Are Annual Fee Credit Cards REALLY Worth It?

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  • Опубликовано: 1 дек 2024

Комментарии • 111

  • @SpencerJohnsonOfficial
    @SpencerJohnsonOfficial  Год назад +4

    If you’re thinking about cancelling one of your annual fee credit cards, watch this video first: ruclips.net/video/2xhURuVOLJ8/видео.html 🎥
    What are your opinions on annual fee credit cards? 👇🏼

  • @steve_rogers_usmc1990
    @steve_rogers_usmc1990 Год назад +8

    My wife freaked when she saw I was approved for the Venture X because all she saw was the 395 annual fee. After taking 2 mins to explain all the benefits the Venture X has,,, boom, I was a genius lol. I really love that card and the fact that the Savor One is a great "feeder card" because you can convert the cash rewards into miles and put them on the Venture X. Great video as usual.

    • @SpencerJohnsonOfficial
      @SpencerJohnsonOfficial  Год назад +1

      Haha I get that man! That's exactly how my girlfriend is. If I tell her how much I'm paying to hold credit cards she thinks I'm dumb, but taking the time to explain it to her gets rid of those preconceived notions usually. Thanks so much for watching as always man!

  • @ehren5347
    @ehren5347 9 месяцев назад +1

    The problem is with Capital One venture is the travel portal is garbage and you end up paying more for the hotels than if you had a loyalty program.

  • @boondoggle4820
    @boondoggle4820 Год назад +8

    One of the most valuable perks of the CSP to me is the primary auto coverage. I recently had a terrible incident where somebody tried to steal my car while I was at work and they did a lot of damage to it in the process. I have a rental through my insurance while my car is in the shop, and I was able to waive the insurance and just use my CSP to pay the taxes and fees, which saves me $100, which covers the annual fee.

    • @docsays
      @docsays Год назад

      I keep the CSP primarily for this very reason! I have other travel cards with higher multipliers but none offer primary CDW.

    • @LK_EBM
      @LK_EBM Год назад

      Do you normally pay for CDW when renting cars?

    • @SpencerJohnsonOfficial
      @SpencerJohnsonOfficial  Год назад

      Oh my gosh that’s terrible! I’m sorry to hear that happened! That’s one of those cases where you’re sure glad to have that added perk on a credit card, but I wish you got to use it under different circumstances.

  • @echo021
    @echo021 Год назад +4

    Great video and covered a lot of points. One suggestion for this style of video would be to clip the mic to your shirt. Holding it is a bit distracting but maybe that's just me. Overall, I like the style of these vids a lot and the change of scenery you do.

  • @rmknicks
    @rmknicks Год назад +1

    Because I'm team travel, I complete agree with you. I have 3 AF cards at the moment: the CSP, IHG Premiere and and the VX. All are keeper cards. Great video!

    • @SpencerJohnsonOfficial
      @SpencerJohnsonOfficial  Год назад

      I'm glad we agree! Being on team travel is almost like being on team annual fee haha. Thanks for watching as always!!

  • @sjg6158
    @sjg6158 Год назад +1

    If you're on Team Hybrid (both cash back and travel), then the Savor One by Capital One is one of the best cards given that it's a hybrid card with no fee and no foreign transaction fee. So, you can be a travel-related rewards person and avoid fees, but yes, your earning power as a whole is limited.
    One thing to consider is if you have a partner, and how their cards add to the pot. One of you can be more Team Cash and other Team Travel. Then the ability to eat up the fees is far easier. It's something we've realized.
    Thanks for the video Spencer. Great work.

  • @SpencerChewitt
    @SpencerChewitt Год назад +4

    Awesome video Spencer! I enjoyed following you around the room throughout the video lol. So far I only have no annual fee cards, but I do have both the Sapphire Preferred and the Venture X on my list for the near future!

    • @SpencerJohnsonOfficial
      @SpencerJohnsonOfficial  Год назад +1

      Thank you so much man! I’m excited to hear about what cards you end up adding down the line!

