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Getting away from it all may feel like a necessity but it's often priced as a luxury. Between unpredictable plane ticket prices and high inflation, even a humble trip can begin to feel like an unbearable financial burden.
But before you give up your dreams of a vacation this year, you should try some cost-saving workarounds that might help you save some money. CNBC Select asked Brian Walsh, a CFP and Senior Manager of Financial Planning at SoFi, to share some of his best tips for making travel more affordable. Read on to learn more about the advice that might save your trip.
1. Plan ahead as much as possible
A surefire way to spend too much on a trip is to do everything at the last minute. Last-minute flights are known for often being more expensive than tickets booked at least a few months in advance. Plus, waiting too long could mean the more affordable hotel and vacation rental options fill up, leaving you stuck paying for pricey accommodations.
Many travel rewards credit cards can make booking flights and hotels more affordable thanks to the large welcome bonuses they may offer. With the Chase Sapphire Preferred® Card (see rates and fees), for instance, you can earn 75,000 bonus points after you spend $5,000 on purchases in the first 3 months from account opening.
The Chase Sapphire Preferred® Card packs a punch for a $95 annual fee card, offering annual travel credits, comprehensive travel protections and more.
- You can transfer rewards to all of Chase's travel partners including World of Hyatt, Southwest Rapid Rewards and many more
- Long list of travel and shopping protections
- $50 annual Chase Travel hotel credit
- Has an annual fee
- Requires a high credit score
Highlights
Highlights shown here are provided by the issuer and have not been reviewed by CNBC Select's editorial staff.
- Earn 75,000 bonus points after you spend $5,000 on purchases in the first 3 months from account opening.
- Enjoy benefits such as 5x on travel purchased through Chase TravelSM, 3x on dining, select streaming services and online groceries, 2x on all other travel purchases, 1x on all other purchases
- Earn up to $50 in statement credits each account anniversary year for hotel stays through Chase TravelSM
- 10% anniversary points boost - each account anniversary you'll earn bonus points equal to 10% of your total purchases made the previous year.
- Count on Trip Cancellation/Interruption Insurance, Auto Rental Collision Damage Waiver, Lost Luggage Insurance and more.
- Complimentary DashPass which unlocks $0 delivery fees & lower service fees for a min. of one year when you activate by 12/31/27. Plus, a $10 promo each month on non-restaurant orders.
- Member FDIC
Balance transfer fee
Either $5 or 5% of the amount of each transfer, whichever is greater
The Capital One Venture Rewards Credit Card also offers a great welcome bonus. Earn a one-time bonus of 75,000 miles once you spend $4,000 on purchases within 3 months from account opening, equal to $750 in travel for flights, hotels and rental cars — through Capital One Travel.
The Capital One Venture Rewards Credit Card has a reasonable annual fee and earns flexible travel rewards, which makes it a great travel card for beginners or heavy travelers.
- Valuable welcome offer worth at least $750 in travel
- You can transfer miles to over 15 Capital One partners, including Emirates Skywards, Choice Privileges and Singapore Airlines KrisFlyer
- No foreign transaction fees
- Lacks ongoing travel benefits such as statement credits or lounge access
- Limited bonus spending category that only applies to certain Capital One Travel bookings
Highlights
Highlights shown here are provided by the issuer and have not been reviewed by CNBC Select's editorial staff.
- Earn a one-time bonus of 75,000 miles once you spend $4,000 on purchases within 3 months from account opening, equal to $750 in travel
- Earn unlimited 2X miles on every purchase, every day
- Earn 5X miles on hotels, vacation rentals and rental cars booked through Capital One Travel
- Miles won't expire for the life of the account and there's no limit to how many you can earn
- Receive up to a $120 credit for Global Entry or TSA PreCheck®
- Use your miles to get reimbursed for any travel purchase—or redeem by booking a trip through Capital One Travel
- Enjoy a $50 experience credit and other premium benefits with every hotel and vacation rental booked from the Lifestyle Collection
- Transfer your miles to your choice of 15+ travel loyalty programs
- Top rated mobile app
Balance transfer fee
$0 at the Transfer APR, 4% of the amount of each transferred balance that posts to your account at a promotional APR that Capital One may offer to you
Foreign transaction fee
None
While credit cards that offer rewards for booking travel can give you some extra bang for your buck, it's generally recommended that if you do use a credit card for purchases — like a vacation — you'll want to pay off the balance in full each billing cycle. The value of any rewards you may earn, like points or miles, would be wiped away if you start to pay hefty interest charges.
If you're using credit cards to pay for your trip, just make sure you aren't digging yourself into debt that would take years to pay off. Some credit cards, like 0% intro APR cards, are designed to make it easier for you to pay off a balance by offering a period of no interest charges for a limited time. Just make sure you have a plan in place to pay off these purchases and don't overspend, as you will still have to pay back all of the charges you make.
