With 2023 behind us, it's time for our annual predictions for what the world of credit cards and rewards will bring in the year ahead.
16.12.2023 - 17:57 / lonelyplanet.com
This series of articles about credit cards, points and miles, and budgeting for travel is brought to you in partnership with The Points Guy.
Advertiser Disclosure: This post contains references to products from one or more of our advertisers. We may receive compensation when you click on links to those products. Terms apply to the offers listed on this page. This relationship may impact how and where links appear on this site.
Applying for a credit card can be a step towards financial stability and substantial rewards. Not only does having a credit card help build your credit history, but you can also earn valuable rewards towards travel, household expenses and everything in between. Of course, these outcomes are contingent on responsible credit management, so you’ll want to pay your balance off every month and avoid overspending. Once you’ve submitted your credit card application, a series of steps occur before that shiny new card arrives in your mailbox. Here’s everything that happens next:
Best credit cards for airline miles
Shortly after receiving your application, the bank runs a credit check and verifies your identity. This step involves assessing your credit history and score to determine your creditworthiness. There are three main credit bureaus the bank might pull from Experian, Equifax and Transunion. Every bank pulls from at least one of these bureaus, though Capital One checks all three. Depending on the type of credit card you’re applying for, your credit score will quickly determine whether the bank will approve you.
Typically, you need a good or excellent credit score to qualify for a travel credit card, defined as 670 or above. You’ll incur a 2-5 point credit score drop per credit inquiry, which can rebound within 1-2 billing cycles if you’re approved and use your new card responsibly. Still, you want to be mindful of the cards you apply for and avoid ones you’re not qualified for.
Best credit cards for airport lounge access
There are a few steps you can take prior to applying for a credit card that may improve your approval odds. Here’s a look at three ways you can achieve this:
Review your credit score ahead of time
To improve the odds of being approved for a credit card, you should review your credit score prior to applying. You can check your credit score for free through annualcreditreport.com. Ensure your credit report doesn’t contain any errors that could negatively impact your score (and your odds of approval for a credit card). Checking your credit score also saves you the hassle of applying for a card that you don’t actually qualify for. The last thing you want is to incur a 2-5 point credit score hit over a card you likely won’t get approved for.
Work on improving
With 2023 behind us, it's time for our annual predictions for what the world of credit cards and rewards will bring in the year ahead.
This series of articles about credit cards, points and miles, and budgeting for travel is brought to you in partnership with The Points Guy.
From cash rewards on travel purchases to handy insurance for your rentals, the right card won’t weigh down your wallet with annual fees, leaving more room for souvenirs and experiences.
This series of articles about credit cards, points and miles, and budgeting for travel is brought to you in partnership with The Points Guy .
While the holiday season is officially over, travelers can participate in their own White Elephant of sorts by swapping their unwanted gift cards for airline miles.
A year ago, we made our best guesses at what would happen with credit card rewards in 2023.
California’s desert oasis of Palm Springs is a popular destination year-round for golfers, wellness seekers, and bachelor and bachelorette parties. Yet there’s something special about visiting in the winter around the holiday season, when the hot temperatures cool and getting outdoors to see the beautiful landscape is all the more enjoyable for it.
How will the largest of the tours-and-activities marketplaces — Viator, GetYourGuide, and Klook — grow and compete in 2024?
The cruise industry is seeing a surge in demand for expeditions that bring us closer to the diversity of wildlife inhabiting some of the most pristine parts of our natural world. From journeys through Arctic waters, expeditions in the Amazon rainforest and island-hopping in the volcanic Galápagos archipelago, we round up 11 of our favourites for the year ahead.
I used to really like air travel—largely because of a Disney movie from the late seventies called The Rescuers. The leads are mice: a chic one, voiced by Eva Gabor; and a frumpy one, voiced by Bob Newhart. They’re on assignment to save an orphan girl who was abducted for the purpose of retrieving a diamond from the Louisiana bayou—but first they have to get there from New York City, which involves riding in a sardine tin strapped to an albatross. When the bird wings off the roof of a skyscraper at sunset, poor Bob is practically peeing himself. But not Eva. “Oooo! I just luv takeoffs!” she says. “It’s just like being on a rollerscoater.”
As millions of passengers begin to fill airports for the 2023 holiday season, Southwest Airlines is still facing consequences for last year's holiday travel meltdown. The Department of Transportation (DOT) issued a record $140 million fine against Southwest on Monday, while also introducing new consumer protections and enforcements to help avoid another meltdown, which left thousands of flights canceled and passengers across the United States stranded, from happening again. “We’re pleased to have reached this consumer-friendly settlement, which includes a new, industry-leading policy to compensate Customers during significant delays and cancellations,” Southwest Airlines shared in a statement about the settlement. After the holiday travel meltdown of 2022, the Department of Transportation conducted an extensive investigation which found the airline failed to provide prompt refunds and general service to «hundreds of thousands of Southwest customers». As a result of the investigation, the Department of Transportation says that Southwest will be financially responsible for at least $750 million which includes refunds, future compensation for tickets, and more. In addition to the fine and payments, the DOT enforcement also requires that Southwest establish a $90 million reserve fund for future flight delays and cancellation. “This industry-leading benefit will ensure that Southwest passengers impacted by any future significant disruptions will receive not only flight rebooking, hotels, and food during the delay, but also timely compensation from Southwest due to the inconvenience,” the DOT release shares. Looking ahead to the holiday travel season that is currently underway, Southwest Airlines CEO Bob Jordan said the airline is “absolutely ready” in a recent interview, and that the airline has taken many steps to ensure reliable air service, Airline passengers this holiday can also utilize new tools from the Department of Transportation, including an interactive dashboard which shows their rights when flying. “For those who are planning to fly.
Miami and Orlando are the two most visited cities in Florida. Miami is nicknamed the Magic City and known for its white-sand beaches, pastel-hued tropical Art Deco architecture, dynamic nightlife, and Latin vibes. Orlando is home to the Magic Kingdom and the world’s most famous mouse. Until recently, out-of-towners who wanted to experience both sides of the Sunshine State either had to hop a flight between Orlando and Miami and then take a taxi or ride-share to their destination or rent a car, navigate the oft-congested interstate, and endure the hassle of finding (usually pricey) parking during what’s supposed to be a relaxing vacation.