In the world of miles and points, we are often easily convinced by a new attractive welcome offer on a credit card and may end up applying. Many of us also hold a significant number of credit cards, and oftentimes, the question comes up as to whether you should keep every credit card for the long term or if you are better off having a carefully curated wallet with a few key choices.
However, there are many credit cards that deserve a long-term home in your wallet or at least your desk drawer. Let’s take a deep dive into the benefits of holding some credit cards for the long-term and how to best choose which cards to keep!
The Long-Term Value of Credit Cards
The long-term value of credit cards can mean a few different things. They contribute to a strong credit report, allow you to take advantage of perks (such as airport lounge access), and/or have a strong earning points and miles earning rate that helps us build up a large points balance. There is also not one card that fits all of these categories, which means that there are likely more than one card in your current collection that is worth keeping long-term.
My oldest credit card is also coincidentally my first credit card! The CIBC Aventura Visa Card has been a part of my credit card collection since I turned 18, and it’s coming up to its 10th birthday! Have I spent any money on it for the past 6 years since I entered the world of points and miles? Absolutely not!
How to Determine Which Credit Cards to Keep For the Long Term
There are a few variables to consider when determining which credit cards are worth keeping in the long term. It boils down to the age of the account, the net annual fee, and the perks that you want to continue having in the long run. Let’s break down each of these variables to help you decide which cards deserve a long-term home in your collection.
Age of Account
Credit scores in Canada are based on a number of factors related to your borrowing and banking habits. One of the variables is the average age of all of your credit accounts. The longer the average age, the better it is for your credit score.
This is why it is important to consider keeping credit cards in your collection that have been open for a long time, even if you don’t spend any money on them. By keeping these long credit files open, it lengthens the average age of your credit file and improves your credit score.
We recommend putting a small purchase on the card every year to keep it active and prevent banks from shutting it down for lack of use.
Pro tip: if you are thinking about cancelling a credit card, consider product switching to a no-fee card and changing your credit limit to a lower amount (if your financial institution allows product switching). This keeps the credit history tied to your account at no cost. This is what I’ve done with my CIBC Aventura Visa card that I’ve held for 10 years!
Check out our guide on how to build a strong credit report for more information!
Net Annual Fee
The idea of a “net annual fee” comes from a calculation of the annual fee that you will pay on a card MINUS the value of benefits and the value of earning from the card. This is a simple calculation for us to determine how much money we will “lose” or even gain by holding the card year after year.
Here’s an example of the calculation for a very popular card in Canada, the American Express Cobalt Card. Its annual fee is $155.88 ($12.99/month*12 months). Not exactly a small number, but what is the net annual fee that I will pay for it?
If I maximize the monthly limit of $2,500 spent on food and groceries, which earns 5x American Express Membership Rewards points, I can earn 150,000 points per year. Valued at 2 cents per point, we can almost value the amount of Membership Rewards earned at $3,000!
Now for the net annual fee calculation:
$155.88 (annual fee) – $0 (no perks with $$$ value) – $3000 = -$2844.12
A negative net annual fee value means that we “gain” value from holding the card year after year. Keep in mind, if you don’t maximize the 5x spending category bonus on the American Express Cobalt card, your net annual fee calculation will be different and lower.
These net annual fee calculations are very personal. The scenarios I gave are solely examples of how I use my credit card, value the points currency, and value the perks. Please adjust your calculations to fit your lifestyle!
Perks That You Will Need and/or Want
One of our favourite things about credit cards is the perks and benefits that come with being a cardholder. Whether this is a credit card that provides airport lounge access, airline or hotel elite status, free checked bags, or something in between, these perks make our lives just a little bit better and easier.
A part of deciding which cards to keep long-term is what perks you rely on year after year. For example, for frequent air travel, keeping a long-term card with great airport lounge access, like the American Express Platinum Card, can have great value because you can “set it and forget it”.
The American Express Platinum Card is a premium card that offers benefits including a $200 travel credit, a $200 dining credit, airport lounge access, instant elite status with Marriott Bonvoy and Hilton Honors, and more.
Check out our American Express Platinum card review for more details.
100,000 Membership Rewards points
$10,000
$2,000+
$799
Yes
–
We can also assign a dollar value to perks and benefits such as lounge passes! If we valued an airport lounge pass that comes with the Scotiabank Passport Visa Infinite Card at $30 (around what you would pay for a meal at the airport), our net annual fee calculation would be as follows:
$150 – $180 (6 passes * $30) = -$30
The Scotiabank Passport Visa Infinite Card offers benefits such as no foreign transaction fees and six annual complimentary airport lounge access passes.
Check out our Scotiabank Passport Visa Infinite card review for more details.
Earn when you apply through Frugal Flyer.
60,000 Scene+ points
$40,000
$750+
$150
No
Jul 1, 2026
A perk that we can’t necessarily put a dollar value on is the ability to transfer points to loyalty programs, such as with programs like American Express Membership Rewards and RBC Avion. Being able to transfer out our hard-earned points expands the possibilities of the travel redemptions. Thus, having long-term cards that allow us to access transfer partners brings huge value.
Check out our Miles and Points Transfer Tool to find out more about which credit card programs have transfer partners!
Value of Second-Year Welcome Bonuses
Sometimes, keeping a card “long-term” could also just mean keeping it for 2 years. The trend of welcome offers requiring spend sometime in the second year – I’m looking at you, Amex, with your “spend in months 14-17 of card membership” second-year welcome bonus component.
There is also a cost analysis associated with whether or not keeping a card for 2 years for that second bonus is worth it. Check out our comprehensive guide on second-year bonuses to learn about how we make that calculation!