You usually have to be a new cardholder to take advantage of these 0% interest offers. Some of CNBC Select's favorite 0% APR cards are listed below:
The Citi Simplicity® Card may not earn rewards, but it can still save you money due to its amazing intro-APR offers.
- One of the longest intro APR offers for balance transfers
- No annual fee
- No rewards
- No welcome bonus
- Best-in-class intro-APR offers for purchases and balance transfers
- No rewards
- No welcome bonus
Information about the U.S. Bank Visa® Platinum Card has been collected independently by Select and has not been reviewed or provided by the issuer of the card prior to publication.
2. Be flexible with dates and places
"Flexibility is valuable whether it’s the time of day, day of the week, or even what airport you fly into or out of," Walsh says. "All of that can be easy ways to save on travel."
Some airports tend to cost more to fly from, and many destinations have peak (and off-peak) seasons. If you're going to Miami during spring break in March, you'll likely spend more on flights than you would if you waited until the party dies down around the end of April. The same idea applies if you were going to, say, New Orleans around Mardi Gras or Denver during peak ski season.
Walsh also recommends using Google Flights to compare prices across different airlines for different dates so you can find ways to save.
3. Have a backup plan
Even the most carefully planned out vacations can go off the rails at the last minute. Maybe you contract the stomach flu the day before your flight, or a pipe bursts in your basement or any number of events occur that force you to cancel your vacation. Whatever the reason for your abandoned trip, you don't want to compound the tragedy by still having to pay for fun you won't experience.
"Sometimes when people focus on saving money on travel, they run the risk of being penny wise and pound foolish because they don’t protect their trip with travel insurance," Walsh says.
Some credit cards offer built-in insurance if you pay with the card when you book your plans. The Chase Sapphire Reserve® (see rates and fees), for instance, offers trip cancellation or trip interruption insurance in case you need to cancel or cut your vacation short. And for rental vehicles, the American Express® Gold Card provides coverage for *damage to or theft of a rental vehicle.
The Chase Sapphire Reserve® is a standout premium credit card with plenty of luxury perks and statement credits to justify its annual fee.
- Access over 1,300 airport lounges worldwide with a complimentary Priority PassTM Select membership, plus every Chase Sapphire Lounge® by The Club with two guests.
- Up to $300 in annual travel credit each account anniversary year
- You can transfer rewards to all of Chase's travel partners including World of Hyatt, Southwest Rapid Rewards and many more
- Top-tier travel and shopping protections
- High annual fee
- Requires a high credit score
Highlights
Highlights shown here are provided by the issuer and have not been reviewed by CNBC Select's editorial staff.
- Earn 150,000 bonus points after you spend $6,000 on purchases in the first 3 months from account opening.
- Get $3,000 in annual value with Sapphire Reserve.
- Earn 8x points on all purchases through Chase TravelSM, including The EditSM and 4x points on flights and hotels booked direct. Plus, earn 3x points on dining worldwide & 1x points on all other purchases
- $300 annual travel credit as reimbursement for travel purchases charged to your card each account anniversary year.
- Access over 1,300 airport lounges worldwide with a complimentary Priority PassTM Select membership, plus every Chase Sapphire Lounge® by The Club with two guests. Plus, up to $120 towards Global Entry, NEXUS, or TSA PreCheck® every 4 years
- Get up to $150 in statement credits every six months for a maximum of $300 annually for dining at restaurants that are part of Sapphire Reserve Exclusive Tables.
- Count on Trip Cancellation/Interruption Insurance, Auto Rental Coverage, Lost Luggage Insurance, no foreign transaction fees, and more.
- Get complimentary Apple TV+, the exclusive streaming home of Apple Originals. Plus Apple Music — all the music you love, across all your devices. Subscriptions run through 6/22/27 — a value of $288 annually
- Member FDIC
Balance transfer fee
Either $5 or 5% of the amount of each transfer, whichever is greater
The American Express Gold Card is great for earning valuable Membership Rewards® points at restaurants worldwide and U.S. supermarkets.
- You can earn $400+ in dining and rideshare credits every year (Enrollment required for select benefits mentioned)
- Exceptionally rewarding for eligible restaurant and U.S. supermarket purchases
- No foreign transaction fees
- Larger annual fee
- Credits are more complicated, you earn them monthly or semi-annually
Highlights
Highlights shown here are provided by the issuer and have not been reviewed by CNBC Select's editorial staff.
- You may be eligible for as high as 100,000 Membership Rewards® Points after you spend $8,000 in eligible purchases on your new Card in your first 6 months of Card Membership. Welcome offers vary and you may not be eligible for an offer. Apply to know if you're approved and find out your exact welcome offer amount – all with no credit score impact. If you're approved and choose to accept the Card, your score may be impacted.
