As another holiday season approaches, many of us are now on the hunt for the best gifts to get our loved ones. This time of the year, it gets even harder to stick to our budget, and we often blame our credit cards for spending beyond our means. However, when used properly, your credit card can offer tremendous rewards to help you get the best deals—or even save big—during the gift-giving season.
- Check for Price Protection
It’s frustrating to buy an item at full price only to find out it went on sale three days later. Luckily, there’s a credit card feature called ‘Price Protection’ that takes care of this matter. With this perk, if the item is priced lower within 60 days after purchase, you will be reimbursed of the difference. However, not all credit cards have this feature, so make sure to check with your bank.
- Use the Right Rewards Card
Use a card that provides the best rewards according to the type of spending you do. For example, you’re booking for a holiday trip for the entire family, use a card that offers great rewards for travel purchases. But if you do a lot of entertaining, you’re better off with a credit card that provides rich rewards for supermarket purchases. Check with your bank if they have any special holiday promos, and take advantage of it.
- Try Online Shopping Portals
Many larger banks run their own online shopping portals, which are linked to major online retailers. These websites don’t only offer exclusive discounts, but they also offer additional cash back on top of those you would earn from simply using your credit card. If you’re going online shopping, you’re missing out on the best deals if you don’t check whether your bank’s portal is linked with the online retailer where you wish to shop. It might be just another step, but it can double or triple your savings.
- Get an Interest-Free Promo Financing
If you’re in the hunt for the right credit card and plan for an expensive holiday purchase, such as a new laptop or a PC, applying for a card that has 0% introductory interest will save you a lot. With 0% interest for your first 15 months of subscription, you can make bigger purchases for a much lower monthly payment. However, when making a major purchase, make sure you have good amount of credit limit, so it doesn’t appear like you’re maxing out your card, which can negatively affect your credit score.
Remember, holidays are more fun if you plan ahead of time and aren’t stressed out thinking about your finances. After all, ‘tis the season to be jolly, and you don’t want to start a new year with a maxed out card and a ridiculous debt to pay.