun to give you a glimpse into all of our wallets. Many of our credit card strategies are quite similar, while some of our cards lend themselves to more unique travel goals or other ways to optimize. 

One thing’s for sure, though: as a group, we have a ton of credit cards!

What’s in Our Wallets?

Let’s get right into the credit cards that we have open at the moment.

We’ll begin with the cards that we actually use on a daily basis, beyond just making purchases for the signup bonus.

Obviously, points earned through daily purchases are far inferior to the huge welcome bonuses out there, but it’s still good to maximize those moments when you’re not spending towards a welcome bonus.

Business Platinum Card from American Express

Josh

American Express Aeroplan Reserve Card

Ricky

American Express Platinum Card

Amy

American Express Gold Rewards Card

T.J.

American Express Cobalt Card

T.J.

American Express Business Edge Card

Kirin

RBC Avion Visa Infinite + Visa Infinite Privilege

Ricky

RBC Avion Visa Infinite Business

Amy

CIBC Aeroplan Visa Infinite Privilege Card

Ricky

CIBC Aeroplan Visa Infinite Card

Amy

TD Aeroplan Visa Infinite Card

T.J.

TD Aeroplan Visa Business Card

Josh

Scotiabank Gold American Express Card

Kirin

MBNA Alaska Airlines World Elite Mastercard

Ricky

HSBC World Elite Mastercard

Josh

Canadian Tire Triangle World Elite Mastercard

Kirin

Desjardins Cash Back World Elite Mastercard

Josh

Costco Mastercard

Amy

This is not a card I carry for its travel rewards. I signed up for this card quite a few years ago, and keeping it helps to maintain my average age of accounts, which is a component of one’s credit score.

Aside from this, it’s a no-fee card and does earn 3% cash back on dining, which comes in handy for those places that do not take my Amex Platinum or Cobalt cards.

Simplii Visa Card

Kirin

I’ve written about this card at length so won’t bore you. If you sign up for a Simplii chequing account bonus, do yourself a favour and get this card, too.

4% cash back at restaurants for when the dreaded No Amex Maitre’D shows up is always key. That’s what I mainly use it for, but it’s also not a bad backup grocery card for places like T&T in a pinch.

What’s in Our Sock Drawers?

Let’s move on from the wallet to the “sock drawer,” which is a metaphor for where credit cards go when you’re not using them for everyday spending.

These cards might only be good for the welcome bonus, or they might be long-term keeper cards for very specific benefits but with otherwise limited appeal.

Marriott Bonvoy Personal + Business American Express Cards

Josh

American Express Business Gold Rewards Card

Josh

CIBC Aeroplan Visa Card

Ricky

CIBC Aventura + Dividend Visa Card

Ricky

TD First Class Travel Visa Infinite Card + CIBC Aventura Visa Infinite Card

Josh

TD Aeroplan Visa Platinum Card

Josh

TD Business Travel Visa Card

Amy

BMO Air Miles World Elite Mastercard

Amy

BMO CashBack World Elite Mastercard

Kirin

WestJet RBC World Elite Mastercard

Ricky

MBNA Rewards Platinum Plus Mastercard

Josh

MBNA Best Western Rewards Mastercard

Kirin

Rogers World Elite Mastercard + Tangerine Money-Back Credit Card

Josh

Capital One Aspire Travel Platinum Mastercard

T.J.

This is a card that has lived in my sock drawer for the last five years or so. I was originally attracted to being able to use the points against any travel expense, but that got old quickly after my first “real” award redemption. I’ve had the card for around 10 years now, but I haven’t used it since discovering other better cards out there.

Crypto.com Jade Green Visa

Josh

YOLO! 🚀

Truth be told, I’m not making a ton of purchases with this card lately. Most of my spending has been on other cards, as I have a few new minimum spend requirements to focus on (as I often do). Whenever I do hit a lull with my other cards, I’ll take advantage of 3% rewards in the form of CRO. However, for tax reasons, I’m hesitant to earn (and sell) rewards as a token that I’m not actively accumulating.

For now, instead of earning CRO on everyday spending, I’ve mostly been using the platform for Crypto Earn. I’ve also been adding to my cryptocurrency portfolio by buying other assets with fiat.

What’s in Our US Wallets?

Hopping south of the border, it’s all about playing the long game. We’ve each got varying numbers of US credit cards open, depending on how deep we’ve gone into the US game so far.

American Express US Platinum Card

Ricky

It’s probably overkill to hold all four Platinum cards between the US and Canada – but that’s exactly the situation I find myself in at the moment.

I had first applied for the Amex US Platinum Card two years ago, earning a bonus of 75,000 US MR points (which admittedly pales in comparison to the 100,000 points we’ve seen recently).