  • @Bxr400
    @Bxr400 Год назад +1

    Great advice and video Spencer. I’m not ready for any annual fee cards. at least by choice, (I’m to busy ) opening CD’s and high yielding savings accounts) to pay annual fees. 😀 I’ll be watching this gem video a few times more. 😄

    • @SpencerJohnsonOfficial
      @SpencerJohnsonOfficial  Год назад +1

      Thanks so much! Definitely don’t rush it. You have plenty of time to build out a solid annual fee card setup when the time comes.

  • @will4390
    @will4390 Год назад

    I like the more relaxed look in this video :). Great points on the AF cards!

  • @jamesyu613
    @jamesyu613 Год назад

    Ty for the info, I have some AF cards but I do adjust the Fees

  • @CesarJoel
    @CesarJoel Год назад +2

    Love the video format! You look more relaxed and is more entertaining. Nothing wrong with your past format but I think you look more engaged with the audience with the current format. Great overview of the pros and cons of annual fees. I don’t mind annual fees but it was not always that way. 10k live soon! 💪 Keep up the great work, can’t wait to see you reach 50k+ subscribers!

    • @SpencerJohnsonOfficial
      @SpencerJohnsonOfficial  Год назад +1

      Thanks so much for the input man! I definitely want to do more of these. It just makes it a lot more enjoyable to film too tbh. Thank you for all your support and kind words man. It really means a lot!

  • @ChaseYokoyama
    @ChaseYokoyama Год назад

    Like you said, it's essential to break down that annual fee on the website and not take it for face value. Yes, you still need to pay that amount once a year BUT you can find cards that give you value to either outweigh the annual fee or cut it down.

    • @SpencerJohnsonOfficial
      @SpencerJohnsonOfficial  Год назад

      Effective annual fees are key, that's for sure. If you don't do the math before picking up a card, you could be wasting a bunch of money, so I always make that a priority before even considering a card. Thanks for watching Chase!

  • @johnmckinstry6057
    @johnmckinstry6057 Год назад +1

    Excellent video, Spencer! I really like the new format you have for your mid-week videos, it makes the videos a little more casual. Right now, out of the 11 credit cards that I have, I only have one with an annual fee and I most definitely can justify the annual fee. Getting a free annual night certificate on the IHG One Rewards Premier card definitely makes it worth the $99 every year. Since I am on team hybrid, I do plan to add a few cards with annual fees and I sincerely believe that I will be able to get some value out of them. The CSP is a great example of a card that someone can get value from if they stay in a hotel at least one night out of the year and I think that the 1.25x multiplier can justify the effective $45 annual fee. The Amex Gold card is another card that I plan to get in the future along with the CSP, because I like the 4x multipliers on food categories and I think I could get value from the restaurant and Uber credits. I’ve even considered getting the Amex BCP card for the 6% cash back on groceries and streaming services and as long as it waives the annual fee for the first year, it can definitely be of value. Right now, I don’t believe I could get value from the higher annual fee travel cards, but I might be able to in the future.

    • @SpencerJohnsonOfficial
      @SpencerJohnsonOfficial  Год назад

      Thank you so much John!! I really enjoy filming my videos in this way so I'll likely continue to do so. Especially when I'm officially moved in to where I'll be staying. There's a lot of great views and stuff I'd like to show y'all through my videos. As for the cards you mentioned, I don't think you could really go wrong, especially because of the math you've done behind your effective annual fees. The higher annual fee travel cards are only ever important if you're traveling really frequently, so I wouldn't rush into them. Thank you for being here as always man!!

  • @AndysCreditCorner
    @AndysCreditCorner Год назад

    Interesting new format and style. IMO makes the video more lively with the variety of backgrounds. Plus more Odin 🐶

    • @SpencerJohnsonOfficial
      @SpencerJohnsonOfficial  Год назад +1

      Thank you for the input! I definitely want to keep doing more videos like this to introduce y'all to my life a bit more. It also makes the filming much more enjoyable on my end tbh.

  • @terrelmoss1444
    @terrelmoss1444 Год назад +6

    Video Suggests
    -Best Card for Each Category 2023
    -Best 5% Cashback Cards 2023
    -Best Catch All Cards 2023
    -Best Card for Mobile Wallets
    -Product Change Rules from Each Issuer

  • @jimmyjames6492
    @jimmyjames6492 Год назад +1

    Team Travel! Thanks for the info + video!

