Does opening new credit cards hurt my credit score?

Yes, temporarily. You will see a small dip (usually 5-10 points) due to the 'hard inquiry.' However, as long as you pay your bills on time, your score typically recovers within 3-6 months.

Is it worth paying a $695 annual fee?

Only if you use the specific perks, such as airline incidental credits, lounge access, and Uber credits, that total more than the fee. If you aren't using the perks, downgrade to a 'no annual fee' version of the card.

How to Maximize Travel Rewards Credit Cards

Maximize rewards by focusing on high-earning bonus categories, meeting minimum spending requirements for signup bonuses, and transferring points to airline or hotel partners. Avoid carrying a balance, as interest payments will immediately negate the value of any points earned.

Select the right card for your spend. Audit your last three months of bank statements to identify your highest spending categories (e.g., groceries, dining, or travel). Choose a card that offers 3x to 5x points on those specific categories rather than a flat 1.5% cash-back card.
Hit the signup bonus (SUB) immediately. Only open a new card when you have a large planned expense, such as insurance premiums, taxes, or car repairs, to ensure you meet the minimum spend requirement (usually $3,000–$5,000 in the first 3 months) without overspending.
Prioritize transfer partners over portal redemptions. Never redeem points for gift cards or generic travel through bank portals. Instead, move your points to airline partners (like British Airways or Air Canada Aeroplan) to book business class flights, where you can often get 3–5 cents of value per point instead of 1 cent.
Automate your payments. Set your credit cards to autopay the 'statement balance' in full every month. Missing a single payment will trigger interest rates that far exceed the value of any rewards earned.

Does opening new credit cards hurt my credit score?: Yes, temporarily. You will see a small dip (usually 5-10 points) due to the 'hard inquiry.' However, as long as you pay your bills on time, your score typically recovers within 3-6 months.
Is it worth paying a $695 annual fee?: Only if you use the specific perks, such as airline incidental credits, lounge access, and Uber credits, that total more than the fee. If you aren't using the perks, downgrade to a 'no annual fee' version of the card.