One Key+ Card Review: Strong Rewards for Expedia, Vrbo and Hotels.com Loyalists

One Key+ Card Benefits

Welcome Bonus

For a limited time, the One Key+ Card is offering $600 OneKeyCash after you spend $3,000 on purchases in the first three months of account opening. That’s a manageable spending requirement, and the bonus is enough to kick-start your next vacation, whether you choose to redeem it for flights, accommodations or a rental car.

Rewards Earning

The One Key+ Card earns OneKeyCash, which you can use for booking travel through Expedia, Vrbo and Hotels.com. Even though the name implies cash back, this is not a cash-back credit card, since you can only redeem rewards through Expedia Group sites. One dollar in OneKeyCash is equivalent to $1 when redeemed.

That said, the card has generous earning rates in several useful categories:

• 3% OneKeyCash at Expedia, Hotels.com and Vrbo
• 3% on groceries, dining and at gas stations
• 2% on all other purchases

I love that the base earning rate outside of bonus categories is 2%; with many rewards credit cards, you’ll only earn 1% or 1x on non-bonus category purchases. So this card could be a solid daily driver if you’re a fan of Expedia’s booking platforms.

Annual Credits

The card comes with credits that more than outweigh the annual fee, if you can use them. Each year on your cardholder anniversary, you’ll receive $100 in OneKeyCash as long as your account is open and in good standing. You’ll have a year before your bonus OneKeyCash expires, but if you travel regularly, it should be easy enough to redeem.

In addition, cardholders can receive a statement credit of up to $120, once every four years, toward the Global Entry or TSA PreCheck application fee. If you’ve already enrolled in one of these Trusted Traveler programs, you can use the credit to pay for someone else’s application fee and get reimbursed.

Elite Status Perks

One Key+ Card members get automatic Gold status, which is the middle tier in the One Key loyalty program. Normally, you’d need to earn 15 “trip elements” in a calendar year to unlock this level of status (a trip element could be a night at a hotel, vacation rental or cruise ship, a flight ticket, a rental car day, or an activity ticket).

Gold members receive a decent number of perks, including:

• Savings of 20% or more with Gold Member Prices on over 10,000 hotels worldwide
• Earning 4% in OneKeyCash on stays at VIP Access properties
• Extra perks at select VIP Access properties, such as room upgrades (when available) and food/beverage extras
• Free One Key Price Drop Protection on select flights in the Expedia app (if the price drops, you’ll get the difference back in OneKeyCash)

Big spenders can level up their status to top-tier Platinum, which normally requires earning 30 or more trip elements in a year. Cardholders can achieve this tier by spending $30,000 or more on purchases with their One Key+ Card in a calendar year.

Travel and Purchase Protections

Credit card travel insurance can save the day if things go wrong away from home. While the One Key+ Card isn’t one of the top cards for travel insurance, it holds its own, offering several protections against mishaps while on a trip:

• Car rental insurance: When you use your card to pay for your rental and decline the rental agency’s collision damage waiver, you’ll receive primary coverage (except New York residents) of up to $50,000 toward damage or theft. Some countries and vehicle types are excluded; be sure to read the guide to benefits carefully before relying on this insurance.
• Trip cancellation/interruption protection: When you use the card to pay for your travel, you can be reimbursed up to $5,000 per covered traveler, per trip, for nonrefundable tickets if your trip is cut short or canceled for a covered reason.
• Travel accident insurance: As long as you paid for your trip with the card, you can be covered for up to $1 million in the event of a covered accident during your journey.

In addition, as a World Elite Mastercard, the One Key+ Card comes with access to Mastercard Concierge, which can assist with things like trip planning and restaurant reservations.

Cardholders also receive cell phone protection when they use their card to pay their monthly wireless bill. Coverage is up to $1,000, less a $25 deductible, with a maximum of two claims per 12-month period. Credit card cell phone coverage has been a lifesaver for me and my family; between me and three teenagers, we’ve seen our share of shattered screens and devices that have taken an accidental swim.

One Key+ Card Drawbacks

Annual Fee

The One Key+ Card charges a $99 annual fee. That’s in line with other mid-tier travel cards, and easily justified by the annual $100 OneKeyCash bonus and other perks.

If the annual fee is a dealbreaker, you have another option. The card’s no-annual-fee sibling, the Wells Fargo One Key™ Card, comes with a slightly lower welcome offer and earning rates, but still offers good benefits. Perks include automatic One Key Silver status and similar travel protections — most notably, primary car rental insurance, which is rarely found on no-annual-fee travel credit cards. However, the card doesn’t offer an anniversary bonus or Global Entry/TSA PreCheck application fee credit.