Over the course of the first year, I found plenty of value in the 5x points earnings on airfare purchases, the ongoing Amex Offers, and the refer-a-friend bonuses that I decided to keep the card for a second year for another US$550.

(The fact that Amex US strictly enforces a once-in-a-lifetime signup bonus rule means that there’s little chance of capturing a card’s excellent first-year value on a repeated basis. It’s all about whether the ongoing benefit outweighs the fee, and I was just about sufficiently swayed to continue into the second year.)

Of course, the coronavirus pandemic would then arrive, leading Amex US to introduce a series of generous monthly credits in 2020 followed by US$180 in PayPal credits for the first half of 2021.

Combine that with the standard credits and perks on the Platinum Card, and I’ll still be coming out ahead this year, so I might very well decide to play yet another round.

American Express US Business Platinum Card

Ricky

It’s a similar story with the Amex US Business Platinum Card. I had opened it two years ago for 100,000 US MR points, and then gotten tremendous value out of the complimentary WeWork Global Access membership that came with the card.

The WeWork access ended in 2020, but I’m still getting a 25% discount on my monthly WeWork membership through an Amex Offer. Throw in a very welcome US$200 appreciation credit in 2020 and the US$200 in Dell credits every year (for which I tend to purchase Xbox Store gift cards before reselling them at a discount), and I’m still coming out ahead well into Year 2.

Having said that, the card’s US$595 annual fee is extremely steep, no matter how you slice it. I probably would’ve dropped the card last year if it weren’t for the US$200 appreciation credit, so unless I get another one of those (or an equivalent retention offer) this year, I’ll most likely say goodbye to this card and stick with the personal variant.

American Express US Gold Rewards Card

Josh

This card has been my new favourite toy since I opened it last summer. I’m earning 4 US MR per US dollar spent at restaurants, equivalent to approximately 3 US MR per Canadian dollar. I intend to use these points for airline transfers at a higher value than the 5 MR Select points I’d earn with my Cobalt Card.

I’ve also been fortunate enough to benefit from a few well-timed elevated referral offers. All things considered, I’ve managed to haul over 200,000 points in my first six months with the card, on a single card, all without excessive spending.

And I’m not gonna lie, I’m not usually about this, but I absolutely love the look and feel. It’s my favourite card to use in public – no mobile wallet for this metal beauty. I’m actually hesitant to switch over to Rose Gold!

Also held by: Ricky, Amy

American Express US Green Card

Kirin

Looks like lounge is back on the menu, folks! With the recent depressing news about Plaza Premium pulling out of Priority Pass, the American Express Green Card’s LoungeBuddy credits just became viable alternatives. That’s how I’ll be using it.

Aside from that, I enjoyed the welcome bonus on signup, and feel that the 3x US MR points per USD spent on travel has great potential in the future. When I want to avoid the dreaded pop-up, I’ll also switch my Uber to this card for a month, and the expenses will help wipe it clean (plus 3x on delivery and rides is a nice touch).

For US$150 per year, I feel it’s a great card to hold, and the Amex Offers in the US are usually much better than those we get up north. It’s also a cost-effective way to keep my US MR points alive.

Also held by: Amy

American Express US Marriott Bonvoy Brilliant + Business Cards

Amy

Keeping these two cards is a no-brainer since we tend to stay at a lot of Marriott properties when we travel. Having status with Marriott has given us great perks like suite upgrades (space is greatly appreciated when travelling with kids) and free breakfast for the family.

Holding both the US Bonvoy Brilliant and US Bonvoy Business cards effectively gives me 30 elite nights every year, which more than halves the annual requirement to achieve Platinum Elite status to maintain these benefits. With both cards, I’m also well on my way to achieving lifetime Platinum status.

Let’s also not forget the Free Night Awards that come with both cards. The 50,000-point certificate with the Brilliant, plus its US$300 Marriott credit, will more than make up for the annual fee.

On top of that, there are usually plenty of Amex Offers on the card for additional statement credits, and the Brilliant also comes with no foreign exchange fees, so it’s great for paying for my hotel stays when I’m abroad.

Also held by: Ricky, Kirin, Josh (Business only)

American Express US Hilton Honors Aspire + Business + no-fee cards

Ricky

Over the years, I’ve picked up three Amex US Hilton cards: the no-fee Hilton Honors Card, the Hilton Business Card, and the Hilton Aspire Card.

I earned welcome bonuses of 80,000, 130,000, and 150,000 Hilton Honors points, respectively, although we’ve seen higher limited-time offers as recently as earlier this year.

