Remember when we thought all credit cards were basically the same? Just avoid annual fees and get the lowest interest rate?

My friend loves her AMEX platinum card but it just doesn’t work for me. Here are some shocking statistics about Gen X and their credit card habits:

  * 70% of Gen Xers have the wrong card for their spending pattern

  * Average household leaves $750+ in rewards on the table annually

  * Most choose cards based on friend’s recommendations, not their own habits

You really want to look at YOUR spending pattern which will quickly show you where you are spending your money. Based on your lifestyle and spend, here are the credit cards, I would recommend:

Suburban Living: Home improvement, groceries, gas (look at Capital One Savor or Chase Freedom Unlimited or Discover It Cash Back credit card)

City Living: Dining, transit, entertainment (look at Citi Custom Cash Card, Chase Freedom Flex or Bank of America Customized Cash credit card)

International Living: Travel, foreign transactions, online shopping (look at Chase Sapphire Preferred, Capital One Venture X or Platinum Card from AMEX)

The reason why matching these patterns matters more than chasing the “best” card is the money you are leaving on the table. Here’s an example of a personal with an annual spend of $50k:

   – $50,000 annual spending example:

     * Wrong card: $500 in rewards

     * Right card: $1,500+ in rewards

     * Same spending, triple the return

You definitely want to avoid these common mistakes:

1. Choosing based on sign-up bonus alone

2. Ignoring your actual spending patterns

3. Picking a travel card when you rarely travel

So to get started:

1. Track one month of spending (show categorization)

2. Identify your pattern

3. Match to specific card recommendations

4. Calculate actual rewards potential

Now, you have made one more financial decision based on you and not someone else’s financial strategy. Thanks for reading and let’s keep Enjoying the Journey!