Which Credit Card Should I Keep?

moar bargains on 02/02/2017 - 11:57
Last edited 02/02/2017 - 12:07

Hi all,

Just wondering what other's thoughts are on which credit card(s) to keep (if any)? I have been churning various cards over the last couple of years, but thinking of slowing down on that now, and probably get one final card (planning to buy first property in the next 12-18 months).

I currently have (both with Westpac):
* a 55 day Platinum Visa, which is on a $0 annual fee for life. This currently has a 0% Balance Transfer on it for the next ~12 months, from some of my other churn cards (can easily pay it off whenever I like, but hey, free loan!).
* An Altitude Platinum (Visa and Amex), $0 annual fee for first month. Had since ~October and I've got the bonus points from this one now.

I have had the 55 day card for a while, mainly using it for larger purchases (for added insurance, etc) and keeping it because it has a $0 fee for life, but I was looking through the terms of the extra benefits/insurance recently, and they're not as attractive as I once thought they were. Not sure if they've changed in the last year or two… However, I get no points for this card (small benefit though that is). So I wondered if the Altitude cards would be better to keep from that perspective?

I'm considering replacing at least one of these cards with one that earns Velocity points, and was wondering what is the best option out of the Amex Velocity Platinum and the ANZ Travel rewards card. Or another?

Please vote below and add reasons in the comments.

Poll Options

  • 0
    Cancel 55 Day, get ANZ
  • 1
    Cancel Altitude, get ANZ
  • 0
    Cancel 55 Day, get Amex
  • 2
    Cancel Altitude, Get Amex
  • 0
    Cancel both, get ANZ
  • 4
    Cancel both, get Amex
Financial

Comments

  • Findo on 02/02/2017 - 12:03
    -1

    Altitude black. Depending on how much you spend, you'll get more back. My parents have 10+ return flights to Europe economy

    • moar bargains on 02/02/2017 - 12:13

      Hadn't thought of Alt Black. But I don't spend a whole lot, and given that I already have the Platinum, I won't be eligible for the bonus points.

  • TakaHas on 02/02/2017 - 12:11

    i would suggest cancel attitude when your anniversary date comes (oct this year).

    get the free amex velocity, so u can earn points and have the credit back offers you see all the time on ozbargain.

    • moar bargains on 02/02/2017 - 12:15

      Any reason to wait to cancel Altitude? I'm not currently using it now that I've got the points, but I suppose I could…

      • TakaHas on 02/02/2017 - 12:16

        in case you do find use for it in the near future. no harm in keeping it as long as its in safe hands.

        who knows, there might be deals for that card soon.

  • CyberMurning on 02/02/2017 - 13:45

    Q: Which Credit Card Should I Keep?
    A: The one that you like the most!
    Q: WTF!

    • moar bargains on 02/02/2017 - 15:34

      I don't tend to get attached to my plastic though…

  • mbck on 02/02/2017 - 13:59

    Keep in mind your credit inquiries are kept in your file for the next 5 years. So if you have been churning card the past year or so, it might be wise, to not get another card. Maybe get a card that will be part of a package with your home loan. For now, just keep what you have. And cancel the altitude when the time comes.

    • moar bargains on 02/02/2017 - 15:37

      Ok fair comment. Thanks for your advice

      • mbck on 02/02/2017 - 19:00
        +1

        NP. Good luck with buying your first house :)

  • EightImmortals on 02/02/2017 - 14:26
    +1

    "a 55 day Platinum Visa, which is on a $0 annual fee for life."

    How'd you manage that?

    • moar bargains on 02/02/2017 - 14:33

      It was an Ozbargain deal a couple of years ago. This one I think

      • EightImmortals on 02/02/2017 - 14:33

        Nice, I have to pay an annual fee on mine…..

        • moar bargains on 02/02/2017 - 15:30

          Yeah, that's the only reason I've kept it so long. If there was an annual fee, I'd have binned it by now!

    • CyberMurning on 02/02/2017 - 15:41

      i got citi, also similar like this. free for life

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