Shoppers to cut down in credit card usage this... - Other News

ADVERTISING DISCLOSURE

ADVERTISING DISCLOSURE:
Credit-Land.com is an independent, advertising-supported web site. Credit-Land.com receives compensation from most credit card issuers whose offers appear on our site. Compensation from our advertising partners impacts how and where their products appear on our site, including, for example, the order in which they may appear within review lists. Credit-Land.com has not reviewed all available credit card offers in the marketplace.

Credit Card Applications » News » Other » Shoppers to cut down in credit card usage this holiday season

Shoppers to cut down in credit card usage this holiday season

Shoppers to cut down in credit card usage this holiday season
The content is accurate at the time of publication and is subject to change.

According to reports based on a survey (Holiday Consumer Intentions and Actions), conducted by the National Retail Federation, more than 25% of consumers are planning to pay with credit cards for purchasing gifts this holiday season. This is by far the lowest since 2002. 40% of consumers will be using their debit cards and around 25% will pay with cash. So, there has been an overall increase in other forms of payment and a decrease in credit card usage. However, the ones that plan to use their credit cards will certainly spend more this holiday season.


Here are a few tips to keep holiday spending in check this holiday season.



  • Check the web and get some tips on how to cut down on holiday spending, and plan expenses accordingly.

  • No matter how tempting, avoid signing up for store credit cards. They will fleece you with sky-high interest rates. Store credit cards charge an average of at least 9 percentage points higher than standard credit cards. If it is possible to pay off the holiday purchases within a few months, then it would be wise to go in for a low interest credit card, which offers 0% APR for the introductory period rather than signing up for store credit cards.

  • Redeem cash-back and reward points that have already been accumulated on the credit card, and save some cash this holiday season. Chase cardholders who have access to Ultimate Rewards Program will receive a gift card as bonus for every 5,000 points that are redeemed. The bottom line is not to spend more in order to “save”.

  • Utilize the cash back or rewards points that are redeemed, to purchase a gift card or cash that could be used as a gift.

  • If one has a really tight budget this season, then it is wise to check out the different gifting options on the net – ideas that will not break the account in the bank.

All the information gathered is based on different surveys. A recent survey conducted via e-mail, revealed that at least half the people would spend an additional $100 to $500 more this holiday season, and at least 50% of them revealed that they never prepared for the increase in spending.


Overall, there has been a decline in the number of credit card users, and an increase in other forms of payments this holiday season which is a good sign so far.

Disclaimer: This editorial content is not provided or commissioned by the credit card issuer(s). Opinions expressed here are the author's alone, not those of the credit card issuer(s), and have not been reviewed, approved or otherwise endorsed by the credit card issuer(s). Reasonable efforts are made to present accurate information, however all information is presented without warranty. Consult a card's issuing bank for the terms & conditions.
All rates and fees, and other terms and conditions of the products mentioned in this article/post are actual as of the last update date but are subject to change. See the current products' Terms & Conditions on the issuing banks' websites.
Add to Favorites:

Related News:

Capital One Partners Up With Airlines

Posted: December 12, 2018

Capital One has partnered up with 14 airlines so that Venture and Spark cardholders can now use miles to pay for their flights. What is the transfer ratio? All of the carriers that have partnered up with Capital One, except for Emirates ... Continue reading
Holiday Shopping is Trending

Posted: December 11, 2018

Shopping is definitely in style this holiday season with consumers, according to the new TD Bank Holiday Retail Report, on average they will be spending $530 on gifts. What are the trending gift-giving categories this season? Gift cards ... Continue reading
Some Upgrades Coming for American Express Business Platinum Cardholders

Posted: December 10, 2018

In 2019 people with the Business Platinum Card will be able to take advantage of some upgrades arriving with the new year. These new benefits are designed to boost productivity, as well as give cardholders more perks when traveling for ... Continue reading
Get the latest news, articles and expert advice delivered to your inbox. It's FREE.
Earn 5% cash back at different places each quarter like gas stations, grocery stores, restaurants, Amazon.com and more up to the quarterly maximum, each time you activate.
For Excellent, Good Credit
INTRO OFFER: Discover will match ALL the Miles you've earned at the end of your first year, automatically. For example, if you earn 30,000 Miles, you get 60,000 Miles. That's $600 towards travel!
For Excellent, Good Credit
Earn 2% cash back on purchases: 1% when you buy plus 1% as you pay
For Excellent, Good Credit
You've successfully subscribed!

Please specify the following:All these fields are optional

Your Credit History
Themes you are interested in:

By providing this information you help us make our news letters more useful and informative. Thank you!