Does anyone say "no" to cheaper travel? Not that we know of. This is why learning to use your credit card miles to redeem lower-cost travel is a must.
According to Forbes, Americans are missing out on billions of dollars in credit card travel benefits. The article also notes that a CreditCards.org survey found that nearly 80 percent of respondents said that they don't own a travel rewards credit card. Ten percent of those who don't own one say that the reason is that they don't know how they work. And 17 percent of respondents who do actually own one don't bother to redeem rewards.
According to Forbes, it is estimated that there are $16 billion per year in travel rewards left on the table each year.
Are you one of these people? It wouldn't be surprising. Interpreting how to use rewards miles or points earned is a challenge and they vary by carrier.
"The general rule of thumb for reward miles or any credit card rewards (such as points) is that they are worth $0.01 each," explained Matthew Coan, owner of credit card comparison website Casavvy.com. "The main goal is to earn as many miles as possible and then get the most when you redeem them. Most cards that offer miles as their rewards make redeeming them for travel expenses your best option."
[READMORE]READ MORE: Which Travel Credit Card Is the Best? [/READMORE]
Want to better understand the inner-workings of the credit card travel rewards program? Find guidance here.
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