Travel Reward Points: Mostly Not Being Utilized
It is true that Canadians wants to travel a lot. However, most of them are not getting the full benefits of their credit cards features particularly travel rewards programs which can help them pay off for the trips they are planning for.
Based on several travel rewards website, there are less than 30% of those individuals who belong to a credit card rewards program that are booking their travel utilizing their rewards points accumulated. Regardless of new survey outcomes, it has presented that Canadians are not prepared to pay off in large amounts of money for lavish vacations.
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Statistics have shown that Canadians had put together more or less 4.3 million trips outside of the country last Christmas season. It has a 3% increase against the numbers of the past months. With the recent International Travel Account report coming from the Canadian Tourism Commission, it has displayed that Canadian that spent money outside Canada boost to 11% which is $4.7 billion. In addition, Canadians spent over $8.3 billion aboard which is 5% yearly. The stats have demonstrated as the second-highest total for this certain period.
Not utilizing travel rewards is a big lost of opportunity given that it can lower your travel expenses. What most of the people fail to see is the significance to keep on tracking their travel rewards points every time they receive their card statements. Several of the cardholders do not even check their statements for the reason that they are doing things through online banking.
Luckily, you can make the most of your travel rewards points easily than what many Canadians have thought. Here are some tips on how to do it:
1. You must pick a credit card that will suit your needs. Not every travel rewards cards are made equal on their benefits as well as their features. Several programs provide discounts on car rentals while others grant hotel and travel deals. Likewise, various cards permit quick discounts on low ticket items. Others entail cardholders would let cardholders spend much for several months and collect points. The thing here is to determine your travel main concern and the amount of time you are eager to wait to convert your points.
2. Think on switching to another credit card. If you own already a travel rewards card, however, you are not getting the advantages of it, it is time to switching to a different program. Always put in mind that you may not be allowed to transfer your hard earned points to another new card. With that, you must be ready to sacrifice your points.
3. Organize a plan. If you are accumulating your points to make up for a considerable portion of your dream vacation, you are advised to book ahead of time. The important thing here is that you must have to plan everything in advance. The more closer you are of your travel date, the greater number of points will be used. It is better then to ask yourself how you want your points to be used. Do you want to utilize it for a hotel, car rental, and airfare? Hence, you then start on saving and spending accordingly.
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A lot of Canadians allow their travel rewards points to fade away in fact they can make use of it for a weekend trip or vacation. Yet, being careful in selecting card and have a little planning, you can then make your rewards points work for you rather than working hard to for the rewards.
See Also
Best Credit Cards Canada
Best Balance Transfer Credit Cards Canada
Best Cash Back Credit Cards Canada
Best Capital One Credit Cards Canada
Best MasterCard Credit Cards Canada
Best MBNA Credit Cards Canada
Best Visa Credit Cards Canada
Best Secured Credit Cards Canada
Travel Credit Cards Canada
External Links
Investopedia.com
Stretcher.com
Bankrate.com
