What makes travel rewards cards different from other cards, and the best approach to paying down balances.
Travel rewards cards carry high APRs (20-27%) but offer sign-up bonuses and ongoing rewards that can be valuable for cardholders who pay in full every month. If you're carrying a balance, the rewards are worth far less than the interest you're paying. A 2% rewards card at 22% APR costs you 22% to earn 2% — a poor trade. Pay off travel card balances in full every month, or the rewards are an expensive illusion.
Enter your balance and rate to see how long it takes.