CHARLOTTE, N.C., May 21, 2019 /PRNewswire/ -- Millions of Americans plan to use credit card rewards points to pay for at least part of their upcoming summer vacation, according to a new report from CompareCards.com, and one in 5 cardholders say rewards will cover at least half of their summer travel bills.
CompareCards asked cardholders about their 2019 summer vacation plans and the impact that credit cards and credit card rewards have on those plans. The survey found that cards play a huge role in vacation plans, influencing where people go, how they get there, where they stay, when they arrive and more.
Sixty-four percent of credit card holders will use rewards points to pay for their summer vacation, and 72 percent of millennials will do so.
1 in 5 cardholders said they expect credit card rewards to cover more than half of their summer vacation costs in 2019. The average cardholder expects rewards to cover between 11 and 25 percent of their costs.
Ninety-eight percent of credit card holders are at least considering taking a summer vacation in 2019, and 75 percent say they will definitely take one.
Seventy-five percent of cardholders said their card rewards affect their summer vacation plans, in terms of where they travel, how they will get there or where they might stay when they arrive.
The more you earn, the more likely you are to use rewards points on vacations this summer.
Midwesterners are the least likely to use rewards points to pay for their summer vacation. Just 46 percent will do so, compared to 73 percent of those in the Northeast.
"While it's no great secret that many Americans have leveraged credit card rewards for travel in recent years, the percentage of those doing so this summer took us by surprise," said Matt Schulz, Chief Industry Analyst at CompareCards. "In short, if you believed that travel rewards were the playground only of a small group of rewards junkies, this survey shatters that myth for good. The truth is that credit card travel rewards are a game that most anyone can play, though it only really makes sense financially if you don't carry a balance on your card."
About LendingTree LendingTree (NASDAQ: TREE) is the nation's leading online marketplace that connects consumers with the choices they need to be confident in their financial decisions. LendingTree empowers consumers to shop for financial services the same way they would shop for airline tickets or hotel stays, comparing multiple offers from a nationwide network of over 500 partners in one simple search, and can choose the option that best fits their financial needs. Services include mortgage loans, mortgage refinances, auto loans, personal loans, business loans, student refinances, credit cards and more. Through the My LendingTree platform, consumers receive free credit scores, credit monitoring and recommendations to improve credit health. My LendingTree proactively compares consumers' credit accounts against offers on our network, and notifies consumers when there is an opportunity to save money. In short, LendingTree's purpose is to help simplify financial decisions for life's meaningful moments through choice, education and support. LendingTree, LLC is a subsidiary of LendingTree, Inc. For more information, go to www.lendingtree.com, dial 800-555-TREE, like our Facebook page and/or follow us on Twitter @LendingTree.
About CompareCards: CompareCards' mission is to help people make smarter, more informed, healthier financial decisions based on deeper knowledge of financial offers. Each month, over 2.9 million visitors come to CompareCards' website to independently compare credit cards side-by-side and choose a credit card based on interest rate, reward benefit, cost savings, and other factors that are important to each person. CompareCards provides easy-to-use, objective tools and educational resources that help people do everything from making credit card comparisons to managing their credit health. For more information, please visit www.comparecards.com.