My Credit Card Setup Is OUT OF CONTROL (High Annual Fees)

[@MattWelterOfficial]

What is the total annual fee in your Credit Card Setup? ⬇ 🎥Watch this video on 10.5 Things I Stopped Buying: kzbin.info/www/bejne/gHyvpZyMqZpnZ6s

[@luisserrano863]

Perfect timing, I was literally reevaluating my annual fees and looking to cut some fees down as I have gotten to over 2K in annual fees. You bring up a lot of good things to consider. One thing I'm looking at is overlapping benefits like Priority Pass as I currently have 3 Priority Passes and I don't need that much.

[@MattWelterOfficial]

Awesome. Really glad this video was valuable! Absolutely- overlapping benefits is a great way to understand which Cards to cut, because if you can get similar benefits across multiple Cards, you probably don't need more than one, centralized one. Thanks for watching Luis!

[@Cody.Little]

I feel this 😂 I’ve been adding more hotel cards and a few are expensive. The ritz is basically a must cause of the sapphire lounge, but I also want the brilliant and those two alone are over $1k. Toss in the other hotel cards, VX, CSP, and a few others and it starts to get crazy

[@MattWelterOfficial]

Definitely haha. It's hard to even realize it until we actually look at the Fees haha. At the end of the day, the annual fee itself doesn't matter as much as long as the perceived value is more than the Fee. Thanks for watching Cody!

[@johnmckinstry6057]

Great video, Matt! Annual Fees are definitely something to consider when getting a card. I agree that the amount of value that someone can get from a credit card should equal or outpace the annual fee. The annual fees in my setup total $344 with the Hilton Honors Surpass ($150), IHG One Rewards Premier ($99), and the Chase Sapphire Preferred ($95). I think I am getting more than $344 in value out of these cards because I will use the $50 Hilton Credit every quarter, even if it's to buy a Hilton Gift card. When i redeem my annual free night certificate with IHG, I pick a room that would normally cost quite a bit more than $95 if I was paying cash. I haven't used my CSP $50 travel credit yet, but I plan to use that in the spring of 2025 before the end of year one of me having the CSP.

[@MattWelterOfficial]

Nice John! Yeah that is what it's all about. Making sure that you are specifically getting more value than the annual fee. It's awesome that you are tracking the benefits you are using and are confident in those outpacing the fees. Thanks so much for your support as always!

[@vickiarnold7300]

Great job on KZbin ♥️

[@MattWelterOfficial]

Thanks so much for watching Vicki!

[@Bangpaulxu]

Very good informative video Matt!💪💪💪

[@MattWelterOfficial]

Thanks so much Paul!

[@jeremymoore450]

Matt, I am at the stage in my life where no AF cash back cards are where I go for now. I have kids and to travel or to try and get value out of hotel cards won’t happen. You can write off the business cards AF correct? I know you can’t write of the personal cards. But business you can write off the AFs. So that might make it easier but I dnk. This all seems high to me anything over 95 dollars is to rich for my blood lol.

[@MattWelterOfficial]

Yes, you are correct that you can write off Business AFs! Which like you said certainly helps haha. Totally fair- whatever fits your lifestyle or preferences the most, different paths for everyone. Appreciate your support as always Jeremy!

[@dyhppyx]

Matt look into the purchase protection benefit

[@MattWelterOfficial]

True! Thank you for the suggestion!

[@qcman2000]

Very thoughtful video Matt. If your home airport had a Sapphire Lounge or C1 lounge as well, do you think you’d still want the Platinum bc of the other benefits (& the your airport would still have a Centurion, of course), or would you opt for one of the other cards, since those other 2 have free guests for their lounges? (For now, anyway 🙂)

[@MattWelterOfficial]

That would definitely be a consideration I'd have to make. I would still for sure get the Amex Platinum at some point at least for the welcome bonus. In terms of long-term though, I could definitely see myself just running with the Venture X if there was a C1 lounge in SEA as well. Really appreciate you watching!

[@danny.dg17]

now imagine just having an Amex gold and platinum and having your annual fee for just those two cards be $1,020 dollars for just those two cards is that worth it?

[@bradxiao]

Pump that rookie numbers up lol I'm sitting at 3k right now. Mainly due to multiple aspire cards

[@MattWelterOfficial]

Nice Brad! I'll get there someday haha.

[@CrypticGalaxy0]

Why not go for the chase sapphire reserve. It does have technically a lower annual fee of $550?

[@MattWelterOfficial]

Doesn't work for my own situation living in SEA with no Chase Sapphire Lounge & not a straightforward way to cancel out the annual fee with tangible benefits. Thanks for watching!

[@TheRatatar]

My annual fees are over $2000 but I can offset those annual fees. As long as I know I can offset the fees I will get more cards 😅

[@yer992]

First!

[@MattWelterOfficial]

🥇

[@c50grand2]

I have 10 annual fee cards with an annual fees total of $2,970. This all changes in 2025 because I’ll be downgrading most of these cards

[@SOXGATORS]

👍🏻

[@MattWelterOfficial]

Thanks so much for watching!

[@Adiscretefirm]

Annual fees +5

[@MattWelterOfficial]

Thank you for watching!