Like many of you I have the Chase Sapphire Preferred and the Amex PRG cards which I understand are in many cases two of the best everyday spend cards currently on the market. Besides the sign-up bonuses (terrific), the bonus point multipliers make them a great value, especially with the many transfer partners. However, I've been wondering the last few days, what kind of yearly spend on these cards makes the annual fee worth it to keep the cards around for many years? IIRC the annual fees are $95 for the Sapphire and $175 for the PRG. I'm new enough to miles and points that I still have to think hard about cpm whenever they're discussed, and I don't yet have a good feel on what cpm is considered great. I understand the value of the two cards really depends on the transfer partner you use, so let's assume best case scenario, which most seem to agree are currently UA/CO and Hyatt at least for UR points. I do also understand that MR point values are getting more complex now. I know that the more points I earn each year will drive up the value of keeping these cards, but I'm not a big spender (grad student), so I'm just trying to weigh my long-term options. How much do I need to spend on these cards to make the annual fees worth keeping the cards around?