Lifestyles, spending habits, living arrangements and financial situations can all change rapidly. These changes can make you question the benefits of holding certain credit cards any longer.

The temptation to close a credit card you no longer use, or one you pay an annual fee for, can be high.

Yet, closing a credit card is not a decision you should take lightly.

The world of credit card rewards programs can be confusing and intimidating. It may be daunting at first, but once you understand how these programs work, you will see just how valuable they are.

This article is intended to give you the basic tools you need to use one of the most powerful and versatile rewards programs out there: Chase Ultimate Rewards.

What Are Chase Ultimate Rewards Points?

Chase Ultimate Rewards points are a transferable loyalty currency that can be redeemed for cash back, flights, hotel stays, shopping and even exclusive experiences.

With a wallet full of credit cards, it's best practice to commonly assess your credit card portfolio to ensure that the benefits you receive from the cards outweigh the annual fees that you pay. If not, it's time to close that card or cards in most cases.

If we were to start handing out awards here at MileValue, we can officially declare Chase the winner of some of the most exciting updates in the credit card marketplace for September 2020. Between updating the welcome bonus on the Chase Sapphire Preferred, and improving the Chase Freedom Unlimited® and the introduction of the Chase Freedom Flex®, Chase has been all over the news in the points and miles world as of late.

And guess what: they’re back in the news again.

An interesting post on Reddit caught my eye called "The Economics of Churning: who pays for the rewards?"

("Churning" is the milesphere's term for opening cards, getting their bonuses, closing the cards, and repeating.)

While I don't agree with the post's conclusions about who pays for rewards, it does present a lot of interesting information for anyone who wants to understand the business of credit cards a little bit better.

Poster Buddy5000 writes:
I do have an undergraduate and graduate degree in business.

This offer is expired. See the new offer and analysis here.

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A few readers have reported to me that they applied for the Citi Prestige® Card and either got a response that their application was pending or denied. What are their options?

The Citi Prestige® Card has been one of my favorite cards since I got it in March.

All these offers are expired.