What Credit Card Details To Keep Track of and Why It’s Important

With so many valuable credit cards on the market, it makes sense that many people have multiple cards. In fact, quite a few of us at Upgraded Points have more than 15 credit cards. While that may seem extreme, having several travel-rewards cards allows us different options to redeem points and miles for once-in-a-lifetime opportunities.

However, with so many credit cards, it’s easy to lose track of welcome offers, spending requirements, perks and benefits, and even why you got the card in the first place. Having a system to keep track of multiple credit cards is important to ensure you don’t miss out on rewards and perks or miss a payment. It also helps you decide whether it’s worth it to keep a card for another year.

Here’s why it’s important to keep track of your credit cards and what you should track specifically to get the most out of them.

Why It’s Important To Keep Track of Your Cards

Even with so many excellent travel rewards cards available, it’s rare that just one of them offers all the perks and benefits you’re looking for. That’s why people who collect points and miles often have several.

And the more credit cards you have, the more organized you must be to get the most out of them. You also want to make sure you’re not unnecessarily keeping a card you don’t have a use for anymore.

Whether you use an app, create a spreadsheet, or make a handwritten list to keep track of your credit cards, you should have a system to get the most out of each one.

What Is Most Important To Track

With multiple credit cards, the more organized you are, the better. Not only does each card have its own terms and conditions, but you also have a different set of things to account for. This includes welcome bonuses, credit limits, payment due dates, interest rates, and annual fees, among others.

Here’s a look at some of the most important things to keep track of if you have multiple credit cards.

Welcome Offer

Generally speaking, the welcome offer is the most enticing part of getting a new credit card. Credit card welcome bonus offers, sometimes known as sign-up bonuses, are a reward card issuers provide to cardholders for applying and meeting specific spending requirements.

For travel rewards cards, welcome bonuses often come as points or miles, which can be redeemed for flights, hotels, and other travel-related expenses. These can be worth thousands of dollars if redeemed correctly and are the largest amount of points you will typically ever get.

It is important to note that welcome bonuses are constantly changing. Some cards offer increased welcome bonuses during special promotions. If you see a limited-time offer with a higher-than-usual welcome bonus, it might be worth applying.

Tracking welcome bonus offers is essential to ensure you know exactly how many points or miles you’ll earn. The last thing you want is to find a business class seat available for 50,000 miles only to discover you’ve received only 40,000 miles from your welcome bonus and forgot to note what the exact bonus amount would be.

Hot Tip:

When applying for a new credit card, it is a good idea to take a screenshot of the welcome bonus for the card you are applying for. Doing so can clear up any potential issues that may arise.

Minimum Spending Requirement

To receive a welcome bonus, cardholders must meet a spending threshold, commonly referred to as the minimum spending requirement. This spending requirement must be met within a specific time frame, usually 3 months.

It is extremely important to know the exact terms of the welcome offer you are to receive. Missing the minimum spending requirement, even by a single dollar, will make you ineligible for a welcome bonus.

This can be a huge loss since welcome bonuses are where many cardholders get a majority of their points. Unfortunately, this happens a lot more than you would think.

Hot Tip:

When working toward a welcome bonus, it’s advised to spend slightly more than the required amount to cover any unexpected events, such as returns or credits.

Date of Approval

Another important detail to keep in mind regarding welcome bonuses is the credit card’s approval date. The welcome bonus period starts on the day you’re approved for the card, not the day the card physically arrives.

This means that you will need to begin spending immediately to reach the minimum spending threshold within the allotted time frame. This date is crucial since many people have missed out on a welcome bonus by assuming the spending period begins when they receive the card rather than the approval date.

Whether You Received the Welcome Offer

You want to make sure that you actually received the welcome offer for a given card. Although welcome offers typically post without issue, usually within a few weeks of meeting a minimum spending requirement, a problem may come up from time to time.

Although it may not be difficult to remember whether you received the welcome bonus for a card, it can become complicated if you are working towards multiple welcome bonuses during similar timeframes.

Hot Tip:

Read a first-hand account of how Upgraded Points’ Katie Seemann lost 65k AAdvantage miles by not reading the fine print in her welcome offer.

Annual Fee

Many travel rewards cards come with an annual fee, usually billed every year on the anniversary date of when you opened the account.

Cards with premium travel rewards or benefits may charge higher annual fees, while others, such as basic or no-frills cards, may not have an annual fee at all. Additionally, some cards waive the first annual fee, allowing you to try the card for at least some time without that cost.

If a credit card does have an annual fee, you will have to evaluate whether the rewards or benefits you earn from the card justify the annual fee. If they do not, it may be a good idea to cancel or downgrade a card. For that, you need to keep track of the annual fees and when they are charged.

Additionally, it’s important to note whether or not a card has foreign transaction fees since those can end up negating the value of any rewards earned. When you travel outside the U.S., you will want to make sure you use a card that doesn’t charge you extra for purchases made abroad. Fortunately, many cards have no foreign transaction fees.