  • @luisserrano863
    @luisserrano863 Год назад

    Great video,it’s great how you break it down for everyone to understand with many good points to consider. It’s true that most people who are afraid of annual fees don’t see the effective annual fee.

    • @SpencerJohnsonOfficial
      @SpencerJohnsonOfficial  Год назад +1

      Thanks so much for the compliments man! And I’m glad we seem to agree on this topic too.

  • @electricrancid
    @electricrancid Год назад

    This video format, ALOT better and more natural 😀

    • @SpencerJohnsonOfficial
      @SpencerJohnsonOfficial  Год назад +1

      I love to hear it!! I definitely plan on doing more of these in the future.

  • @MikeMaye
    @MikeMaye Год назад

    This is a great vid! Yes, annual fee cards are worth it simply if you can take advantage of the credits to offset it. Speaking of airline cards I have the Chase United Explorer and outside of the two United Club passes I get yearly, I struggle as to when to use that card when considering the other cards I have. (love the video format).. 💥

    • @SpencerJohnsonOfficial
      @SpencerJohnsonOfficial  Год назад +1

      Thanks so much Mike! And it sounds like we agree here. Annual fee cards are great for the right people!! Thanks for the input on the video format too. I’m gonna do more of them for sure!

  • @vickiarnold7300
    @vickiarnold7300 Год назад +1

    I enjoy watching you on RUclips ❤

  • @mitchell.9632
    @mitchell.9632 Год назад

    On the Capital One just go for the no annual fee AAA card to get 5% on up-to $10,000 spend. Though one consideration is coding as supermarket or grocery on either card.

  • @nodayzoff5902
    @nodayzoff5902 Год назад

    The dog is in heaven on that bed. I love that the dog is so chilled!

  • @carsonc201
    @carsonc201 Год назад

    lovin this content, keep it up bro

  • @paulcaskey
    @paulcaskey Год назад +1

    99% of people: "I need a dedicated studio and all the gear, then I'll make a video."
    This guy: "Watch me hold my mic while I sit on my bed and pet my dog."

  • @SledgeIncTeam
    @SledgeIncTeam Год назад +1

    Well I pay almost $3k in annual fees so for me yes but I definitely can find use in some no annual fee cards. For annual fee cards the SUBis more important then anything else to me. And then the credits. The Blue Cash Preferred for me was worth it because the sub gave me a $300 statement credit.

    • @SpencerJohnsonOfficial
      @SpencerJohnsonOfficial  Год назад +1

      Great point! I didn’t harp on that too hard but I think SUBs make any annual fee card worth it for a year. It just depends on how many cards you wanna get. Might be a good topic for another video!

  • @DJOctober
    @DJOctober Год назад

    Nice video man! I love the pros and cons you contrasted. The conversational style video is awesome - keep them coming.
    I’m working on an offer and have taken a break from getting cards.
    From today, Chase DP: My Chase banker called me and said he has a 70k offer for $4k/3. Same as the normal offer, but an extra 10k points for the same spend, in branch only offer. He specifically asked if I was over 5/24 and after saying yes, he suggested I wait instead. Maybe they’re tough on 5/24 right now.
    Anyways, always looking forward to the next one. Hi Odin!
    - Ivan

    • @SpencerJohnsonOfficial
      @SpencerJohnsonOfficial  Год назад +1

      Thanks so much for the input Ivan! And that’s a great DP to have too! I guess there still are some elevated offers for Chase cards in branch. Odin says hi back!!

  • @JonsCreditAndTravel
    @JonsCreditAndTravel Год назад

    Excellent explanation regarding why AF cards are valuable but more importantly, steering folks that would not benefit from them away.

    • @SpencerJohnsonOfficial
      @SpencerJohnsonOfficial  Год назад +1

      Thank you Jon! I feel like it's really important to let people know that they don't HAVE to get all the most hyped cards if they don't want them. You gotta do what's best for you!

    • @JonsCreditAndTravel
      @JonsCreditAndTravel Год назад

      As you always iterate, YMMV!

  • @kaina732
    @kaina732 7 месяцев назад

    Platinum 175,000 welcome bonus makes it a no brainer for 2 years and more if you can use some of the benefits. I would use the airline expenses, streaming services, Uber Eats).

