With summer right around the corner, more than 1 in 3 people still owe money from their last vacation, according to a new WalletHub survey examining people’s summer travel habits, worries, and expectations. The survey is accompanied by WalletHub’s picks for 2024's Best Credit Cards for Summer Travel, highlighting deals worth more than $1,000 in airfare, hotel reservations, and more.
Key Findings:
- Financial Priorities: Nearly 1 in 4 Americans would skip a credit card payment before skipping a vacation.
- Bills Clouding the Vibes: 65% of people think about post-vacation credit card bills while they’re on vacation.
- Reduced Summer Spending: 55% of Americans plan to spend less money this summer than last summer.
- Putting Rewards to Use: Half of Americans plan to use credit card rewards to pay for a vacation this year.
- Most Popular Benefits: Rental car insurance (32%), travel accident insurance (28%) and price protection (27%) are the top three credit card benefits used by the most people.
- Best Travel Credit Card: The Chase Sapphire Preferred® Card is the best credit card for summer travel because it offers an initial bonus worth nearly $1,000 in travel, along with at least double miles on all travel purchases and a reasonable annual fee.
“Americans want a vacation, even if they can’t really afford it. More than 1 in 3 people still have credit card debt left over from their last vacation, according to a new WalletHub survey, and nearly 1 in 4 people say they would skip a credit card payment before they would skip a vacation. Fortunately, you don’t need to jeopardize your long-term financial health or sacrifice much-needed rest and relaxation. Many Americans plan to cash in credit card rewards they’ve already earned in order to make ends meet, for example. If you have a good credit score, you could also save around $1,000 on travel this summer by applying for one of the best travel credit cards now and spending enough to earn the initial rewards bonus.”- John Kiernan, WalletHub Editor
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