Which cards are in My Wallet: January 2020

With the holiday season over, 2020 marks the beginning of a new decade! I’ve actually got a big update, that isn’t directly a credit card update. Confused? Let me explain

Update

So for Christmas, I actually got a new wallet. The old one I was using was a really slim wallet, but still managed to hold a ton of cards. It’s seen better days though, and it was time to move on to something else. Unfortunately, getting that new wallet means that I’ll have really cut down on the number of cards I can carry around. Luckily, I also got a backup wallet though, which will be crucial on trips. That way, I can stash a set of cards in the backup and leave that in the hotel room/luggage Incase I get mugged or lose my wallet a different way. 

Cards In My Wallet

  1. Chase Sapphire Reserve
  2. Blue Cash Preferred
  3. Chase Freedom, 
  4. Mlife Card (MGM, Pearl Status)
Backup Wallet
  • Chase Ink Business Preferred
  • Capital One Walmart 
  • World of Hyatt
  • Discover

Strategy

  • Grocery Store: Blue Cash Preferred (6%)
  • Gas: Chase Freedom (5%)
  • Business Expenses: Chase Ink Business Preferred
  • Restaurants: Chase Sapphire Reserve (3x)
  • Travel: Chase Sapphire Reserve (3x)
  • Everything Else: Chase Sapphire Reserve (1x)

With the beginning of the new quarter, that meant that I have to take a look into what the rotating cards are offering. The best setup right now includes groceries on the Blue Cash Preferred, Gas on the Chase Freedom, business expenses on the Chase Ink Business Preferred. For restaurants, travel, and every other spending, the Chase Sapphire Reserve is a good candidate. For those of you wondering, I actually decided to keep my Mlife status card on me because I’ve been on the Las Vegas Strip pretty frequently, and with my status, I’m eligible for free parking. It isn’t the actual credit card though. 

As far as my backup travel wallet, I’ve tried to pick cards that do not have a foreign transaction fee. I would imagine I would probably prioritize the World of Hyatt card in a situation where I would be forced to use the backup. Though you never really know! This setup does offer a pretty balanced outlook.

Next Card

The next card I’m looking to apply for is the IHG credit card. Unlike my other applications, I actually don’t have a set schedule for when I’m planning to apply. The problem is I’m waiting to close on a house, so when that happens, I will run out and apply for this card, but until then, I’ll just have to sit around and wait.

The IHG card has an $89 annual fee and comes with a few key benefits. The first benefit is available right away, and that is the top tier status that can be used to match to different hotel loyalty programs. The second benefit that makes it a long term keeper card is the anniversary night every single year thereafter. 

Final Thoughts

The new wallet has honestly made it pretty difficult to really plan out my physical credit card strategy. The two definite cards I needed to have are the Sapphire Reserve and Blue Cash Preferred. These are both my favorite cards, and they offer a ton of value. While they are both already loaded on Samsung Pay, I needed to have the physical ones with me. 

On the bright side, I do have a backup wallet now which is perfect. I’ve always been worried I’ll be in a situation where I’m stranded somewhere with no access to any cards. Now though, I can rest pretty easy knowing that I have another set of cards to rely on. 

What is your credit card strategy for the new year? Let us know what you’re using in the comment section below. 

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