These days, millions of Americans are seeking new types of accounts that will reward them more handsomely for taking on credit card debt, and some of the most popular cards now have increased rewards for airline miles and other travelarrangements.
The airline and hotel industries alone now issue more than $50 billion worth of credit card rewards points and miles to consumers as a larger number are now on the lookout for more valuable benefit programs, according to a report from the luxury travel company Alpha Flight Guru. In many cases, the accounts being issued nowadays grant consumers as much as 5 percent rewards – that is, they earn 5 cents worth of points or miles back for every dollar they spend on the account.
Many lenders are also adding non-rewards incentives as well, the report said. These include the ability to go through members-only security lines with shorter waits, or no baggage fees that other passengers might have to pay.
However, some card issuers are reducing their costs for these accounts by increasing the annual fees associated with them. For this reason, consumers who are not careful with their spending may end up having to seek the help of debt relief services.