After a long slump this summer, travel is picking up again, and credit card companies are taking notice.
This summer, Americans have begun to take to the skies and hit the road as inflation continues to push prices to all-time highs. Thus, despite the strong demand for travel, the prices of air tickets, gasoline and other elements of the experience – along with everyday goods and services – increase the prices of summer vacations.
But in just the past few months, we’ve seen a plethora of new perks and benefits from travel card issuers, from new partnerships to 100,000 point welcome bonuses and reward categories personalized to suit your spending habits, as lifetime issuers for a place in your wallet. to help save money on flights and hotel stays this summer.
We spoke to experts in the travel and credit card industry to find out what trends they’re seeing this summer and what tips they want you to know before you book your next trip:
Travel is back
According to Mark Murphy, travel expert and founder of Mark Murphy Travels, despite rising prices, there is still demand for travel.
As of April, travel spending surpassed pre-pandemic levels for the first time, reaching 3% over 2019 spending, according to the US Travel Association.
And the numbers are expected to continue to rise. Travelers will make an average of two trips this summer alone, the Deloitte 2022 Summer Travel Survey found, and 46% of Americans are planning a trip that includes a hotel stay or other accommodation this year.
“There is no doubt that travel is back,” adds Jason Steele, credit card specialist and industry expert. “And the trend in travel right now is both domestic and leisure rather than business and international.”
Murphy adds that some travelers are sticking to domestic travel to avoid continued COVID-related restrictions and spend more of their dollars on travel, cheaper flights and vacations.
In fact, among those who didn’t travel this year, financial reasons were the most cited key issue, the Deloitte survey found. 44% “concern about finances” was the top reason for not traveling, up 13% from last year.
Travel credit cards are changing
As more people travel and prices rise across the board, credit card issuers are trying to keep up with consumers looking to save money on their next trips. Here are a few trends that experts say will continue this summer:
Big welcome bonuses
After years of ditching once huge signup bonuses, some credit card issuers are using sky-high welcome bonuses to attract new cardholders.
For example, the 75,000-mile Capital One Venture Rewards Card offer and the limited-time Chase Sapphire…