Have you ever tried to redeem your credit card rewards for travel only to be faced with blackout dates, seat restrictions and other setbacks, such as rigid redemption options? If you’ve had problems such as these, you’re not the only one.
According to a survey conducted by Capital One (NYSE:COF) of 1045 Americans who have rewards credit cards asking them about their travel redemption this summer, only 21% redeemed their rewards for summer holidays out of the 33% surveyed in May who said they’d redeem their rewards for summer travel.
43% of those surveyed said that one of the main setbacks to redeeming their rewards for travel is that they didn’t have enough rewards accumulated in order to make these redemptions. Many of them also mentioned that another major hindrance was the seat restrictions and blackout dates they faced when trying to redeem their points and miles.
Fortunately, not all credit cards have these rigid restrictions when redeeming rewards for travel, and if you have a Capital One credit card, you can even book last-minute flights with your accumulated points or miles.
Those of you who want to redeem your points for travel should make sure you read the fine print and check if you’ll have to pay any additional travel fee when redeeming your points, or foreign transaction fees when making purchases abroad with your card. According to the survey, 37% of those who redeemed their rewards for summer vacation had to pay extra fees and taxes, and more than a third of those surveyed didn’t even know when they were being charged extra travel fees when redeeming their rewards for travel.
Of those who traveled abroad this summer, more than half (52%) didn’t know if they were being charged foreign transactions fees when making purchases with their card in another currency.
More than 90% of people with rewards cards say they are satisfied and even very happy with their rewards credit card. 59% of those surveyed said that their main motivation about having a rewards card was the fact that with it they can receive free money, the majority of which redeemed their rewards for cash (42%), followed by travel redemption of domestic flights (31%) and gift cards (28%).
Despite many credit cards having multiple blackout dates and seat restrictions when it comes to redeeming points or miles for travel, Capital One has two great credit cards that do not have these restrictions – Capital One Venture Rewards Card and Capital One VentureOne Rewards Credit Card. These two cards are very flexible in their redemption options, and none of them have foreign transaction fees, unlike many other credit cards.
Capital One Venture Rewards Card. With this flexible travel rewards card, you will receive 20,000 bonus miles when you spend $2,000 on purchases within the first 3 months. You will also earn 2 miles for every dollar you spend on this card. $59 annual fee waived the first year. One of the best rewards cards in the US. Click here to read review of Capital One Venture Rewards Card.
Capital One VentureOne Rewards Card. This rewards card for frequent travelers rewards you with a one-time bonus of 20,000 miles when spending $2,000 on purchases within the first 3 months. With it, you will earn 1.25 miles for each dollar you spend on this card. You will also enjoy 0% introductory APR on purchases until February 2015, after that you will pay a variable APR of 11.9%-19.9%. No annual fee. Click here to read review of Capital One VentureOne Rewards Card.