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Americans will spend an estimated $1.15 trillion this holiday season, according to eMarketer. Many of those purchases are made on credit cards and this time of year gives consumers the a great opportunity to earn a swath of credit card rewards.
Headlines around supply-chain issues have created some hysteria for consumers to get out and start shopping now. But, before visiting your favorite retailer or shopping online, be sure to analyze which credit card you plan on using for your purchases. When you use the right card(s) you can quickly score rewards worth hundreds, or even thousands, of dollars in either cash back or travel.
Below are some tips to help you maximize your spending this holiday season by using credit cards to your advantage.
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How to earn credit card rewards on holiday spending
However, before jumping at the first offer you see, be sure to analyze these points first before you apply for a card.
- Credit score: Before applying for a new credit card, it’s wise to check your credit score. Credit cards typically have a minimum credit score requirement to be approved, so you can quickly figure out if you have a chance of being approved. And while there is a myth that checking your credit score hurts your credit, this is not true. In fact, using a credit monitoring system is a great way to ensure your credit score is accurate and protected from fraudulent activity.
- Cash back or travel rewards: While a credit card is primarily for spending, it’s also a financial tool that can help you towards your goals. It’s important to ask yourself which type of rewards would benefit you the most. If you’re simply looking to save money on your purchases, a cash-back credit card is a great choice. Or, if saving up travel rewards for your next vacation is a higher priority, there are plenty of travel credit cards to choose from.
- Spending bonus requirements: Before signing up for a card to earn a welcome offer, be sure to analyze your upcoming spending. While the holidays are a great way to get ahead of the game, it …….