It's not too late to travel for cheap this summer with credit card rewards
Author: Natasha Gabrielle
Source: The Motley Fool
A summer vacation can provide a much-needed escape, but travel costs can quickly add up. I have good news if you want to take a last-minute summer getaway without going broke.
You can use credit card rewards to fund your travels. Doing this can help reduce your vacation spending so you can enjoy your trip without feeling added financial stress. Here's how.
How to earn credit card rewards
With the right credit card in your wallet, you can earn rewards when you swipe your card for everyday purchases. Many top-rated rewards credit card options are available.
What to look for in a rewards credit card
As you explore credit card options, review each card's details to pick a card that meets your needs and goals. Here are some moves to make.
Find out how the card earns rewards
Knowing how a credit card earns rewards is essential. Some credit cards provide flat-rate rewards on all purchases, while others offer bonus rewards in select categories, like dining or travel. Understanding how the card earns rewards can allow you to choose a card that matches your typical spending habits to maximize your rewards.
Review redemption options
Not all rewards credit cards function the same way. Some offer cash back rewards as a statement credit to your account, while others provide multiple redemption choices. Some travel cards allow cardholders to redeem their rewards for travel by booking through a travel portal.
Meanwhile, other travel cards allow you to earn rewards by transferring them to select airline and hotel partners. Choose a card that offers redemption methods that work well for you.
Explore the card's benefits
Some rewards credit cards include generous travel perks, like credits for airport lounge access. It's wise to choose a credit card with benefits that you value. Consider an alternate card with different benefits if you won't benefit from the perks provided.
Find out the annual fee
If you're considering a rewards credit card that offers significant benefits, you may be required to pay a yearly fee to use the card. Pay attention to the annual fee before you apply for a card.
You want to ensure you can comfortably afford the fee and that the benefits provided match the cost of using the card.
Make summer travel more affordable
Looking for a way to take a quick escape without draining your checking account funds? It's still possible to earn enough credit card rewards to help cover the cost of an exciting summer trip.
Applying for a credit card and earning a welcome bonus is a great way to quickly earn a sizable stash of rewards.
But ensure you can meet the minimum spending requirements without accumulating credit card debt. You can avoid expensive credit card interest by paying your monthly statement balance in full.
This article was written by Natasha Gabrielle from The Motley Fool and was legally licensed through the DiveMarketplace by Industry Dive. Please direct all licensing questions to legal@industrydive.com.
