Choosing a Credit Card: Step 2—Keeper Cards
TL;DR: Once you’ve got your core cards, the next move is to build around them with high-value “keeper” cards—ones you’ll want to keep long-term thanks to strong perks and manageable fees. Since these aren’t essential, you can afford to wait for a great bonus instead of settling for the standard offer. Pick a few favorites and pounce when the timing is right.
Last week in Step 1 of our LazyPoints method series, we discussed adding a couple “core” cards to maximize your current spending and get you the perks and benefits you want over the long haul, preferably using cards that you can sign up for every day with the same, solid bonus.
This week: Step 2–keeper cards. There are a lot of great cards out there. These can enhance your travel or help you earn more on everyday spending—while keeping fees manageable. They can add long-term value to your wallet and give your travel budget a big boost upfront thanks to a welcome bonus. But because these aren’t necessarily “must-have” cards, it makes sense to be patient. Have a few in mind, and strike when the iron is hot. Here’s how.
What’s a keeper card?
Focus on high-value “keeper” cards. Keeper cards typically either have no annual fee, offer enough perks or credits to offset the fee, or provide premium benefits that you’re happy to pay for.
Here are some of my favorite keeper cards:
IHG Premier. Its solid bonus rates on gas and general travel—including commuting—plus IHG elite status, a free night annually, access to Chase offers, and discounts when booking with points make it a favorite “utility” card. (LazyPoints review)
Hilton Aspire. It’s pricey, but comes with top-tier Diamond status and a free night certificate that’s valid even at many of Hilton’s most luxurious properties. (LazyPoints review)
World of Hyatt. The free night pays for the card’s annual fee, while the card earns valuable Hyatt points and offers big rewards and elite status when staying with the chain.
Delta Amex Gold and Platinum. The discount on SkyMiles redemption alone may be worth it for the right person, and free checked bags are another plus. The ability to score free free upgrades and an annual companion pass on the Platinum version make it a very high-upside card at a manageable price. (LazyPoints Gold and Platinum reviews)
Chase Sapphire Reserve. Not for everyone, but the massive collection of credits could easily cover the annual fee, offering you arguably the best lounge access in the business along the way. (LazyPoints review)
For certain people, other airline or hotel cards might be good fits, as could other premium cards like the Amex Platinum.
Apply when the time is right
Once you have your core cards in place, though, there’s no real rush to add these keeper cards. You may want to prioritize some over others depending on application rules or your travel habits, but I recommend prioritizing maximized bonuses.
You can’t predict the future of card bonuses perfectly, but most established cards have a bonus history you can check (AwardWallet has a good collection). Generally, the best offers show up at launch, after a refresh, or in response to competition.
You can get a lot more travel if you apply at the right time. A 75,000 mile bonus on the Citi AA Platinum Select, for example, is enough for a free round-trip flight to Japan from most US airports, while the standard 50k bonus isn’t–and is worth about $250+ less in flight value as a result. Because that card offers 75,000 miles on a regular basis, biding your time can seriously boost your travel.
Every now and then, a bonus is so good that it’s worth grabbing even if the card doesn’t fit neatly into your long-term plans. For example, I picked up the Chase Sapphire Preferred when it was offering 100k points. After factoring in statement credits, it only costs about $50 to hold—so jumping on a record haul of valuable points made sense, even if the card rarely offers the best rewards in a wallet full of core and keeper cards. I can always cancel or downgrade later.
How to time these right? Sign up for LazyPoints Weekly, our newsletter (launching soon). Each week we highlight a great card with an elevated bonus, and point out others with offers well above their usual going rate.
You can also check out our card reviews. We aim to highlight the best ways to maximize your welcome offer. For example, Amex referral links are often worse than the public offer—but sometimes they’re way, way better. Meanwhile, many airline cards offer their best bonuses through targeted emails to frequent flyer members, in-flight or airport promos, or even during checkout when booking a flight. If there's a way to squeeze a few more points out of a welcome offer, we'll try to flag it.
Before you jump on a great bonus, just make sure the bank will actually approve you. You don’t have to memorize every rule, but here are the big two to know:
Chase 5/24–you typically won’t be approved if you’ve opened 5 or more cards in the last 24 months–so prioritize Chase cards before filling up “5/24” slots with other cards.
Amex once-per-lifetime. One bonus per card, and only if you haven’t held a more premium version previously. So you may get more points by starting low and getting bonuses on card upgrades.
Most other banks have less stringent rules, but if you are targeting a keeper card from one of those banks, check out its rules to make sure you’re eligible when the time comes. Frequent Miler has a handy comprehensive guide you can check once you identify a target card.
Lazy Take
With many great cards out there it’s easy to let the peak deals come to you–literally, if you sign up for LazyPoints Weekly.
Next week, we’ll talk about what to do once you’ve gotten all the keeper cards, or none are offering a worthwhile bonus.