Best Credit Cards for Holiday Shopping
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The holiday season brings out the shopaholic in all of us as we buy the gifts for loved ones and friends. To make the most of the money you spend, make sure you maximize your credit card rewards program.
Here are a few of the cards that are more appealing to use during the holiday season.
Citi® Double Cash Card – 18 month BT offer gives cardholders the opportunity to earn cash back twice: 1% cash back at the time of purchase and another 1% when payment is made, for a total of up to 2% cash back. This card offers 18 months of 0% APR introductory financing on balance transfers, with a 3% balance transfer fee, as long as the balance transfer is made during the first four months of being a cardmember. After the promotional financing rate expires, cardholders will have an interest rate of 13.99% – 23.99% (Variable) on the remaining balance, depending on your creditworthiness.
Capital One® Quicksilver® Cash Rewards Credit Card is a very attractive cash rewards credit card that also comes with no annual fee and a relatively low APR. You receive 0% APR on both purchases and balance transfers for 15 months. Then, the on-going APR is 15.49% - 25.49% (Variable). The rewards are incredibly strong and easy to understand. Cardholders receive 1.5% back on all purchases with no limit to the amount. In addition, you receive a $150 bonus after you spend $500 during the first three months of card ownership. The card does have a balance transfer fee of 3%, but no foreign transaction fees. You need “good” credit to qualify for this card.
Citi® Diamond Preferred® Card made it on our list because of its long introductory period. Sign up for this card, and you receive a 0% introductory APR for 21 months on balance transfers (must be made within the first four months of card membership) and 12 months on purchases. That gives you a long time to pay off your holiday shopping. After that, the APR will be 13.74% – 23.74% (Variable) based upon your creditworthiness. There is no rewards program associated with the card, but it is a great option when you just need an interest-free loan to shop with during the holidays.
Retail Store Credit Cards
Some stores offer attractive deals on their retail credit cards during the holidays, knowing this is a peak time for applications. But consumers need to be very diligent in reading the terms and conditions of these cards before you apply. Many have incredibly high APRs. If you carry a balance from one month to the next, those interest payments will more than negate any up-front savings.
Purchasing gift cards can also be a way to save money. Many stores and restaurants run specials on gift cards during the fourth quarter where they will give a small gift card to the buyer as a reward for purchasing a larger gift card. Contact your favorite restaurants to see if they offer any bonus on the purchase of a gift card.