Travel credit cards have been a game-changer for my Caribbean Carnival adventures. From booking flights with points to enjoying airport lounge access before heading to the next fete, the perks have added serious value to my experiences. But just like a carnival costume that no longer fits, sometimes a credit card outgrows its usefulness. That’s exactly what happened with my Charles Schwab Platinum Credit Card from American Express. I had to take a hard look at whether it still worked for my travel lifestyle, and ultimately, I decided to let it go.
Why I Canceled My Charles Schwab Platinum Card
When I first got the Schwab Platinum, it felt like an essential piece of my travel puzzle. But over time, I realized it wasn’t giving me the best return on my spending, especially when compared to my American Express Business Platinum card. Thanks to my Active-Duty status, I enjoyed this card without the annual fee. But as a civilian?! Having both Platinum cards meant I was paying double the annual fees. And I found myself reaching for the Business Platinum more often. It was giving me the same lounge access, the same credits, and a 35% Membership Rewards rebate when booking flights through Amex Travel. That rebate alone made it an easy decision—why hold onto two cards when one was clearly pulling more weight?
I also struggled to maximize the Saks Fifth Avenue credit that came with the Schwab Platinum. Unlike travel credits, which I could easily apply to flights or hotels, this one required intentional shopping. And let’s be real—when I’m deep in the carnival planning process, the last thing on my mind is browsing Saks for something I might not even need.
With no downgrade option available since the Schwab Platinum is a co-branded card, my choice was clear. I checked for a retention offer (always a good move before canceling), but nothing was available. That was my cue to cut ties.
How to Know When to Cancel Your Travel Credit Card
Deciding to cancel a travel credit card is a lot like choosing which carnival to attend. You need to weigh the costs, the perks, and how well it fits into your overall experience. Here are some things to consider:
When I first got into the points and miles game, I was obsessed with maximizing every benefit. But over time, my spending habits changed. If your travel card isn’t earning the bonus categories that align with your lifestyle—whether it’s flights, hotels, or restaurants—it may no longer be the best option. In my case, I was getting all the same benefits from my Business Platinum, making the Schwab Platinum unnecessary.
Are You Getting the Most Out of the Perks?
I’ve seen people hold onto multiple premium travel cards for no real reason, and I almost fell into the same trap. If you have two cards offering airport lounge access, trip protection, and travel credits, it’s worth considering whether you need both. For me, the Business Platinum card covered all my bases, and the 35% rebate on flights made it a better deal overall.
Have You Asked for a Retention Offer?
Before canceling, always call the bank and ask if they’ll give you a reason to stay. Sometimes, they’ll offer bonus points or a statement credit. But you have to do the math. If you’re getting a $200 credit on a $695 annual fee, is that really worth keeping? In my case, I didn’t receive a retention offer at all, so the decision to cancel was easy.
💡 Tip: If you’re looking for a retention offer, wait until after the annual fee posts before calling. Banks are more likely to make an offer when they see you’re about to cancel.
Will Canceling Hurt Your Credit?
One reason people hesitate to cancel credit cards is the potential impact on their credit score. If the card you’re canceling is one of your oldest accounts, it could shorten your credit history. In my case, I had plenty of other credit lines open, so closing the Schwab Platinum wouldn’t affect me much. But if you’re canceling a card that you’ve had for years, you may want to reconsider.
Can You Downgrade Instead?
I would have considered downgrading my Schwab Platinum to a lower-fee Amex card, but since it’s a co-branded product, that wasn’t an option. If you have a premium card but don’t want to pay the high annual fee, see if you can downgrade to a no-fee or lower-fee alternative to keep your credit history intact.
Does Your Spending Align With the Bonus Categories?
Travel credit cards shine when they reward you for how you spend. If you’re no longer using a card for its best perks—whether that’s 3x points on airfare or 5x on hotels—then it may not be worth keeping. For example, if you’ve stopped booking flights through Amex Travel, a Platinum card might not be worth the fee anymore.
Is There a Better Travel Card for You?
The world of travel credit cards is constantly changing. If there’s a new sign-up bonus that better suits your lifestyle, it might be worth shifting your strategy. I always keep an eye on which cards are offering the best deals, especially since I fund many of my Caribbean Carnival trips using points and miles.
Final Thoughts
Canceling a travel credit card isn’t just about saving money—it’s about making sure every card in your wallet works for you. If you find yourself holding onto a card out of habit rather than value, it might be time to let it go.
For me, the Schwab Platinum was no longer the best fit. My Business Platinum card gave me all the same benefits with the added bonus of a 35% flight rebate, making it the clear winner. And because I didn’t receive a retention offer, there was no reason to keep paying the $695 annual fee on a redundant card.
If you’re thinking about canceling a travel credit card, take the time to evaluate what you’re really getting. Call for a retention offer, weigh the benefits, and most importantly—make sure it’s helping you travel smarter, not just costing you money.
Have you ever canceled a travel credit card? How did you decide it was time to let go? Share your thoughts in the comments below!