Rewards Limitations

Like most airline miles and hotel points, OneKeyCash can’t be redeemed for cash back or statement credits, just for bookings via Expedia, Hotels.com or Vrbo.

That might not matter if you’re a frequent user of these platforms. That said, many savvy award travelers focus on transferable points currencies instead, such as American Express Membership Rewards®, Chase Ultimate Rewards® and Citi ThankYou® points. With these programs, you get much more flexibility, including the option to transfer points to airline and hotel partners for award travel.

Keep in mind, too, that when you don’t book directly through a hotel, you typically won’t earn hotel loyalty program points and may not have your elite status recognized during your stay. Booking through third parties like Expedia, Vrbo and Hotels.com can also make things more complicated if you have to change or cancel a flight or booking; you’ll typically have to deal with the third party and not with the airline, hotel or other travel provider directly.

Platinum Upgrade Requires High Spending

Upgrading to Platinum status requires $30,000 in card spending annually, which may be out of reach for many cardholders. The Platinum tier doesn’t come with a ton of extra benefits beyond what Gold members receive, either.

If you’re going to put that amount of annual spending on a credit card, consider one that offers greater rewards for your efforts. For example, the $150-annual-fee Hilton Honors American Express Surpass® Card offers a free night reward, valid at just about any Hilton property, after spending $15,000 in a calendar year (and an upgrade to top-tier Hilton Diamond status for hitting $40,000 in spend over the same time frame).

Similarly, the $550-annual-fee Hilton Honors American Express Aspire Card not only comes with an annual free night reward, but also offers additional free night rewards for spending $30,000 and $60,000 in a calendar year. These free nights could be worth $1,000 or more if you redeem them at luxury Hilton brands.

Who Is the Card Best For?

The One Key+ Card is best suited for frequent Expedia, Hotels.com or Vrbo users who want to focus their rewards earning into one loyalty program. If you consistently book travel through these platforms, the 3% rewards rate and anniversary bonus deliver solid ongoing value.

You can maximize rewards with the card by using it for purchases in its other 3% bonus categories (gas stations, grocery stores and dining). But no matter how you redeem, a dollar in OneKeyCash is only ever worth $1 toward Expedia Group bookings. That’s potentially a poor value, considering you could get a much higher rate of return with cards that allow transfers to airline and hotel partners. Note, too, that OneKeyCash expires after 18 months of account inactivity, which is a tight restriction compared to most flexible travel reward programs.

However, if you prefer flexibility in redeeming rewards, such as for cash back, gift cards or loyalty program transfers, this is probably not the best choice for you.

Is the Card Right for You?

You should consider the One Key+ Card if:

• You regularly book travel through Expedia Group platforms
• You’ll use built-in travel protections and a Global Entry or TSA PreCheck credit
• You can easily offset the $99 annual fee with the $100 anniversary bonus
• You don’t care about earning hotel points, elite night credits or having elite perks recognized on hotel bookings

That said, you should skip this card if:

• You want flexible points or cash-back rewards
• You don’t regularly use Expedia, Hotels.com or Vrbo
• You prefer cards with the ability to transfer rewards to airline and hotel partners
• You want a premium travel card with more upscale perks, like airport lounge access

Alternatives to the One Key+ Card

Plenty of travel credit cards compete at the sub-$100 annual fee level, and many earn rewards that are much more flexible. Consider these cards if you don’t want to be locked into one redemption option:

• Chase Sapphire Preferred Card: I recommend the Sapphire Preferred Card to folks who are just getting started with credit card travel rewards. With a manageable $95 annual fee and hefty welcome bonus, it offers generous earning rates, an annual Chase Travel℠ hotel credit of up to $50, and top-notch travel insurance, among other perks. Cardholders can convert Ultimate Rewards points from the card into airline miles and hotel points with over a dozen Chase transfer partners, including United MileagePlus, Southwest Rapid Rewards and World of Hyatt.
• Wells Fargo Autograph® Card: This no-annual-fee card shines for its strong 3x earning rates on travel, dining, gas stations, transit, popular streaming services and phone plans. While the welcome offer is modest, new cardholders also receive a 0% intro APR on purchases for 12 months from account opening, followed by a 18.99%, 23.99%, or 28.99% Variable APR. A 18.99%, 23.99%, or 28.99% Variable APR will apply for balance transfers. It comes with similar travel and purchase protections to the One Key+ Card, and you can transfer Wells Fargo Rewards points to airline and hotel partners like The British Airways Club, Air France-KLM Flying Blue and Choice Privileges.