Bonus Categories

Using the right credit card is extremely important to maximize your rewards. You should always use the card with the highest rewards rate for each purchase. However, this can be challenging if you have multiple cards with differing rewards-earning rates.

Ideally, every card you carry should serve a specific purpose. For example, the American Express^® Gold Card is a favorite here at Upgraded Points, thanks to its high earning potential in everyday spending categories.

BEST FOR DINING

Terms Apply / Rates & Fees

American Express^® Gold Card

U.P. Rating 

The rating for this card has been determined by our own industry experts who know the in's and out's of credit card products. Bonuses, rewards as well as rates and fees are all taken into account. Compensation from the issuer does not affect our rating. We only recommend products we either use ourselves or endorse.

This is the best card for food lovers who dine out at restaurants (worldwide), order take-out and want big rewards at U.S. supermarkets!

Apply Now(at Amex's secure site)

Apply With Confidence

Know if you're approved with no credit score impact

If you're approved and accept this Card, your credit score may be impacted.

American Express^® Gold Card

This is the best card for food lovers who dine out at restaurants (worldwide), order take-out and want big rewards at U.S. supermarkets!

Welcome Offer

You may be eligible for as high as 100,000 Membership Rewards^® Points after you spend $6,000 in purchases on your new Card within the first 6 months. Apply With Confidence and, if approved, find out your welcome offer before deciding to accept the Card. You may not be eligible for the maximum welcome offer amount.

As High As 100,000 Points (Find out your offer)

UP's Bonus Valuation*:

$1,200

Annual Fee

$325

APR

See Pay Over Time APR

Credit Recommended

Upgraded Points credit ranges are a variation of FICO^®Score 8, one of many types of credit scores lenders may use when considering your credit cardapplication.

Good to Excellent (670-850)

Why We Like This Card

The American Express^® Gold Card is a game-changer.

With this card, you can earn 4x Membership Rewards points at restaurants, up to $50,000 per calendar year, and you’ll also earn 4x Membership Rewards points at U.S. supermarkets on up to $25,000 per calendar year, then 1x.

There isn’t another card on the market that offers a 1-2 punch like this. Of course, there are several other benefits of the Gold Card as well, including extra monthly dining rewards and more.

Pros & Cons

Pros

• 4x points per dollar at restaurants worldwide, up to $50,000 per calendar year; then 1x thereafter
• 4x points per dollar at U.S. supermarkets, up to $25,000 per calendar year; then 1x thereafter
• 3x points per dollar on flights purchased directly from airlines or at AmexTravel.com

Cons

• $325 annual fee (rates and fees)
• No lounge access

Read Full Review

Card Highlights

• You may be eligible for as high as 100,000 Membership Rewards^® Points after you spend $6,000 in purchases on your new Card within the first 6 months. Apply With Confidence and, if approved, find out your welcome offer before deciding to accept the Card. You may not be eligible for the maximum welcome offer amount.
• Earn 4X Membership Rewards^® points per dollar spent on purchases at restaurants worldwide, on up to $50,000 in purchases per calendar year, then 1X points for the rest of the year.
• Earn 4X Membership Rewards^® points per dollar spent at US supermarkets, on up to $25,000 in purchases per calendar year, then 1X points for the rest of the year.
• Earn 3X Membership Rewards^® points per dollar spent on flights booked directly with airlines or on AmexTravel.com.
• Earn 2X Membership Rewards^® points per dollar spent on prepaid hotels and other eligible purchases booked on AmexTravel.com.
• Earn 1X Membership Rewards^® point per dollar spent on all other eligible purchases.
• $120 Uber Cash on Gold: Add your Gold Card to your Uber account and each month automatically get $10 in Uber Cash for Uber Eats orders or Uber rides in the U.S., totaling up to $120 per year. Effective 11/8/2024, an Amex Card must be selected as the payment method for your Uber or Uber Eats transaction to redeem the Amex Uber Cash benefit.
• $84 Dunkin' Credit: With the $84 Dunkin' Credit, you can earn up to $7 in monthly statement credits after you enroll and pay with the American Express^® Gold Card at U.S. Dunkin' locations.
• $100 Resy Credit: Get up to $100 in statement credits each calendar year after you pay with the American Express^® Gold Card to dine at U.S. Resy restaurants or make other eligible Resy purchases. That's up to $50 in statement credits semi-annually. Enrollment required.
• $120 Dining Credit: Satisfy your cravings, sweet or savory, with the $120 Dining Credit. Earn up to $10 in statement credits monthly when you pay with the American Express^® Gold Card at Grubhub, The Cheesecake Factory, Goldbelly, Wine.com, and Five Guys. Enrollment required.
• Explore over 1,000 upscale hotels worldwide with The Hotel Collection and receive a $100 credit towards eligible charges with every booking of two nights or more through AmexTravel.com. Eligible charges vary by property.
• No Foreign Transaction Fees.
• Annual Fee is $325.
• Terms Apply.

