Capital One Financial Corporation released the findings of its quarterly Capital One Rewards Barometer, which surveys how consumers accumulate and redeem credit card rewards. Given the current economic climate, high value credit card rewards are becoming even more critical as consumers plan their summer getaways. While about a third used their credit card rewards for summer travel last year, more than 40 percent plan to use their rewards for travel this summer. 

Redemption Trends
The survey reveals that 62 percent of respondents are not planning a "staycation" as an alternative to a summer trip this year. For those who would use credit card rewards to supplement their summer vacation, the most popular redemption choices were hotels (55 percent), air travel (48 percent) and gas (42 percent). "Pain at the pump" resulting from soaring fuel prices is another factor affecting summer travel, with 48 percent of survey respondents reporting that gas costs will influence their summer travel plans.

Rewards Satisfaction Trends
In the past three months, 43 percent of respondents redeemed rewards, yet only 24 percent of consumers are completely satisfied with their current program. Blackout dates (26 percent) and inability to book a last minute trip (24 percent) continue to be the main barriers preventing consumers who wanted to redeem rewards for travel but couldn't. "Free money" continues to be the number one motivation for consumers to earn and use credit card rewards (61 percent). Many consumers (33 percent) also note that they appreciate the everyday savings provided by rewards programs.

Hidden Fees Awareness
Given summer is the peak international travel season, it's no surprise that more than one-third of respondents (36 percent) indicate they would use rewards for a summer vacation outside of the United States, with Rome being the top international destination. While credit card rewards can offset the costs of an overseas getaway, nearly 60 percent of respondents are unsure as to whether they would be charged foreign transaction fees on their credit card purchases that could drive up their vacation costs between 2-3 percent. Only 19 percent of consumers report that they are not charged this fee. Additionally, other fees raising vacation costs such as fuel surcharges (12 percent) and baggage fees (10 percent) have prevented respondents from successfully redeeming rewards for travel.

"Planning a summer vacation can be stressful given today's economic conditions. With soaring gas prices and increasing airline fares, consumers are seeking greater value from their credit card rewards to maximize their benefits," said Troy Jamison, Vice President of Loyalty Services at Capital One. "A key to easing the stress of the financial impact of summer travel is to use a rewards card that fits one's lifestyle offering simple and flexible means to earn and redeem those rewards on their own terms." 

Capital One offers the following tips for travelers on how they can use their rewards to save some money and make their summer vacations more satisfying:
- Follow your travel habits: If your travel patterns - such as hotel or airline - vary from trip to trip, a credit card that is not linked with a specific brand may be an optimal choice.
- Don't let your vacation expire: Rewards programs differ, so read the fine print to make sure you redeem for your vacation before you lose those hard earned rewards.
- Account for extra fees: Additional charges such as fuel surcharges, baggage fees and foreign transaction fees can add up, so take those costs into consideration when budgeting. Also investigate whether your credit card rewards program allows you to use rewards to cover these costs.