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Americans Are Not Big Fans of Travel Credit Cards
Travel credit cards are probably the most talked about on our website and probably on all other travel sites. But travel cards are not really that popular with Americans in general. A new report by U.S. News and World shows that 61 percent of Americans don’t have a travel credit card.
The survey revealed that 70% of people would not open a credit card to help pay for a vacation. And 45% of respondents are not planning on paying for their upcoming trip with a credit card at all.
Some don’t even care about savings at all. 31% of travelers surveyed said they don’t shop around to save on travel costs
Those are some surprising stats, made even more so by just looking a the other results of the survey. Of those who use a travel credit card, 49% have redeemed $1,051 or more in rewards over the past year.
Not surprisingly, millennials seems to be the group most interested in travel and credit cards that make it more affordable. 36% of millennial travelers are looking for sign-up bonuses that transfer to $500 in cash or $1,200 in travel credit. Travelers who are age 39 or older tend to look more for credit cards with zero-percent offers. Sign-up bonuses may not appeal to that generation as much as they do to millennials, because millennials seem to travel more. Fifty-seven percent of millennials took at least one trip last year and many used their sign-up bonuses to assist with their vacation.
Miles to Memories has partnered with CardRatings for our coverage of credit card products. Miles to Memories and CardRatings may receive a commission from card issuers.