Financial Snapshot

• APR: See Pay Over Time APR
• Foreign Transaction Fees: None

Rewards Center

American Express Membership Rewards

With the Amex Gold card, you can earn 4x points at restaurants on up to $50,000 per calendar year in purchases (then 1x) and 4x points at U.S. supermarkets on up to $25,000 per calendar year in purchases (then 1x). The Amex Gold card also earns 3x points on flights purchased directly from airlines or at AmexTravel.com.

If you frequently spend at restaurants or U.S. supermarkets, it may be a good idea to carry the Amex Gold card. If you have the card but use another that earns less on those spending categories, you are losing out on highly valuable points.

The same concept applies to all other spending categories, whether it be flights, shipping services, gas, or online retailers like Amazon.

Payment Due Dates

It’s very important to pay your card on time and in full each month. Most travel-rewards cards have a higher APR (Annual Percentage Rate), which can result in paying a lot of interest. You want to avoid carrying a balance and paying any interest since that can negate the value of any potential welcome bonus and points earned.

Payment history is the single most important factor affecting your credit score, accounting for 35% of your overall score. A single late payment can stay on your credit report for years, which can affect your ability to get loans or lower interest rates in the future.

Hot Tip:

We recommend that you always pay off your credit card balance in full each month. The only exception is if you are taking advantage of 0% APR promotions. In that case, it is still important to know exactly when the balance is due to avoid any interest.

Contacting each credit card issuer and setting up a specific payment date can simplify your payments and help avoid late payment fees. For many, it is easier to pay credit card bills on a specific day each month.

Setting reminders is also a great idea. Most credit card issuers allow you to set up payment reminders for various things, including when your statement is ready, when your bill is due, and when a payment has been posted to your credit card account.

Lastly, you can also set up automatic payments. With this feature, payment is automatically deducted from your bank account each month on a specific date (whether on the due date or a date you choose). This helps ensure your credit cards are being paid on time every month.

If you miss the payment due date, most credit card issuers will charge you a late fee, which can be upwards of $25. Repeated late payments could result in even higher late fees and penalties.

Hot Tip:

You can set up reminders and automatic payments through mobile banking apps or online banking tools.

Perks and Benefits of Each Card

Many cards offer benefits that can help justify keeping them. It’s important to keep track of what perks and benefits are available.

Some credit cards offer statement credits that can help offset the annual fee, such as credits for TSA PreCheck or Global Entry application fees. These credits may be issued monthly, quarterly, biannually, or annually, and it’s important to use them so they don’t go to waste.

Many credit cards also provide benefits that other cards do, which can be the case for premium cards with high annual fees. For example, many premium cards provide lounge access, which can significantly improve travel. However, you do not want to be paying for the same benefit on multiple cards.

When To Cancel or Downgrade Cards

As mentioned, many cards have annual fees charged for simply having the card. Knowing when to cancel or downgrade a credit card is important since you do not want to unnecessarily pay a fee to keep a card that no longer provides enough value.

Deciding when to cancel or downgrade a credit card depends on your financial goals and how well the card aligns with your current needs.

In most cases, it’s preferable to downgrade a card with an annual fee to a no-fee version, if available. This is because downgrading a card allows you to maintain your credit history and avoid potential negative impacts on your credit score.

Here’s a look at several factors to consider when to cancel or downgrade a card:

Annual Fee Is No Longer Worth It

If the benefits and rewards you receive from the card no longer justify the annual fee, consider downgrading or canceling. This is especially true if a different card can provide the same or similar perks and benefits.

Additionally, card issuers may periodically increase the annual fee of a card with the addition of a new perk or benefit. You should evaluate whether those new additions make having the card still worthwhile despite the higher annual fee.

If You Can’t Justify the Card’s Perks

Most credit cards come with one or more perks and benefits that can provide significant value, such as airport lounge access, travel credits, or purchase and return protections.

If the benefits no longer provide the same value to you, or if a credit card removes a benefit you valued, it could be a good idea to downgrade or cancel the card.

Changed Spending Habits

If your spending patterns were to change and the card’s rewards structure no longer aligned with your current needs, you could justify downgrading or canceling the card.

In fact, it’s always a good idea to review your spending habits, so that you can concentrate on cards thay will give you the most return in the categories you spend the most on.

Considering a New Card

You may be after a next card that aligns with your financial goals or spending habits. In that case, it may make sense to cancel or downgrade cards that you no longer use or need. This is particularly important if the cards have have high fees or if you’re nearing your credit limit with a specific credit card issuer.

Hot Tip:

If you decide to cancel a card, make sure to move your points to another account or redeem them prior to closing the account.

Final Thoughts

Staying organized is extremely important when managing multiple credit cards. A system can help you easily track credit card welcome bonuses, payment due dates, rewards, bonus categories, and fees.

Additionally, a system will make it much easier to know if you are taking full advantage of the benefits and perks a credit card has to offer. This also makes any decision on whether to keep, downgrade, or cancel a credit card significantly easier.