  • @stealthman83
    @stealthman83 Год назад

    Depends on the card. I think most are not unless you travel 2+ times a year. In that case, Venture X is worth it

  • @czrs85
    @czrs85 Год назад

    Everyone forgets the credit you basically get for putting your cellphone bill on venture x, amex platinum etc. That would be $320 I'm saving.

  • @SOXGATORS
    @SOXGATORS Год назад +1

    1st Super Thanks 😂!!

  • @newalaska5982
    @newalaska5982 Год назад

    I think a point you didn’t bring up is just some people don’t travel. As much as I can see that team travel has so much more value. I don’t travel at all, so makes no sense for me & ig other people like me. Liked the vid tho.

  • @Tru182
    @Tru182 Год назад

    My situation is a little different.....Ive had the freedom unlimited for 7 years. So I'm waaay overdue for a 2nd card. I travel 2-3 times a year. 4 on a good year. I have a credit score of 757 and pay off my card in full every month. I know I can go for the sapphire preferred but.............I have my eye on the Venture X. I'll prob come back later for the sapphire. Do you think that's to bold? and is it worth the hard pull if I get denied?
    What do you think my chances may be?

    • @SpencerJohnsonOfficial
      @SpencerJohnsonOfficial  Год назад +1

      Luckily Cap1 has a preapproval tool that’ll help you get a better idea if you’re able to get the VX. I’d check out my Capital One duo video on that… to me, the CSP is the next logical step as it’ll drastically increase the value of your Chase points and give you access to some of the best travel partners in the game, but the order you go is up to you.

    • @Tru182
      @Tru182 Год назад

      @@SpencerJohnsonOfficial I guess I was trying to go for the more difficult one since I heard a lot of ppl getting denied do to them having multiple card accounts open. Thought maybe knowing this will only be my 2nd card with a good CS and payment history. That will possibly push over. I was afraid if I open a CSP, and then try to get the VX 6 months later, they might reject me. I may be wrong and overthinking it.

  • @naparqalria
    @naparqalria Год назад

    im surprised you didn’t mention chase and capital one cash back card hybrids

  • @oreotcat
    @oreotcat Год назад

    I don't mind paying a fee if the benefits are worth it. Then there's the Verizon Visa Signature which is honestly a fantastic card. Heavy, metal card with excellent reward earning potential and dollar for dollar redemption. No foreign transaction fees and best of all, NO ANUAL FEE. I've had it for a little while now and it might just become my main card.

  • @MannyCovington
    @MannyCovington Год назад

    If you know that you’ll take advantage of the perks, af cards are usually better value imo!

  • @woodzy883
    @woodzy883 Год назад

    All great info with great examples. In team travel it's a necessity for annual fee. They don't even have to high ones. Start with $95 and don't jump in feet first. Graduate after you see the value. Right now I have 4 cards with annual fees and will he dropping probably two of them after the year. Well downgrade one. Have a safe move.

    • @SpencerJohnsonOfficial
      @SpencerJohnsonOfficial  Год назад

      Thanks so much man! And yeah I completely agree. If you really wanna play the travel game, you need annual fee cards and that's that in my eyes. I'm excited to hear how your setup changes over time... keep me updated!

  • @CosplayOverlord
    @CosplayOverlord Год назад

    I don’t wish to pay an annual fee unless I’m getting the benefits I need or rather cash back benefits because 1. I’m all about that cash back so like with the BCP? It’s a great card that I’m looking to get with a $95 AF but it’s partner the BCE has 0 AF but offers less cash back for the same amount. So this goes to 2. It has to offer an extremely good amount of offers and gains for my daily life spend and the BCE & BCP seem like they’re worth it.

    • @SpencerJohnsonOfficial
      @SpencerJohnsonOfficial  Год назад

      For team cash back you definitely don't need annual fee cards! But there are some solid ones out there if you do end up wanting some.

    • @CosplayOverlord
      @CosplayOverlord Год назад

      @@SpencerJohnsonOfficial that’s a valid point like with the Citi CC you get after spending $500 each month 5% of whatever category you chose recently before to spend on and it has a 0AF.. I’m definitely looking into that card. I have the Citi Costco with the membership and I love the card.

