Please note this site has financial relationships with American Express and this post may contain affiliate links. Read my Advertiser Disclosure policy here to learn more about my partners.
The few posts I have done about what to do with rewards credit cards after the first year have generated some good discussion, so I thought it would be fun to do a series entitled: Keep it, Downgrade it, Dump it. This series will look at the pros and cons of keeping the rewards credit card, downgrading the card to a fee-free version, or canceling the card (aka “dump it”) after the first year. I plan to do this for many of the major rewards cards that lots of us have in our wallets (or in our drawers, safes, etc.) It is a decision we all have to make on each card annually, so while talking about cancelling isn’t quite as fun as talking about sign-up bonuses, I think it is just as important.
The first card featured will be the American Express Platinum card – I have to make my own “keep it, downgrade it, or dump it” decision on that card this month, so it was a logical starting point. Look for that post to launch within the next week. However, I would love to hear what other cards you would like to see discussed. I know the Chase British Airways card is one that I have received requests to post about in the past, especially since I know lots of folks got that card last year during the 100,000 mile sign-up bonus frenzy. Let me know what other cards you would like to see featured in this series, and I look forward to some great discussion about what to do with each of these cards after the first year!