Only you can say if a card is worth keeping or not. Are you getting value from the card that offsets the fee? Card benefits have different values for different people and lifestyles.
@Anonymous wrote:Hello, total newbie here.
I was just wondering what you guys opinion is about dropping at least one of those high cost Credit Cards and the reason why?
I have a Platinum as well as a Business Platinum on top of the Chase Sapphire Reserve and Chase Business Plus.
With the increase in yearly fees should I drop some of them and which one would you keep?
I greatly appreciate all and every advise and thank you in advance!
I don't know what the Chase Business Plus is.
I don't consider the Chase Sapphire Reserve a "high cost" card, because the $300 travel credit immediately wipes out $300 of the $450 annual fee. To me the CSR seems to produce great value for its cost.
With the Amex platinum cards, it depends on whether you can really get sufficient value out of them, and whether you are more likely to use the personal card or the business card. I had the Amex Business Platinum, but didn't realize much value from it, so I dropped it. The annual fees are super high on these, so unless I had a real plan on how to get lots of value from them, I'd ditch them.
@Anonymous wrote:Sorry, my bad. I meant Business Plus Ink.
Well that card has no annual fee at all, so it's anything but a high cost card. And there's no down side to it.
I would love to have one of the cash back Ink cards some day, when Chase thinks me worthy.
@Anonymous wrote:What does downgrade mean?
It means changing to a card with a lower Annual Fee within the same card family. So the Chase Sapphire Reserve can downgrade to the Sapphire Preferred. The Amex Platinum can be downgraded to the Gold or Green charge cards. So instead of closing your account, you can downgrade and still keep the original card's age/history and credit limit.
