Why I'm canceling the Chase Sapphire Reserve and the Amex Gold card, but will continue to pay for cards from IHG and Hyatt

Crystal Cox/Business Insider

• My travel patterns have changed over time, and that means that some of the travel rewards credit cards I've opened are no longer worth their annual fees.
• I like to do a mini credit card inventory ahead of my cards' renewal dates, so I can see if there are any I should cancel.
• I've decided to cancel the Chase Sapphire Reserve and the American Express® Gold Card, because both cards have recently increased their annual fees and I no longer find their benefits to be worth it.
• I'll continue to pay the fees for the IHG Rewards Club Premier Credit Card and the World of Hyatt Credit Card, thanks to their annual reward night benefits.
• See Business Insider's list of the best travel rewards credit cards »

If you use credit cards to earn travel rewards or cash back, it's important to periodically take stock of your cards to decide if they still make sense for you. I like to do this little mini-review as the annual fee comes due.

While there are credit cards with benefits that are worth the annual fee, too often people fall into the trap of paying annual fees on cards when they're not getting the benefits. I recently did a mini-review of my credit cards and picked out a couple of cards that I am going to be canceling in 2020 — here's how I arrived at these decisions.See the rest of the story at Business Insider

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See Also:

• The Amex Platinum concierge went above and beyond in finding my family of 5 the perfect cruise — it's a service I'll definitely be using again
• The 9 best no-annual-fee credit cards from Wells Fargo, Amex, Chase and more
• I'm taking my parents to Palm Springs for less than the price of a souvenir thanks to credit card points