Here Are the 3 Credit Cards I Always Have in My Wallet

I'll confess that I have more credit cards than the average American has (or needs). For one thing, part of what I do for a living is evaluate financial products. And if I'm being completely honest, I thoroughly enjoy playing the credit card rewards game of trying to get the most value for my spending.

That said, I don't carry all my credit cards in my wallet every time I go out. I have a bunch of "once-in-a-while" credit cards, like a few store-branded cards that generally live in my desk drawer. On the other hand, there are a select few that I always have in my wallet, and here are three in particular that I always keep handy.

1. My go-to rewards card

The Platinum Card® from American Express is not a cheap credit card by any definition. It has a $695 annual fee (see rates and fees) that many consumers find difficult to justify. However, if you're a frequent traveler like I am, the perks of this card can easily help you justify the cost. (Terms apply for the following benefits; enrollment may be required.)

For one thing, it comes with $200 in Uber credits per year (which can be used on Uber Eats as well as for rides). It has a $200 annual fee credit at the airline of your choosing, as well as a $200 annual credit for certain hotel bookings. You get reimbursed for a CLEAR® membership, worth up to $189 per year. You also get access to a network of airport lounges, including the Delta Sky Clubs and American Express' own Centurion Lounges, which you can't even buy a membership to (but similar lounge memberships cost upwards of $600 per year). In addition, you get $100 in statement credits annually at Saks. There's also automatic elite status with Marriott and a few other partners, and much more.

And last but certainly not least, points from the American Express Membership Rewards program can be some of the most valuable in the credit card industry. There are other credits and benefits that come with this card as well. Conservatively, I estimate that I get about $1,400 in value out of this card each year, not including the value of the rewards points I earn.

2. A card that rewards some of our favorite spending

My family and I are Disney people. We live within driving distance of the Walt Disney World resort in Florida and have annual passes. So, it shouldn't come as much of a surprise that my backup credit card is a Disney® Premier Visa® Card.

Not only is this a good credit card to have for the occasions I hear "Sorry, we don't take American Express," but it comes with an excellent rewards rate on Disney purchases, gas stations, restaurants, and grocery stores. Rewards are in the form of Disney rewards, not cash, but we like to let them accumulate and use them when we go to the parks.

3. One specialty credit card I always carry

Last but certainly not least, the Costco Anywhere Visa® Card by Citi is always in my wallet. For one thing, it has my photo and membership status right on the back, so I don't need to carry my Costco membership card if it's in my wallet. Plus, with a family of four and inflation hitting grocery prices hard, we've been leaning on Costco bargains more than ever.

We get 2% back on all Costco purchases and 3% back on restaurants in the form of Costco rewards, but the purchase we make sure to always use this card for is gas. This card earns 4% back on gas, up to $7,000 per year, including that sold at Costco -- which is already cheaper than most.

How many credit cards should you carry?

As mentioned, I have more credit cards than the average American needs, but four or five of them are in my wallet at any given time. This includes the three I mentioned here, and one or two others depending on what I need to buy or where I'm traveling.

While you likely don't need a wallet full of credit cards, there are some good reasons to carry more than one. For example, American Express and Discover aren't universally accepted (especially overseas), so that could be a good reason to have a Visa or Mastercard as a backup. And you may have one credit card that gives excellent rewards on gas and another with a great cash back rate on groceries.

The bottom line is that there's no perfect answer for everyone. It depends on your spending habits, how much effort you want to dedicate to maximizing credit card rewards (and managing several accounts), and your own personal preferences.