While the holiday season can mean picking out the perfect gift, and getting a few too, for many Americans it also means giving back by donating to charities. Eighty percent of people plan on giving their time, money or something else to charities this season, according to a new study by Capital One.
How much of the years overall donations are generated during the holidays? According to charity platform Network for Good, donations usually spike in December with nearly a third of all donations coming in this month, and 10% of that happening just in time to also take advantage of the end-of-year deadline for tax-deductible gifts.
Using credit cards and rewards are part of people’s charitable plans, with 40% planning on giving cash or using their credit card rewards to make a difference in their community.
Clicking for charities
Folks are also planning on using their credit and debit cards to make donations, but they may not know that processing costs and fees go along with clicking the donate button. These fees mean less money makes its way to their charity of choice.
Capital One has a No Hassle Giving Site, which absorbs all credit and debit card fees so their customers can give, and know all of their donation is going directly to the charity.
On the site credit and debit cardholders can use its data base, comprised of 1.2 million charities, to look up a cause to donate to based on location, theme or charity.
“Capital One’s Giving Site makes it incredibly easy for donors to find their favorite charities and ensures that every penny contributed goes to the non-profit organization,” said Caryn Stein, Vice President of Communications for Network for Good.
The site was launched in 2008 as part of a partnership between Capital One and the Network for Good.
Earning rewards while giving back
Individuals who have reward credit cards can earn rewards on donations made using their Capital One card, whether that’s points, miles or cash back.
The Capital One Holiday Survey was conducted between November 7th and November 14th, 2014, by Wakefield Research. They interviewed 1,000 U.S adults ages 18 and older via online survey.
The Network for Good was founded in 2001 by AOL, Cisco and Yahoo. They assist nonprofits with raising money using their online fundraising software. To date they have processed more than $1 billion in donations, raised by 100,000 nonprofits.