Travel can be expensive, and any unexpected hiccups like American Airlines’ and Spirit’s recent cancellation and delay could leave you facing unexpected hotel rooms, meals and other expenses that you weren’t prepared for. Many credit cards offer trip cancellation insurance that reimburses eligible nonrefundable bookings.
Policies vary among cards but most offer high maximum coverage amounts. Here are a few of the top options.
Chase Sapphire Preferred(r)
The Chase Sapphire Preferred Card provides travelers with a comprehensive set of travel protections, such as trip cancellation and interruption insurance, primary car rental collision damage waiver coverage and baggage and trip delay reimbursements. As one of the premier travel credit cards for first-year value it should be considered essential if looking to maximize redemption potential of Ultimate Rewards points.
Make the most out of your points by booking travel directly through Chase or transfering them to one of its travel partners, like Expedia or Priceline. Purchases made using Chase cards typically earn 1.5x points per dollar spent – providing an incentive to use them regularly!
The Sapphire Preferred is also notable in that it doesn’t charge foreign transaction fees, which can save you hundreds each year in fees. As a result, this card makes an ideal choice for travelers of all experience levels; but keep in mind the Chase 5/24 rule, which disqualifies new applicants if they’ve opened more than five cards from any issuer within 24 months of applying.
American Express Platinum Card
American Express Platinum Card is one of the premier travel cards, earning 5X points on flights booked directly with airlines or through Amex Travel and offering other perks such as trip cancellation/interruption insurance and car rental loss and damage coverage.
This card also comes equipped with purchase protection and membership experiences program that grants access to concerts and events at presale prices – though its $695 annual fee might disqualify some users from applying.
Antonio-Ruiz-Camacho of Bankrate.com suggests that whether or not a card is worth its fee depends on your travel patterns and what benefits and credits it can provide you. He adds: “After your first year with this card you may even offset its annual fee through just its benefits and credits alone!”
Wells Fargo Visa Signature
Wells Fargo Visa Signature card offers an impressive rewards package without an annual fee or being limited by specific airline or hotel loyalty programs. It awards 3X points when used for dining, travel and transit expenses, gas station purchases, popular streaming services subscriptions or phone plan subscription purchases; 1X on other spending categories.
Balance transfers and purchases at no APR for 15 months is another attractive offering from Capital One, along with trip cancellation protection, cell phone protection and auto rental collision coverage – among many others.
Wells Fargo card also reports to all three credit bureaus, providing you with an opportunity to improve your score. To apply, visit their website and fill out an application. This company typically requests general financial details, including your annual income. Once approved, your card should arrive within seven business days.
Ink Business Preferred(r)
Chase Ink Business Preferred credit card offers small business owners who spend in its bonus categories an ideal choice, earning Chase Ultimate Rewards points that can be redeemed for travel, merchandise and more. Furthermore, this card provides coverage against nonrefundable travel expenses incurred if your trip is cancelled or interrupted due to severe weather or illness – plus it comes with a generous sign-up bonus and has a $95 annual fee which does not waive in its first year of usage.
If your credit is good or excellent (FICO defines this as having an FICO score of 670 or above), applying for the Ink Business Preferred card should be no problem. It offers 3 points per dollar spent in certain business categories (travel, shipping purchases, internet, cable and phone services, advertising purchases made with social media sites or search engines and advertising purchases made via social media or search engines), with all other expenses earning one point per dollar spent – not forgetting additional travel and shopping protection features like primary car rental insurance coverage, cellphone protection coverage and extended warranties coverage!
