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While the feature sets of every credit card program might vary from time to time, they do have certain things in common. Take advantage of these 10 similar features. Compare one from the other in order to find what you're looking for in the best travel rewards credit cards.
Rates and Fees
Always expect rates on a credit card. Thus, the first three features to look into are:
1. interest rates
2. exchange rates
3. annual fees
Knowing how high or low these rates are crucial to how cost-efficiently you can accumulate those points. Ideally, you're better off with lower interest rates on the card.
The best travel rewards credit cards always go lower. It keeps you from getting swamped in credit in case you go shopping. The same goes for exchange rates, because credit cards charge for charges involving more than one currency. Since you're only making purchases, then a lower rate is always ideal.
Annual fees may or may not exist in a credit card. It does not, however, mean that the best travel rewards credit cards are annual charge-free. This is usually judged on a case-to-case basis by comparing this fee with the interest and exchange rates. Credit cards that don't charge annual fees normally set things off with higher interest and exchange rates. Look at how well the trade off is and check if the annual fee is worth paying with respect to the above mentioned rates.
Rewards and Limits
The next three factors are based on how much you can get with the use of your credit card, namely:
4. reward points
6. credit limit
You'll be making purchases when you travel, so make sure that you make the most out of each swipe. With respect to reward points, take a look at how much points you get for a corresponding value that you've purchased with. The best travel rewards credit cards give your valued purchases more weight in points for faster accumulation. This rule also applies to miles, except that, instead of points, you get flyer miles that you could use to offset airfare when you fly. Don't forget to look into the specific participating airlines the credit card features.
On the other hand, you might want to make sure that you don't overspend when you travel. That's what the credit limit is for. You may or may not need it. So what makes the best travel rewards credit cards, depends on how it meets your limiting needs. Your limiting needs can be determined by how much your travel and how often you swipe your card for the duration of your trip.
In addition to features #4, #5, and #6, you also need to look into:
7. acceptability of your credit card in other places
The best travel rewards card for you is one that is accepted to whichever places you might be going. This is really important, especially when you travel internationally.
Security and Reliability
All your purchases abroad need to be secure, so don't forget to look into for your best travel rewards credit card:
8. password/account matters
9. emergency replacement cards
10. purchase insurance
Primarily, you need to know how your card will work overseas. This will ensure that all your purchases will go through. In case something happens to your card (i.e. it gets lost, broken, or stolen), those that guarantee a 24-hour replacement make the best travel rewards credit card. It's going to save you from being stuck in another country with nothing to make purchases with.
Lastly, not all reward cards have purchase insurance, but the best travel rewards credit cards will always do. Special credit card insurance plans are handy for those big foreign purchases in case the item gets lost, broken, stolen or otherwise rendered useless even before you get them. The chances of items purchased and brought overseas to get spoiled or damaged are usually higher than local purchases, hence the greater need for security.
These are the ten things you need to look for in a travel rewards card. Use these specific features as your guideline in choosing the best travel rewards card for you. Remember that you always have to match your travel rewards card to your personal travelling needs.
- Tangerine® Money Back Card Scotiabank® More Rewards VISA® Card Scotiabank® GM® VISA® Card
- Scotiabank Platinum American Express Card Scotia Momentum® VISA® Infinite Card CIBC Air Canada® AC conversion™ Visa Prepaid Card
- Scotiabank® Value VISA® Card No-Fee Scotiabank® Value VISA® Card SCENE® VISA® Card