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Here are the answers to some of the most commonly asked questions about travel reward credit cards.
What are travel reward credit cards?
A travel reward credit card allows you to accumulate travel rewards for every dollar you spend on eligible purchases with your card. You can redeem your rewards for things like free flights, hotel stays, cruises, and car rentals. These cards are best suited for people with good credit who enjoy traveling and use their credit cards regularly.
Will it be difficult to redeem the rewards I earn with my card?
Most travel reward credit cards come with restrictions on how and when you can redeem your travel rewards. Such restrictions might include blackout dates, expirations dates, and airline carrier restrictions. Some cards offer minimal restrictions and no blackout dates and are not difficult to qualify for if you have good credit. The best way to determine how difficult the reward redemption process will be is to read the card agreement's "Terms & Conditions" section.
Do travel reward credit cards cost more?
This will largely depend on how much you value free travel rewards. Generally speaking, travel reward credit cards tend to come with higher interest rates, and most also have annual fees. However, there are also plenty of travel reward credit cards out there that boast competitive APR's and no annual fee. If you travel frequently, then you probably place a high value on free travel rewards, so the slightly higher APR's and annual fees might be worth it. Balance the cost of using the card with the rewards it can offer you.
Which travel reward credit cards are best?
Creditors offer a dizzying array of travel reward credit cards today that all come with different perks and different terms. Some partner with a specific airline carrier, while others partner with multiple carriers to give you more flexibility. Some travel reward cards are specific to certain hotels, so your rewards can be used toward free stays at any location in the nation. Some cards offer you the entire package of rewards-hotel stays, flights, car rentals, and cruises-and let you choose your rewards. Which type of card is right for you will largely depend on how you plan to use your rewards. Remember that the price of airline flights is steadily falling. In fact, the average traveler spends more on hotel accommodations than airline flights in most travel. Keep this in mind to get the most from your card.
Should I apply for a travel reward card with an individual airline?
Some airlines offer travel reward credit cards that allow you to earn free flights on their airline. If you use a certain airline often and rarely fly with other carriers, then a travel reward credit card sponsored by a specific airline might be the best option for you. On the other hand, if you fly with a variety of carriers, you might prefer a card that partners with multiple carriers or allows you to choose your carrier.
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