A new survey conducted by NerdWallet has revealed that Americans owning a credit card with travel rewards earn an average value of up to $901 in the first year.
Based on the findings, it was concluded that consumers without such cards may be ‘missing out’ on several rewards per year, amounting to an average of $227 in free travel.
Taking into account the 32% of American adults who do not have a travel credit card, the overall missed out free travel rewards is reaching $22bn annually.
The survey revealed that on average Americans travel three times a year but prefer to do so five times.
NerdWallet says that people with a travel credit card can benefit from higher rewards, as these can stretch a travel budget and makes travelling easier.
NerdWallet credit card expert Kimberly Palmer said: “If you travel a lot, then a travel rewards card can help you earn points to offset the cost of your trips.
“The best card for you depends on how much you travel, whether you want access to premium perks like airport lounges, whether you travel internationally, and whether paying an annual fee makes sense given the value you will get out of the card.”
Most of the respondents without such card feel they will not be able to justify it as they do not travel enough, or do not own one due to concerns for overspending to earn more points.
According to the firm, another type of rewards card such as a cash-back card can be helpful for such consumers.