With the cold weather, more people are cashing in on their travel rewards – and the results are sunny:
A study conducted by TD Canada Trust found that more than a third of Canadians (35 percent) feel happy when their travel rewards get them a good deal on vacation packages. Another 26 percent said they find satisfaction with their chosen reward, and 16 percent reported a feeling of accomplishment in collecting the number of miles and heading out on their dream trip.
The survey also looked at the types of travel-goers who use rewards miles, placing them in three categories: Strategizers, Savers and Accidental Tourists.
These three types of reward users either create a detailed plan on how to earn miles (27 percent of all Canadians), save their miles for a specific vacation (24 percent) or travel and earn miles on a random basis (22 percent).
The study advises if you’re going to get a rewards card, it’s best to educate yourself about the variety of credit cards available.
Jeffrey Schwartz, executive director of Consolidated Credit Counseling Services of Canada, says travel rewards are something fun for people – but be cautious of the backlash the cards can have.
“Building up miles can be a rewarding experience, once you have enough to use for a trip,” Schwartz says. “But the process of getting there can be costly – because to build up those reward miles means going on trips or buying things with your rewards card. Don’t risk going into more debt just to save on one trip.”
Consolidated Credit has helpful travel tips in our Vacation Budgeting section. And if you want a free debt analysis, call .