Is It Time to Ditch Your Travel Rewards Card?
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There are countless articles advising consumers on which travel rewards cards are the best, how to choose one and how to get the most out of the rewards you earn. But what about how to know when to get rid of them and how to know if they aren’t getting you the rewards you want?
The Washington Post’s Jonnelle Marte offers up some advice on this very subject, noting that “the mention of a reward credit card evokes images of jet-setting across the globe in a first-class seat to then lounge in a suite at a luxury resort. But people who don’t plan properly could find themselves spending hundreds of dollars a year — without one hotel stay or flight to show for it.”
She notes that consumers need to pay attention to fees paid on these types of cards and analyze those against the actual rewards you are getting. What it comes down to is that you are probably going to have to do some math. And travel habits change.
“Every credit card has different rules for how consumers can earn and redeem miles, and what works for a consumer one year may not be such a good fit later if their spending or travel habits change,” writes Marte.
READ MORE: Which Travel Credit Card Is the Best?
Research backs up this claim. According to Forbes, 1 in 5 credit cardholders are using a card that doesn’t match their needs, as found in a survey by the market research firm J.D. Power.
Are you getting the most out of your rewards card or is it time to switch things up? Find out more here.
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