With summer right around the corner and 3 in 5 Americans saying that inflation is affecting their travel plans, the personal-finance website WalletHub today announced its picks for the Best Travel Credit Cards, highlighting deals worth $1,000 in airfare, hotel reservations, and more. This report is accompanied by a new WalletHub survey examining people’s summer travel habits, worries, and expectations.
Key Findings:
- Inflation Deflating Travel Plans: 3 in 5 Americans say inflation is affecting their travel plans.
- Frugal Summer Ahead: 55% of Americans plan on spending less money this summer than last summer.
- Debt-Worthy Vacations: 1 in 4 people say it’s worth going into debt for a good vacation.
- Vacation-Bill Blues: Roughly 3 in 5 people think about post-vacation credit card bills while they’re on vacation.
- Packing New Credit: 16% more people than last year say they are “very likely” to apply for a new credit card before a vacation this summer.
- Rewards-Fueled Vacations: 38% of people plan to use credit card rewards to pay for a vacation this year.
- Vacation Hunger Strike: 38% of Americans say they would stop dining out for a year to earn a free summer vacation.
- Best Travel Credit Card: The Capital One Venture Rewards Credit Card is the best credit card for summer travel because it offers an initial bonus worth $750 in travel, along with double miles on all purchases and a reasonable annual fee.
See the full results of WalletHub’s Summer Travel Credit Card Survey and read WalletHub’s commentary below.
Q&A with WalletHub
How is the economy affecting summer travel plans?
“Three in five Americans say inflation is affecting their travel plans, according to a new WalletHub survey, and 55% of people are planning to spend less this summer than last summer,” said Jill Gonzalez, WalletHub analyst. “Even though spending expectations are a bit depressed, many people are still making it a priority to vacation. WalletHub’s new survey found that 1 in 4 people believe it’s worth going into debt for a good vacation.”
Can overspending ruin a vacation?
“Roughly 3 in 5 people say they think about post-vacation credit card bills while they’re traveling, according to WalletHub’s new summer travel survey, so having a big, unaffordable bill waiting for you can certainly rob you of peace of mind and ruin your vacation,” said Jill Gonzalez, WalletHub analyst. “The key is to figure out what you can afford and how much you’re truly comfortable spending, then plan your vacation accordingly.”
What would people do for a free vacation?
“WalletHub’s new summer travel survey found that 38% of Americans would stop dining out for a year to earn a free summer vacation. Cutting out one expense to make room for another is a very good idea, but it’s easier to talk about eating in for a year than it is to actually do it,” said Jill Gonzalez, WalletHub analyst. “In addition, 38% of people are planning to use credit card rewards to make ends meet this summer. Regularly redeeming credit card rewards is a wise move, particularly since stockpiling points and miles can lead to devaluation or expiration.”
Is it a good idea to apply for a new credit card before a summer vacation?
“Applying for a new credit card before a summer vacation is a fantastic idea because it can save you $1,000 on your trip. The best credit card for summer travel is the Capital One Venture Rewards Credit Card because it offers an initial bonus worth $750 in travel, along with double miles on all purchases and a reasonable annual fee,” said Jill Gonzalez, WalletHub analyst. “Given the prolonged impact of inflation on household finances, it’s no wonder why 16% more people than last year say they are ‘very likely’ to apply for a new credit card before a vacation this summer, according to WalletHub’s new survey. We could all use the extra savings.
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