Travel Tidbits - WalletHub Winter Travel Survey and Data

 With some of the year’s busiest travel dates fast approaching, the personal-finance website WalletHub today announced the results of its 2023 Winter Travel Survey, along with its updated list of the Best Credit Cards for Winter Travel and key money-saving tips for domestic and international travelers. Applying for the right card now will give people enough time to earn up to $750 in free travel.

• Winter Debt Dilemma: 1 in 4 people think winter travel is worth going into debt for.
   
• Inflation’s Impact on Travel: 55% of people say inflation will affect their winter travel plans this year.
   
• Travel Experiences Top Holiday Wish Lists: 62% of Americans say they’d rather travel than receive gifts during the holidays.
   
• Affordability Concerns: 58% of people say the main reason they’re not planning to travel away from home this winter is because they can’t afford it or need to save money.
   
• New Credit Cards for Savings: 31% of people say they plan to apply for a new credit card to save on travel this winter.
   
• Cashing in Rewards: Nearly 3 in 5 Americans plan to redeem credit card rewards to help with their holiday spending this winter.

• 2023’s Best Travel Credit Card: Chase Sapphire Preferred® Card is the best credit card for winter travel because it offers an initial bonus worth $750 in travel, along with double points on all travel purchases and a reasonable annual fee.

 
Full survey: 2023 Winter Travel Survey
 



Q&A with WalletHub
 
Will economic headwinds affect people’s winter travel plans?

“Household balance sheets are strong for the most part, with the ratio of household debt to assets near historical lows, according to WalletHub’s Household Debt Report, but inflation and record-high interest rates are increasing the burden on consumers. As a result, I am not surprised that a new WalletHub survey found that 55% of people expect inflation to affect their travel plans this winter,” said Cassandra Happe, WalletHub analyst.
 
Do people still want to travel this winter?

“The desire to get away hasn’t gone anywhere. For example, 62% of Americans say they’d rather travel than receive gifts during the holidays, according to a new WalletHub survey, and 1 in 4 people think winter travel is worth going into debt for. So, it seems many of us will find a way to vacation no matter the cost, and considering how high rates are these days, that cost could be considerable,” said Cassandra Happe, WalletHub analyst.  
 
What are some ways people are planning to make winter travel more affordable?

“A new WalletHub survey found that 31% of people plan to apply for a new credit card to save money on travel this winter, which is a great approach. The best travel credit cards currently offer initial bonuses worth $750, and you can use such a bonus to pay for your travel if you apply soon,” said Cassandra Happe, WalletHub analyst. “In addition to applying for new credit, wringing pent up value from existing cards can pay big dividends, and nearly 3 in 5 Americans plan to redeem credit card rewards to help with their holiday spending this winter.”
 

4 Tips for Getting the Most Out of Credit Cards This Winter

• Compare initial bonus offers. You can earn hundreds of dollars in bonus rewards just by making the same purchases you’d ordinarily make. The right bonus could subsidize a significant portion of your travel costs or even pay for the whole trip.
   
• Consider 0% deals if you’ll need time to pay off holiday bills. Paying off your purchases interest-free in the new year is a lot better than struggling against a flood of record-rate interest charges.  
   
• Bring a card with no foreign fee if you’re headed abroad for the holidays. It could save you up to 8% compared to exchanging hard currency. 
   
• Don’t assume great balance transfer deals will be available in 2024. Some people might hope to use a travel rewards card to rack up rewards on holiday purchases and then transfer the balance to a low-interest card for repayment over the course of several months. This strategy could save you a lot of money, but it’s risky. If the economy falters, balance transfer offers are likely to become much less attractive and much harder to get.