    • @CosplayOverlord
      @CosplayOverlord Год назад

      @@SpencerJohnsonOfficial I also forgot to mention that I have both the SavorOne & QS for good credit and both Unlimited Cash Rewards and Custom Cash Rewards for online shopping of 3% and 1.5% using Unlimited for everything else. I have my catch all card the PayPal MC for 2% unlimited and 3% when checking out with PayPal!

  • @andrewjames2721
    @andrewjames2721 Год назад

    Congrats on that jeopardy win. Really had to embrace the creator.

  • @PurposeTravel
    @PurposeTravel Год назад

    Nice thumbnail.

  • @joshuaanderson4110
    @joshuaanderson4110 Год назад

    I hate my world of hyatt card. Ive had the card for 14 months and still haven’t gotten my free night. Chase and hyatt say keep waiting 🙄. Im 10/10 canceling the card after I finally get to use my free night

    • @SpencerJohnsonOfficial
      @SpencerJohnsonOfficial  Год назад +1

      That's definitely not everyone's experience and I'm sorry to hear that! I wonder what's wrong with your account! That sucks for sure...

    • @joshuaanderson4110
      @joshuaanderson4110 Год назад

      @@SpencerJohnsonOfficial Chase and Hyatt both either blame each other or just say keep waiting. I eventually was able to do a 3 way call and they said it can take up to 10 weeks…so technically no issue. My main complaint is poor customer service and hearing different answers from different reps. I still plan to stay at Hyatt from time to time, but I will be a Hilton card holder going forward in 2024

    • @joshuaanderson4110
      @joshuaanderson4110 Год назад

      Im not a creator but experiences like this make me want to become one😂

  • @axelgonzalez9687
    @axelgonzalez9687 Год назад +1

    Cash back anuual fee cards are not worth it
    Anuual fee are only worth it if your on team travel

  • @druiz012
    @druiz012 Год назад

    Here is a crazy thought... what if you consistently get 3+ cpp would the Savor 1 still be worth it if you only spend $7500 on dining, streaming, entertainment?? 😅😂😂

    • @SpencerJohnsonOfficial
      @SpencerJohnsonOfficial  Год назад

      Technically anything under that $9,500 breakeven number means you should only be using the Savor One instead of the Savor Rewards but that’s up to you!

  • @italiancapo7
    @italiancapo7 Год назад

    Amex Gold 🔥

  • @kcmysticman007
    @kcmysticman007 Год назад

    Best setup for somebody who is team cash back but wants to travel is Citi (Double cash 2%, custom 5% in one category I use for gas, citi rewards+ for small purchases & 10% bonus on points, then You get Premier & only 95$ annual fee but can transfer for TY points.

    • @SpencerJohnsonOfficial
      @SpencerJohnsonOfficial  Год назад

      I made a full video on that very setup! However, adding the premier makes it a solid travel setup rather than just a cash back setup so that’s what I’d personally use it for.

  • @docsays
    @docsays Год назад

    I like low AF cards
    Much easier to justify for me.

  • @TheCreditFrog
    @TheCreditFrog Год назад

    I spy with my little eye a custom built computer with a Kraken water cooler, GSkill RGB Ram in an NZXT full tower case. I wonder if I got any of those right? 😂. Also, I think annual fee cards are worth it!

    • @MattClausen
      @MattClausen Год назад +1

      The editing lab I’m sure.

    • @SpencerJohnsonOfficial
      @SpencerJohnsonOfficial  Год назад

      Haha your eye served you well! I'm not at home rn so I can't confirm for sure, but I think it's actually an NZXT water cooler too. I bought it from my roommate when he upgraded his setup but this one works plenty well for me!

  • @JJ-ei8po
    @JJ-ei8po Год назад

    Team travel all day!

  • @callmeNeno
    @callmeNeno Год назад

    I thought you was eating an Oreo cookie

  • @pablodejesus1373
    @pablodejesus1373 Год назад

    He spencer 😀😃🤩

  • @SOXGATORS
    @SOXGATORS Год назад

    👍🏻

  • @MPG2014
    @MPG2014 Год назад

    Too five

  • @AhmadKhwajazada
    @AhmadKhwajazada Год назад +1

    First

  • @ItsMeCJ
    @ItsMeCJ Год назад

    FIRST!!!! 👀