Are you an avid traveler? Does your profession require you to travel frequently? If the answer is yes there are several reasons to consider a Travel Rewards Credit Card to maximize savings on travel.
Travel rewards credit cards are an excellent way to earn complimentary airfare and hotel stays. They can save you a ton of money and reduce what you spend out of pocket for travel.
Are Travel Rewards Credit Card Really Worth It?
Absolutely! Here are a few reasons why:
FOREIGN TRANSACTION FEES
If you're not a fan of keeping cash on hand and you rather swipe your credit card foreign transaction fees can add up. Foreign fees are charges – usually around 3% of the total amount of the transaction. Most credit cards and debit cards charge a certain transaction fee every time you use it in a foreign country or you do a transaction in a foreign currency. With a Travel Rewards Credit Card, you'll save big while traveling with zero foreign transaction fees.
EARN TRAVEL REWARD POINTS
The sign-up bonus, introductory bonus, or welcome offer value is typically worth $500.00 or more. Which is fairly lucrative just to sign up for the Travel Rewards Credit Card. Some cards offer 100,000 points or more to new members who hit a minimum spending amount within the first few months. Your first transactions can be booking airfare, eating at a certain partner restaurant, or making a hotel reservation. The points you collect can be redeemed at a later date to get a discount on your bookings.
LUGGAGE AND ACCIDENTS
During your travel, a loss of luggage and accident is a reality that can happen to anyone. This can cause mental stress and financial implications. There is no worse feeling than knowing that you have arrived in a foreign country that you were overly excited to vacation at but your luggage has not arrived or something terrible happens to you or your family members during your trip. This is where Travel Reward Credit Cards can play a very important role. It can be difficult to recover your loss or damage luggage unless you have travel insurance protection. Your Travel Rewards Credit Card can cover the loss of it. Travel accident cover protects you if there are any travel delays more than 12 hours, emergency evacuation if a serious illness or injury occurs during the vacation, medical expenses should you incur hospital charges and baggage delays.
How Can You Choose the Best Travel Credit Card?
With so many credit cards to choose from, how do you decide which ones to pick? According to the U.S News & World Report the following factors will help tremendously when deciding wich Travel Rewards Credit Card is best for you:
"Travel frequently. If you don’t consistently spend on airfare, hotels, or other travel expenses, consider a cashback credit card instead. These cards have easy redemption options, and some of them don’t even have annual fees."
"Have a good credit score. You have the best chances of being approved for a travel credit card if you have a FICO score of at least 670, which is at the bottom of the good FICO score range. The higher your score, the better your chances to get approved for the elite travel cards"
"Pay off your balance each month. Because travel credit cards have higher-than-average APRs, you should only get a travel card if you can pay off your balance each month."
"To find a travel card that meets your needs, evaluate each card using the following criteria:
Pick the right rewards program for you.
Calculate earning potential.
Factor in sign-up bonuses.
Calculate the redemption value.
Subtract annual fees.
Understand travel benefits.
Avoid foreign transaction fees"
Travel Rewards Credit Cards can be rewarding! It requires a lot of research, effort, and time to find the best one that is suitable for your situation. It’s imperative that you do your due diligence to understand all of the requirements, perks, to really benefit from the value of the Travel Rewards Credit Cards.