Photo by Vincent Versluis on Unsplash
In 2017, Americans spent a whopping 702.5 billion dollars on domestic and inbound leisure travel, according to the World Travel & Tourism Council website. That’s not even counting what Americans spent on international travel during the same year. Clearly, plenty of Americans do want to expand their horizons by exploring new places. If you’re interested in taking the trip of a lifetime, but wonder how to handle the cost, you’ll appreciate this quick guide. It’s loaded with information about the latest options in travel financing. Once you’ve learned about travel reward points credit cards, “fly now and pay later” personal loans and crowd-funding, you’ll be ready to choose the financing option that is right for you.
Use a travel reward points credit card
Switching to a credit card that offers travel reward points will be smart, according to Thepointsguy.com. This financing strategy will help you to cover at least part of the cost of your journey via accrued travel reward points. When shopping around for a credit card that offers travel reward points, compare the cash value of perks offered. Some cards offer only “air miles”, while others offer air miles, plus access to airline lounges and extra bonuses for higher tiers of spending. Look at what you’ll receive when you spend the minimum and go from there. Use this type of credit card for all purchases and pay off the balance monthly, as you rack up valuable travel reward points.
Discover “fly now and pay later” personal loans
Personal loans which allow borrowers to fly now and pay later are available to consumers, even if consumers have sub-par credit, according to www.crediful.com. A personal loan may be used to fund any type of purchase, including a “dream trip”. Forbes.comreports that personal loans are growing in popularity more than any other types of loans. To get a great deal on a loan that allows you to travel and pay for the trip up to five years later, shop around for the lowest interest rate from a reputable lender. As a bonus, it’s possible to improve a mediocre or poor credit score by taking out a personal loan and paying it back right on time.
Crowd-fund your next travel adventure
If you’re not bashful about asking other people for money, you may want to hit up friends, family, work colleagues and the Internet at large through a crowd-funding initiative. Some people feel more comfortable with this cutting-edge travel financing strategy than others. To do it right, choose a popular crowd-funding platform, research the destination that you have in mind and put together a budget for the trip. It’s smart to come up with a “purpose” for the journey. Look for an emotional reason why you want to go on that trip, which other people will relate to. Then, share your crowd-funding initiative via social media. You’ll need to market the initiative to get results.
Start planning your ultimate adventure
Travel provides proven psychological benefits, by boosting cognition and reactivating reward circuits within the brain, according to Psychologytoday.com. If you feel more alive and more content while you’re exploring new places, it’s because the novelty of travel is having a positive impact on the way that your brain functions. To access stimulating travel for a lower price, choose a travel rewards credit card, a personal loan or crowd-funding. Then, prepare to enrich your life as you enjoy the ultimate adventure.