99. Keep, Cancel, or Change: Simple Steps to a Stronger Credit Card Portfolio
Point Me To First Class
Devon Gimbel MD
5 • 1K Ratings
🗓️ 20 January 2025
⏱️ 34 minutes
🧾️ Download transcript
Summary
In this episode, I walk you through my simple 5-step process for evaluating which rewards credit cards deserve to keep their coveted spots in your wallet for another year. I explain why regularly assessing your card lineup is crucial for aligning your strategy with your evolving points goals and spending patterns.
By the end, you'll know exactly how to decide whether to keep, cancel, or product change every card in your portfolio. I also share my top tips for safeguarding your points and your credit score before making any big moves. If a credit card checkup isn't part of your yearly financial routine yet, this episode will convince you to make it a habit!
Get full show notes and transcript: https://points.pointmetofirstclass.com/blog/annual-credit-card-checkup
Eager to learn the secrets of award travel so that you can turn your expenses into unforgettable experiences? Join the Points Made Easy course waitlist here: https://pointmetofirstclass.com/pointsmadeeasy
Transcript
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| 0:00.0 | Welcome to Point Me to First Class, the only show for employed professionals, entrepreneurs, and business owners who are looking to optimize their higher than average expenses to travel the world. |
| 0:11.4 | I'm your host, Devin Gimble, and I believe that your expenses are your greatest untapped asset, if you know how to leverage them. |
| 0:18.3 | Ready to dive into the world of credit card points and miles so you can |
| 0:21.1 | travel more, travel better, and travel often. Let's get started. Hello, everyone, and welcome |
| 0:31.6 | back to the podcast. It is a new year, and with that, you likely have new points travel goals. I know I do. |
| 0:39.7 | And while I definitely spend time every January mapping out my points plan for the year, |
| 0:45.0 | there's something equally important that I never overlook. And that's what we're going to be |
| 0:49.3 | covering on the podcast today. Because if you've been in this point's hobby for more than a year, |
| 0:54.7 | you are going to want to make sure to perform an annual exam of your credit card portfolio. |
| 0:59.7 | Think of this as a way of maintaining the health of your wallet and ensuring that old, |
| 1:04.6 | outdated, or just no longer useful credit cards to you don't clog up your portfolio. |
| 1:13.0 | Luckily, a credit card portfolio annual exam is painless and doesn't involve shots, speculums, or bowel prep. And you don't even have to |
| 1:19.3 | leave your house so you have nothing to fear. For those of you who are newer in your point's journey |
| 1:24.7 | and haven't yet held any rewards cards for at least one year. |
| 1:29.1 | Don't worry. |
| 1:29.9 | You'll still want to follow along so that you're prepared to do an annual checkup on your |
| 1:33.6 | wallet when the time comes. |
| 1:35.9 | Keep, cancel, or change. |
| 1:38.4 | That is the primary question that you're going to be answering about every single one |
| 1:42.6 | of the credit cards in your portfolio |
| 1:44.4 | at minimum once per year as you run through your annual checkup exam. |
| 1:49.8 | Now, this doesn't have to be in January necessarily, but I find it's helpful to pick one |
... |
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