I tend to keep all three Hilton cards in my sock drawer as long-term keeper cards, all for different reasons:

• The no-fee Hilton Honors Card is my oldest active US card, so keeping it open forever allows me to keep my US credit history in tip-top shape in the long run.
• The Hilton Business Card provides an annual Free Weekend Night Reward upon spending US$15,000 in a calendar year. With rising volumes of business spending over the years, I plan to keep this card for meeting this threshold and earning a free weekend night every year, which I can then redeem for a high-value aspirational stay at a Hilton property.
  • If I were to get the Hilton Surpass Card at some point, I’d probably also set it aside for this specific purpose as a long-term keeper.
• The Hilton Aspire Card gives me top-tier Hilton Diamond status as long as I’m a cardholder, which is invaluable for unlocking the best elite experience at a Hilton hotel. There’s also an annual Free Weekend Night Reward every year, which can be redeemed at the vast majority of Hilton’s properties. Plus, if I can maximize the US$250 credits for airline incidental fees and Hilton resorts, I’ll even be coming out ahead against the card’s US$450 annual fee, so I have no doubt that I’ll be keeping the Hilton Aspire Card open indefinitely as long as it retains its current structure.

I rarely use the Hilton cards in terms of everyday spend, besides for earning the free night certificate on the business card, paying for Hilton hotels and earning 14x points on the Hilton Aspire, and loading up my Starbucks account to unlock the 2021 dining credits.

Also held by: Josh (no-fee only), Kirin (no-fee only), Amy (Aspire only)

Chase Sapphire Preferred

Kirin

So somehow I got approved for the legendary Chase Sapphire Preferred. Apparently my bank account statement counted as acceptable proof of address. I’m a happy camper.

I’ll be happier when I get the 80,000 Chase Ultimate Rewards points after spending US$4,000 during the first three months, but as this card is a Visa with no FX fees and also just looks super boss, I don’t think that’ll be a problem.

The biggest hurdle was approval; the card’s earn rates of 2x on dining, grocery, and gas is very strong for the US$95 annual fee.

Also held by: Ricky

Chase IHG Mastercard

Ricky

I applied for the Chase IHG Mastercard just over a year ago. Truth be told, I’ve barely gotten any value out of it, even though the card makes sense as a long-term keeper card on paper.

Yes, I had earned a signup bonus of 125,000 IHG Rewards points. I redeemed some of these points for two free nights in Auckland in late 2019, but as I soon found out, the experience of staying with IHG’s hotels tends to be several notches below what you can expect from Marriott, Hilton, or Hyatt.

Yes, the card comes with instant IHG Rewards Platinum status. That gets you a modest room upgrade if you’re lucky – don’t hold out any hope for free breakfast, which isn’t even accessible to IHG’s top-tier Spire Elite members!

Yes, the card comes with an anniversary free night award worth 40,000 IHG Rewards points, which on paper should outweigh the US$89 annual fee every year. But since my hotel priorities are largely concentrated with Marriott, Hilton, and Hyatt (where I can enjoy actually meaningful elite benefits), I would almost certainly need to go out of my way to use up this “free” stay with IHG every year.

I’ll be reassessing whether or not to keep this card when the next year’s annual fee comes due, depending on my success with redeeming the free night award at a hotel that actually suits my needs.

One thing’s for sure: I hugely regret having picked the Chase IHG over the Chase Hyatt Visa back in the day – a card for which I’ll be applying very shortly now that I’ve dipped back under 5/24.

Citi Premier Card

Ricky

The Citi Premier Card is my sole product with Citi, and I had applied in late 2019 for 60,000 Citi ThankYou points. I’ve since found this card to be a very good deal for its US$95 annual fee. 

In particular, the card’s 3x earning rate on supermarkets extends outside of the US as well, so I’ve found it to be a great fit for grocery shopping at home in Canada. While the Amex Cobalt can be a powerful way to earn points at grocery stores that accept it, we tend to shop at No Frills a fair bit too, where Mastercard is the preferred tender. 

I’ve been very satisfied with earning 3x ThankYou points per US dollar spent, allowing us to use our grocery spend to get closer to the next “niche” redemption via the Citi ThankYou program, such as ANA First Class on Virgin Atlantic miles or Turkish Miles&Smiles for cheap North American awards.

Conclusion

The guiding philosophy for maximizing credit cards has always been to focus on welcome bonuses over earning points on everyday spending.

Having said that, it’s still worth developing an over-arching strategy and figuring out which cards provide the best returns for the majority of your spending, and then simply keeping those cards in your wallet and using them when the time is right.

In this post, we’ve shared our approach for both claiming the signup bonuses on new credit cards and maximizing your returns on your regular spending, and I hope you find it helpful in guiding your own strategies: which cards to get, which cards to spend on, and which cards to keep long-term on both sides of the border.