Airline miles and rewards points concept. (photo via iStock/Getty Images Plus/NicoElNino).
More Americans are traveling, and more Americans are using travel reward cards to help offset the high prices.
That necessarily doesn't mean it's a good thing.
A new study by NerdWallet found that some Americans are leaving money on the table by stockpiling their rewards through their cards.
The study found that 41 percent of Americans say they currently have a travel rewards credit card, and 19 percent of Americans say they have a travel rewards credit card they got in 2022 or 2023. Of those with travel rewards cards, 22 percent have at least 50,000 points/miles saved up, and 15 percent have 100,000 or more points/miles saved.
Since the value of points and miles tends to decrease over time, travel rewards cardholders piling up their points may want to reconsider their strategy, say the researchers at NerdWallet.
Other findings from this study include the fact that most Americans are planning trips this year: The majority of Americans (84 percent) have taken or plan to take a trip that requires a flight or hotel stay this year, and they plan to spend an average of $3,916 on these travel expenses. That adds up to nearly 218 million Americans spending close to $853 billion on travel in 2023.
Yes, travel has come roaring back from the pandemic, no doubt about it.
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