Quentin’s Selection of Credit Cards To Keep For the Long Term
Each person’s selection of credit cards to keep for the long term will be unique to fit their needs, travel habits, and perks that they highly value.
My selection of credit cards focuses mostly on perks, whether that be lounge access, free checked bags, or free hotel night certificates. If you’ve read my articles in the past, you’ll also know that I am a huge fan of US credit cards, and of course, there are a few I keep long-term to strengthen my credit file.
Let’s take a look at the cards that have earned their home in my wallet and the reasons behind why I decided to keep each long-term!
CIBC Aventura Visa Infinite Card
The CIBC Aventura Visa Infinite card offers benefits that include a $100 NEXUS statement credit and four annual airport lounge passes.
Check out our CIBC Aventura Visa Infinite card review for more details.
35,000 Aventura points
$3,000
$770+
$139 (FYF)
Yes
–
This CIBC Aventura Visa Infinite card is by no means the strongest card in my long-term arsenal, but it is the credit account that I have had the longest. This CIBC Aventura Visa Infinite card has actually existed in many previous forms in my wallet through product changes to the CIBC Aeroplan Visa Infinite and Visa Infinite Privilege cards, to a few in the Aventura and Dividend families.
American Express Cobalt Card
The American Express Cobalt Card gives cardholders the opportunity to earn 5x Membership Rewards on eligible restaurant, food delivery, and grocery store purchases.
Check out our American Express Cobalt card review for more details.
15,000 Membership Rewards points
$9,000
$300+
$191.88
Yes
–
The American Express Cobalt Card is a fan-favourite of everyone at Frugal Flyer. All of us have it in our wallets, and it continues to be rated as one of the best credit cards in the Canadian market. While it does not have any tangible perks, it comes with amazing earning potential with 5 Membership Rewards points per dollar spent on food and groceries (up to $2,500 per month), and great transfer partners that include many popular frequent flyer and hotel loyalty programs.
American Express Marriott Bonvoy Card
The Marriott Bonvoy American Express Card offers benefits that include an annual Marriott Bonvoy free night certificate and 15 elite qualifying nights towards Marriott Bonvoy elite status.
Check out our American Express Marriott Bonvoy card review for more details.
50,000 Marriott Bonvoy points
$1,500
$450+
$120
Yes
–
The American Express Marriott Bonvoy Card is a “sleeper pick” in my wallet (I think that’s what the kids call it these days!).
It’s not the flashiest, and doesn’t come with great elite status, but what makes it worth its $120 annual fee is that it comes with a Free Night Certificate valued at 35,000 Marriott Bonvoy Points. We value Marriott Bonvoy points at around 1 cent per point, meaning that this Free Night Certificate can be worth around $350 and pays for the card, and then some, every year!
TD Aeroplan Visa Infinite Card
The TD® Aeroplan® Visa Infinite* Card offers benefits that include a free first checked bag on Air Canada flights and a $100 NEXUS membership credit.
40,000 Aeroplan points
$12,000
$840+
$139 (FYF)
Yes
–
There are a few for keeping the TD® Aeroplan® Visa Infinite* Card long-term, even though I don’t use it as my earner card for Aeroplan points. The first is that the card comes with free checked bags on Air Canada for up to 8 passengers on the same itinerary – considering that a checked bag can cost upwards of $30, we can quickly negate the annual fee paid.
Second, any flight redeemed with Aeroplan points will come with travel insurance as long as I use this card to pay the taxes and fees. Lastly, by holding an Aeroplan co-branded card, I have access to Aeroplan Preferred Pricing for slightly lower redemption rates!
American Express Hilton Honors Card (US)
The American Express Hilton Honors Card offers instant Hilton Honors Silver Elite status, which grants cardholders access to the fifth-night free benefit when booking stays on points.
100,000 Hilton Honors points
$2,000
$600+
$0
No
Jan 14, 2026
If you are a frequent visitor of Frugal Flyer, you will know that we love the US credit card market because its offers and bank loyalty programs are much stronger than in Canada. To get started in the US credit card market, we recommend getting an American Express US card as it is usually the easiest for Canadians to acquire via Amex Global Transfer.
The American Express Hilton Honors Card (US) is the one we recommend to most people because it has no annual fee and thus, we can keep it open long-term to strengthen the average age of our US credit file.
Capital One Venture X Rewards Card
The Capital One Venture X Rewards Card offers unlimited airport lounge access, an annual $300 travel credit, and more.
Click to learn how to obtain and optimize the Capital One Venture X Rewards card as a Canadian!
100,000 Capital One Miles
$10,000
$1,850+
$395
No
–
One of my all-time favourite US credit cards continues to be the Capital One Venture X Rewards Card. This is my “set it and forget it card” for lounge access, as it comes with unlimited access in Priority Pass and Capital One airport lounges. Each time I visit a lounge, I think about it as saving $20-30 that I would have to spend on overpriced airport food!
In addition, the Capital One Venture X also has a great net annual fee. $395 USD annual fee – $300 annual travel credit + 10,000 anniversary Capital One Miles (valued at ~2 cents per point) takes me -$105 per year! This is even before setting foot in a lounge! Essentially, this card pays for itself year after year and has a long-term home in my wallet.
Check out our review of the Capital One Venture X Rewards Card to learn more about one of my favorite cards in the arsenal!
Conclusion
The world of credit cards is not always about “pumping and dumping” cards after you’re done collecting the welcome offer. Sometimes, there is amazing value in paying the annual fee while you keep a credit card in your wallet year after year, and you may even come out ahead!
Need help picking your next credit card to add? Check out our article on the best travel credit cards in Canada to see which one fits you best!
Quentin Tsang
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