- Earn 4X Membership Rewards® points per dollar spent on purchases at restaurants worldwide, on up to $50,000 in purchases per calendar year, then 1X points for the rest of the year.
- Earn 4X Membership Rewards® points per dollar spent at US supermarkets, on up to $25,000 in purchases per calendar year, then 1X points for the rest of the year.
- New! Earn 5X Membership Rewards® points on prepaid hotel stays booked through AmexTravel.com or the Amex Travel App.
- Earn 3X Membership Rewards® points on flights booked through AmexTravel.com, the Amex Travel App, or purchased directly from airlines.
- Earn 2X Membership Rewards® points on prepaid car rentals booked through AmexTravel.com or the Amex Travel App and cruises booked and paid through AmexTravel.com.
- Earn 1X Membership Rewards® point per dollar spent on all other eligible purchases.
- Pay It® lets you tap in the American Express® App to quickly pay for small purchase amounts throughout the month and still earn rewards the way you usually do. Plan It® gives you the option to split up big purchases into equal monthly payments with a fixed fee. You'll know upfront exactly how much you'll pay.
- Updated! $120 Dining Credit: Earn up to a total of $10 in statement credits monthly when you pay with the Gold Card at Grubhub (including Seamless), Buffalo Wild Wings, Five Guys, The Cheesecake Factory, and Wonder. This can be an annual savings of up to $120. Enrollment required.
- $100 Resy Credit: Get up to $100 in statement credits each calendar year at over 10,000 qualifying U.S. Resy restaurants after you pay for eligible purchases with the American Express® Gold Card. That's up to $50 in statement credits semi-annually. Enrollment required.
- $84 Dunkin' Credit: Earn up to $7 in monthly statement credits after you pay with the American Express® Gold Card at U.S. Dunkin' locations. Enrollment required.
- $120 Uber Cash on Gold: Enjoy up to $120 in Uber Cash annually with your Gold Card. Just add your Card to your Uber account and you'll get $10 in Uber Cash each month to use on orders and rides in the U.S. when you select an Amex Card for your transaction.
- New! As an American Express® Gold Card Member, you can enjoy complimentary Hertz Five Star® Status. Enjoy benefits like skipping the counter at select locations, adding an additional driver at no additional cost*, and vehicle upgrades**. Benefit enrollment and Hertz Gold+ registration are required. *Additional drivers must meet standard rental qualifications and must be a spouse or domestic partner to qualify as complimentary. Other additional drivers subject to fees. **Benefits are subject to availability and vary by location. Additional Hertz program Terms and Conditions including age restrictions apply.
- Take advantage of a $100 credit towards eligible charges* at over 1,300 upscale hotels worldwide when you book The Hotel Collection through AmexTravel.com or the Amex Travel App **. *Eligible charges vary by property. **The Hotel Collection requires a two-night minimum stay.
- Book your travel through the Amex Travel App with added peace of mind – backed by American Express® service and support. Only for American Express® Card Members.
- Whenever you need us, we're here. Our Member Services team will ensure you are taken care of. From lost Card replacement to statement questions, we are available to help 24/7.
- No Foreign Transaction Fees.
- Annual Fee is $325.
- Terms Apply.
- See Rates & Fees
Foreign transaction fee
None
4. Consider using cash
When you're on vacation, you might be tempted to go a little overboard with the spending and treat yourself a little too much — only to return home with a "financial hangover" when your checking account balance is a lot lower than you'd like.
"One thing that could be helpful for people who struggle with overspending is to just use cash," Walsh explains. "When people use cash to buy things, they feel more pain when they make the purchase so it leads them to spend less in general."
Carrying an envelope with your spending money is one practical way to make sure you keep tabs on how much things are costing you while you're away. Of course, you're forgoing any rewards or points you would earn by spending with an eligible credit card (not to mention the risk of carrying your money in a single, easily-lost bundle).
If you prefer a digital approach to segregating your spending money, some checking accounts have "bucket" features that let you separate your cash based on goals or specific spending categories. The Wealthfront Cash Account has this feature, and account holders receive a debit card so they can easily spend the money when they're ready.
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Bottom line
Traveling can sometimes be so expensive that you don't think a vacation is in the cards for you this year. But with some careful planning, you could wind up saving more money than you previously thought. Remaining flexible and using rewards points when booking your travel plans is key to significant savings. Also, don't forget to protect your trip and be mindful of how you spend while you're away.
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For rates and fees of the American Express® Gold Card, click here.
*Eligibility and Benefit level varies by Card. Terms, Conditions and Limitations Apply. Please visit americanexpress.com/ benefitsguide for more details. Underwritten by AMEX Assurance Company. Car Rental Loss or Damage Coverage is offered through American Express Travel Related Services Company, Inc
* Information about the U.S. Bank Visa® Platinum Card has been collected independently by CNBC Select and has not been reviewed or provided by the issuer of the card prior to publication.
