1 in 3 Americans Have a Travel Rewards Credit Card. Here's Why You Should, Too

Now that we're nearing the end of May, a lot of people are busy gearing up for summertime trips. But whether you plan to do a lot of traveling this summer, later on in the year, or next year, the right credit card could help make it more affordable. And you may want to consider a travel rewards credit card for the perks involved.

A popular option among consumers

Recent Ascent research found that 32% of consumers have a travel rewards credit card. And millennials are more likely to have a travel rewards credit card than other generations.

You may be wondering why these cards are so popular. And the reason boils down to the benefits they tend to offer.

Of course, before we go any further, it's important to note that each travel rewards credit card is different. The only way to know what benefits you'll get out of a given travel rewards credit card is to read the user agreement that comes with it.

But generally speaking, one benefit of getting a travel rewards credit card is saving money in the course of flying. It's common for these credit cards to offer a free checked bag on flights. On Delta, a single checked bag on a domestic flight costs $30 each way. Not having to pay that fee every time you board an airplane could result in less expensive trips.

Also, many travel rewards credit cards offer discounts on in-flight purchases. Unfortunately, it's rare these days to get free food (other than perhaps a small snack, if that) on a domestic flight. Being able to save on in-flight meals could be good for your wallet.

Also, some travel rewards credit cards give you access to airport lounges. Now, you might think, "Why would I want to hang out at some airport lounge?" And the reality is that given the choice between that and a friend's place on a random Friday night, you'd probably opt for the latter. But remember, you never know when you might get stuck with a delayed flight or an hours-long connection between two flights. Being able to relax in a lounge could make that sort of experience far more palatable.

Look at the big picture

One thing that's fairly common among travel rewards credit cards is to charge an annual fee. That fee might be as low as $95, or it could be a lot higher -- it all depends on the specific card you sign up for.

At first, the idea of having to pay an annual fee may not sit so well with you. But remember, if you're going to be traveling and using your credit card often, the fee you're charged might pay for itself.

As an example, say you end up getting a travel rewards credit card with a $95 annual fee that gives you free checked baggage. Let's also say you end up flying twice roundtrip during your first year as a cardholder -- meaning, four individual flights. Spending $95 in that scenario could mean saving $120. So all told, you'd be $25 ahead.

That's why it definitely pays to run the numbers when deciding whether to get a travel rewards credit card, and which one to apply for. In some cases, the fee may not be worth paying. But in other cases, you might come out ahead financially even if your fee is substantial.