Whether you’re a frequent business traveller who’s always on the go or a world explorer looking for your next adventure, a travel credit card can be a great way to make the best of your trips. The right travel credit card can enhance your travel experiences by offering opportunities to earn rewards, redeem rewards on travel expenses, access discounts and deals, and get perks and benefits like lounge access and travel insurance. Learn all about travel credit cards, what they can do for you and how to choose the right one in our guide below.
What is a travel credit card?
You may have heard of credit cards that offer discounts and savings on fuel, groceries or shopping. A travel credit card is a type of credit card that offers perks and rewards that make travel smooth and convenient. While the exact reward programs differ from one card to the next, what most miles credit cards have in common is that they grant users benefits and redemption opportunities specifically linked to travel.
A travel credit card is a great way to turn everyday spending into travel rewards. Generally, a miles credit card or travel card will let you earn points, miles, or cashback on purchases, which you can redeem for travel-related expenses like flight tickets, hotel stays, car rentals, and more. Over time, savvy cardmembers may accumulate enough rewards to cover the full cost of a small vacation. Many travel credit cards also include benefits like complimentary lounge access, travel insurance, and exclusive discounts with partner airlines and hotels.
Pros and Cons of a Travel Credit Card
Pros
Earning points and miles: Your miles credit card helps you earn rewards on eligible purchases. If you use your credit card regularly for eligible purchases, your points or miles can add up quickly and bring you significant savings on your next trip.
Sign-up bonuses: In addition to regular rewards, your card may offer a welcome bonus that lets you earn a significant number of points/miles if you meet certain spending criteria. These bonuses can provide a great boost to your rewards balance right from the start.
Access to Airport Lounges: Your travel credit card may also include complimentary access to airport lounges, allowing you to enjoy a more relaxed travel experience with amenities like refreshments and comfortable seating before your flight.
Cons
High annual fees: Travel credit cards with good benefits may carry higher annual fees than regular cards. You’ll need to review the costs and benefits associated with your credit card to decide if the travel benefits are worth the annual fee.
Complex rewards systems: Rewards programs are only useful if you know how to use them well. It might take some time and effort to fully understand how to maximize your rewards.
How to Choose a Travel Credit Card
When choosing a travel or miles credit card in Singapore, consider your travel habits and preferences. Start by considering how often you travel. A card with a high fee may be worth it for frequent fliers, but if you only take one or two trips a year, seek out a card with a low or no annual fee with points that don’t expire. You’ll need to consider what benefits matter to you. Do you value lounge access, or is travel insurance more important? Choose a card that offers benefits that match your needs. Lastly, look for a rewards program that fits in with your lifestyle. If you spend a lot on dining and shopping, look for a card that offers higher rewards in those categories. Additionally, carefully review the points/redemption process before you apply for a travel credit card. A complex redemption process can be off-putting especially if there are many limits placed on redemption.
Notice:Opinions, analyses, reviews, or recommendations expressed in this article are those of the select editorial staff’s alone, and have not been reviewed, approved, or otherwise endorsed by any third party.
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SOURCE: iQuanti