New credit cards launched by Wells Fargo and Expedia offer up to $600 bonus, travel protections, and elite status.

Expedia Group and Wells Fargo have teamed up to launch two new credit cards, the One Key™ Card and One Key+™ Card, which enable cardholders to earn rewards in the One Key program, the loyalty program for Expedia, Hotels.com, and Vrbo.

The new One Key™ Card offers welcome bonuses worth $400 to $600, in addition to useful bonus spending categories for common purchases. If you have the old Hotels.com® Rewards Visa® Credit Card, you will be transitioned to the no annual fee One Key™ Card.

These new travel rewards credit cards are worth considering when compared to other options.

What we know about the new One Key cards

One Key™ Card

This credit card has no annual fee, a high return on spending, and an intro bonus of $400 in OneKeyCash after spending $1,000 in the first three months. Its low cost and small bonus spending requirement make it a good option for beginners traveling.

It earns rewards at the following rates:

• OneKeyCash offers 3% cashback on Expedia, Hotels.com, and Vrbo bookings for stays, flights, cars, cruises, activities, and event tickets.
• 3% in OneKeyCash at gas stations
• 3% in OneKeyCash at grocery stores
• 3% in OneKeyCash on dining
• 1.5% in OneKeyCash on all other purchases

This card offers no foreign transaction fees and comes with a range of insurance benefits that are not typically found on no-annual-fee rewards credit cards. With this card, you can enjoy cell phone protection that covers damage, theft, or loss for up to $1,000 per claim and two claims per 12 months (a $25 deductible applies). Additionally, this card provides travel accident insurance, trip cancellation and interruption, and rental car insurance (primary coverage in the U.S. except for New York residents).

The One Key card, which has no annual fee, grants you One Key Silver status. Silver status provides a 15% discount at select hotels, priority support, a 50% bonus OneKeyCash at VIP Access Properties, and other perks. To upgrade to One Key Gold status, you must spend $15,000 on your card in a calendar year. Gold status offers enhanced benefits, including a 20% discount at select hotels, price drop protection for eligible flights, and 2X OneKeyCash at VIP Access properties.

One Key+™ Card

The One Key+ Card offers several upgraded perks and an annual fee of $99. If you book just one trip through the One Key program annually, you can cover the cost of the card because you receive $100 in OneKeyCash for each card anniversary. Additionally, you can earn a $600 OneKeyCash bonus after spending $3,000 on purchases within the first three months.

It earns OneKeyCash at the following rates:

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

The no-annual-fee One Key card offers similar rewards rates, with the exception that you earn 2% in OneKeyCash instead of 1.5% on non-bonus spending. Additionally, you can receive a statement credit of up to $100 for Global Entry or TSA PreCheck (once every four years).

If you frequently book your travel through the One Key program, you will receive Gold status as a cardholder and have the opportunity to earn Platinum status after spending at least $30,000 on the card in a year. Platinum status offers the best benefits of Gold status, including upgrades at VIP Access properties and price drop protection, as well as additional perks such as 3X OneKeyCash at VIP Access properties and Platinum VIP support.

This card offers the same insurance benefits as the no-annual-fee version, providing you with comprehensive coverage.

• Cell phone protection
• Travel accident insurance
• Rental car insurance
• Trip cancellation and interruption insurance

About the One Key program

With Expedia Group's One Key travel rewards program, you can earn and redeem rewards for Vrbo, Expedia, and Hotels.com. You can book a wide range of options, including hotels, rental cars, flights, vacation rentals, cruises, activities, and event tickets.

The One Key program offers rewards called OneKeyCash, which function like cashback but can only be redeemed for eligible bookings through Vrbo, Expedia, and Hotels.com. As a One Key member, you can stack these rewards with the rewards you earn when using a One Key card. You earn 2% in OneKeyCash on most bookings as a One Key member, meaning you can get at least 5% in rewards on eligible reservations when you pay with a One Key card since both cards earn 3% in OneKeyCash on these purchases.

Earning and redeeming rewards for flights with the program is different from most other bookings. For flights that are not part of a package, you will only earn 0.2% in OneKeyCash. Additionally, you cannot redeem OneKeyCash for flights unless you have enough rewards to cover the entire flight cost. Unlike most other redemptions, you cannot use your OneKeyCash to pay for part of a booking for flights.

Is either of the One Key cards right for you?

The One Key card offers a welcome offer, rewards rates, and useful perks, making it a valuable choice for a no-annual-fee card. The One Key+ card provides an annual bonus of $100, which offsets the annual fee and grants Gold status and increased rewards on everyday purchases.

While both cards share the same drawback of being limited to redeeming rewards with that program, the One Key cards are more suitable for pairing with other rewards credit cards, making them better options than great go-to cards for all purposes.

If you want a no-annual-fee card with flexible redemption options, consider the Citi Double Cash® Card. It earns at least 2% cash back on every purchase (1% when you buy and 1% when you pay) and also converts to Citi ThankYou® Points. This allows you to redeem for cash back, gift cards, travel or transfer your points to Citi's travel partners. However, the Citi Double Cash does not offer the travel protections provided by the One Key card.

The Capital One Venture Rewards Credit Card has a lower annual fee ($95) compared to the One Key+ card. Although the Capital One Venture does not offer an annual credit to offset its fee, it compensates with the value of the rewards earned. You will receive at least 2X Capital One miles on every purchase, which can be used for various options. These rewards are worth one cent each towards travel purchases and can be transferred to 18 airline and hotel loyalty programs, including Emirates Skywards, Turkish Airlines Miles&Smiles, Avianca LifeMiles, Wyndham Rewards, and many more.

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