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The holidays are approaching, which for many of us means spending extra money on gifts, meals, decorations, and travel. It’s an expensive time of year, but with some planning and careful use of credit card rewards, you can make the holidays a little easier on your wallet by earning rewards that mitigate all expense.
The first step to saving money using credit card rewards while on vacation is figuring out what type of spending you’ll be making the most. For example, if you have to take a long plane trip to see family or friends, you might consider a credit card with travel rewards. Or, if you organize the festivities and cook a lot, try a card that offers a perk such as cash back for groceries. Determining what type of expenses you will make the most will help you maximize your savings potential.
Some retailers offer their own credit cards with perks that apply specifically to that store, such as a small cash back on your entire purchase or cash back or cash back after a certain spend threshold. You can use these cards for all kinds of purchases at the stores you love, saving you money as you go.
If you’ve spent the entire year earning airline miles, hotel points, or points for gift cards, now is the time to redeem them. Some travel reward cards have blackout dates that will prevent you from using your points while on vacation, so avoid this pitfall by doing your research and reading the fine print when signing up for a card.
Many credit cards offer bonus offers at the time of registration. These offers usually require you to spend a certain amount on the card within the first three months of opening the account in exchange for points, miles, or even a cash bonus. These bonuses can help offset the cost of vacation spending or even give your vacation budget a boost.
Many credit card companies offer online portals where you can earn extra points in different stores. By accessing these portals and using them for your shopping, you can make money on any holiday gift purchases you make anyway.
This tip is important to keep in mind all year round, but during the holidays, when you spend a lot in many different stores, you need to keep your data and information safe both in physical stores and on the go. line. When shopping online, make sure the site you are using is secure by looking for “https” at the beginning of the URL. Plus, set a budget and stick to it, keeping your spending in line with what you can afford. And pay off your credit cards as soon as possible to avoid accumulating interest or negatively impacting your credit score.
Along with rewards like miles, hotel points, and cash back, credit cards can provide additional benefits if you know where to look. For example, some credit card issuers work with online retailers to provide free and fast shipping. This is especially useful for last minute gifts that you need to get delivered quickly.
Holidays can be expensive indeed, but the anxiety of spending money shouldn’t ruin the holiday spirit. With some research and attention to detail, you can find ways to save money or recoup some of your expenses later in the year.
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