Best Credit Cards for Flexible Travel Rewards

Summer travel is expected to be up this summer, but America is still trying to cure the hangover of the recession. Traveling can be very expensive from flights to hotels to gas prices and so much more. So it's always nice to have a bit of extra help when it comes to paying for the perfect trip.

Several credit card companies offer perks to attract new customers. For those with good credit, there is potential to rack up major points to use towards travel. Credit card rewards are often pretty good, but different cards have different offers and some have terrific bonuses, but they may come with a catch.

Here is a list of some different credit cards that offer various flexible travel perks, or perks that aren't limited to just one hotel or airline. It's up to you to decide if you want to earn many miles or points upon signing up, or if you want to earn high rewards over a period of usage.

Capital One Venture Rewards Visa

With this card, you receive 2 points for every dollar that you spend. Let these points build up and you'll be able to use them towards flights, hotels and other travel rewards. The only catch is that this card comes with an annual fee of $59 per year, but this fee is waived in the first year. However, just for signing up, you receive a 10,000 point bonus, which amounts to $100 in rewards alone. It seems like a pretty fair trade up for a fee that won't be charged for a year. As an added benefit, there are no foreign transaction fees with this card.

PenFed Premium Travel Rewards American Express

This card is special as it is the only card here that is issued by a credit union (Pentagon Federal Credit Union) rather than a bank. It's also the only card that doesn't charge an annual fee and there are no foreign transaction fees. There is however, a 9.99% APR rate which varies for new purchases. New customers can earn a $250 reward after spending only $650 in the first three months. Frequent fliers may be interested in this particular card as if offers 5 points her dollar spent on airfare. All other purchases are worth 1 point per dollar. To sign up for this card, you must be a PenFed member, but membership can be obtained for as little as $15 for a variety of customers.

Blue Cash Preferred American Express

After you charge $1,000 in the first three months of use, you can earn a reward of $150. This card has a varied earnings structure, but it could add up to a $75 fee per year. It comes with some cash back bonuses. For instance, you can earn 6% back at supermarkets, 3% at gas stations and department stores, and 1% on other purchases, but warehouse clubs are excluded. One downside is that this card does charge a foreign transaction fee on 2.7%, making this card a poor choice to use abroad. Don't let a balance carry for a long time because APR's can range from 17.24% to 22.24% despite it being 0% within the first 12 months.

Chase Sapphire Preferred Visa

If you manage to spend $3,000 within the first three months of using this card, you can get a whopping 40,000 points which translates to $500 worth of travel rewards. There are no foreign transcation fees, but the annual fee of $95 is high. This fee is waived during the first year. Other bonuses include 2 points per dollar spent on travel and restaurants and one point per dollar for other purchases.

Escape by Discover

This card comes with a long introductory bonus. You must use the card for 25 months and if you stick around, you'll earn a bonus of 1,000 points, or $10 for each month that you make a purchase during that time. There is a $60 annual fee, but you might not mind that after receiving up to $120 in rewards during the first year alone. Customers can also earn two miles of travel per dollar spent, which can be redeemed after 10,000 points, or $100 are earned. There is no foreign transaction fee but Discover cards are not widely accepted outside of the U.S..