Survey Reveals Most Americans Have No Travel Credit Card

Most Americans are not taking advantage of applying for travel credit cards that can allow them to travel for free, a new survey revealed.

The U.S. News Summer Travel Survey found that a little more than half (54%) of Americans are intending to go on a vacation. But nearly half (45%) of the respondents are not planning to use a credit card for their trip.

Moreover, 61% of them do not have a travel credit card, and 70% do not intend to apply for a credit card to help pay for their vacations.

Of the people who use a travel credit card, only 49% have redeemed rewards amounting to $1,051 or more over the past year.

In general, men have more tendency than women to open a travel credit card and redeem travel and other rewards.

Purchasing highly expensive items like vacations using a credit card may seem risky, but it can give cardholders financial advantages. Responsible use of credit card can lead to benefits such as travel rewards like cash back, free hotels accommodations, or free flights, Beverly Harzog, credit card expert and consumer finance analyst at U.S. News, advised.

The only group that appears to maximize the use of travel credit cards are millennials, according to a CreditCards.com study. While the cash back feature attracts one third (31%) of Americans, only a few millennials showed interest in them. The cohort is more interested in sign-up bonuses enabling them to book trips.

Around 36% of millennial tourists are choosing cards that provide sign-up bonuses worth $500 in cash or $1,200 in travel credit.

Meanwhile, travelers aged 39 or older are more interested in looking for credit cards with zero percent offers. Sign-up bonuses do not attract interest to the older generation as they do to millennials, because millennials appear to travel more. More than half of (57%) of millennials toured at least once last year and many used their sign-up bonuses for their vacation.

RELATED ARTICLES

Program for an Electric Vehicle Tax Credit for Union-Built Vehicles
Credit

Program for an Electric Vehicle Tax Credit for Union-Built Vehicles Faces Obstacle

House Democrats' plan to provide customers with an additional option to encourage union-built vehicles has sparked controversy and discussion among legislators, manufacturers, and other parties. The House Ways and Means Committee last week cleared the tax breaks for consideration in the Democrats' $3.5 trillion budget bill measure, despite vocal objections...
Williams-Sonoma Key Rewards Credit Card Program
Credit

Williams-Sonoma and Capital One Introduce The Key Rewards Credit Card Program

Williams-Sonoma, Inc., a leading American home retail company, revealed that it has partnered with bank holding company Capital One to introduce the Key Rewards Credit Card Program. The company’s top-level Key Rewards program is upgraded with new credit cards. Cardholders can accumulate rewards when they shop at Williams Sonoma, Inc....
Federal Bank Credit Cards In Partnership With Visa
Credit

Federal Bank Introduces Credit Cards In Partnership With Visa

Federal Bank has announced the introduction of its credit card in India. To offer credit cards to its current clients, the private banking company has collaborated with Visa, the worldwide financial services corporation. As per Shyam Srinivasan, Managing Director and CEO of Federal Bank, the issuance of the card would...
Wells Fargo Personal Credit Lines Closure Plan
Credit

Wells Fargo Drops Personal Credit Lines Closure Plan

Wells Fargo & Co. sparked a public outcry when it announced plans to phase down personal lines of credit in July, but the firm will reverse direction on August 18, 2021. Customers who have been using their personal credit lines have just received notice from the San Francisco-based lender...
Universal Credit Human Rights Legislation
Credit

The Reduction in Universal Credit Violates Human Rights Legislation

According to the UN's poverty expert, reducing universal credit by £20 per week is an "unjustifiable" decision that violates human rights law and would certainly lead to an expansion of poverty. The retreat of the £1,000-a-year uplift from next month, according to Olivier De Schutter, the UN-appointed chair of the...
Credit Cards Dark Web Data Leak
Credit

Hackers Leak 1M Credit Cards on the Dark Web

One million stolen credit cards have been posted by hackers on the Dark Web through AllWorld.Cards. The act was reportedly done by cybercriminals in an attempt to promote their activities and operations, as well as make their organization known. The leaked credit card information was discovered by cybersecurity researchers from...
Carter’s Child Tax Credit May Boost Children’s Apparel Business
Credit

Carter’s Says Child Tax Credit May Boost Children’s Apparel Business

Carter’s, an American retailer for children’s apparel, says that with the new child tax credit rolling out across the United States, and as the usual shopping for back-to-school resumes, the company is confident about its opportunities. To meet the consumers’ demand, the company is being compelled to pay extra to...
Younited Credit Yields Million in Fund
Credit

Younited Credit Yields $170 Million in Fund Round

Younited Credit, a France-based company, has secured $170 million in fund round. Consumers in Europe can choose from a variety of credit options offered by the startup. It also employs a multi-distribution method. The funding round, which is led by Goldman Sachs, has participants including existing investors such as Bpifrance,...
Sterling Construction Modifies Credit Agreement
Credit

Sterling Construction Modifies Credit Agreement with BMO Harris Bank

Sterling Construction Company, Inc. has modified its current credit agreement with BMO Harris Bank, its lending group. It has revealed that numerous terms of the agreement are revised. Two of the terms include lowering the existing credit agreement borrowing interest rate by 2% points and reducing the credit agreement's future...