Tuesday, 24 November 2020

Best Credit Cards for Black Friday and Cyber Monday 2018

Best Credit Cards for Black Friday and Cyber Monday 2018
15 Nov
11:49

iStock

Black Friday and Cyber Monday are fast approaching. Last holiday season, the majority of shoppers (85%) used a credit card or store card to buy their holiday items. That’s an 8% increase from 2016, and if the trend continues, credit card use will increase again this holiday season.

Folks who are trying to decide which credit card to take with them on their holiday shopping spree would do well to choose — and spend — wisely.

Some 44% of shoppers accrued over $1,000 in holiday debt in 2017, according to a MagnifyMoney survey, — and the majority of debt sufferers didn’t plan on it. Falling into unexpected debt can damper your holiday season and it may take you a long time to finally dig yourself out of debt.

But, if you use the right credit card along with responsible credit behavior, you can have a successful, debt-free holiday shopping season.

There are credit cards tailored to various holiday expenses such as supermarket purchases, online shopping at Amazon.com, purchases at department stores and much more. By using the right card, you can earn rewards to reduce the cost of your bills and even finance your holiday shopping so you avoid falling into debt.

In this roundup, we found the best credit cards that you can use on Black Friday and Cyber Monday, so you can maximize rewards regardless of where you plan to shop. We’ve also included several cards that offer 0% intro periods that can help you finance big-ticket purchases and even several smaller purchases.

Best for Amazon

The online shopping giant offers pretty much anything you can ask for, from electronics, to clothes, to food — perfect for a one-stop destination to get all your holiday shopping needs. You can use one of their Amazon-branded credit cards or a cashback card that rewards you for Amazon.com purchases. Rewards can be redeemed for a statement credit that helps to reduce your bill, and may be redeemable for future Amazon.com purchases.

Amazon Prime Rewards Visa® Signature Card

The information related to Amazon Prime Rewards Visa® Signature Card has been collected by MagnifyMoney and has not been reviewed or provided by the issuer of this card prior to publication.

Amazon Prime Rewards Visa® Signature Card

Regular Purchase APR
16.24% – 24.24% Variable
Annual fee
$0
Rewards Rate
Earn 5% back at Amazon.com and Whole Foods Market with eligible Prime membership, 2% back at restaurants, gas stations, and drugstores, and 1% back on all other purchases.
Credit required
good-credit

The Amazon Prime Rewards Visa® Signature Card offers the most rewards for your Amazon.com spending of any card around — Earn 5% back at Amazon.com and Whole Foods Market with eligible Prime membership, 2% back at restaurants, gas stations, and drugstores, and 1% back on all other purchases. This is a fantastic rate that’s great for people looking to do the majority of their Black Friday and Cyber Monday shopping on Amazon.com. Plus, if you’re already a Prime member, this card is a no-brainer since there’s a $0 annual fee. However, if you’re not currently a Prime member, the cost is currently $119 for an annual membership. There is a new cardmember offer that helps offset the annual fee — Get a $70 Amazon.com Gift Card instantly upon credit card approval.

Amazon Rewards Visa® Signature Card

The information related to Amazon Rewards Visa® Signature Card has been collected by MagnifyMoney and has not been reviewed or provided by the issuer of this card prior to publication.

Amazon Rewards Visa® Signature Card

Regular Purchase APR
16.24% – 24.24% Variable
Annual fee
$0
Rewards Rate
Earn 3% back at Amazon.com and Whole Foods Market, 2% back at restaurants, gas stations, and drugstores, and 1% back on all other purchases.
Credit required
good-credit
Excellent/Good

If you don’t want to become a Prime member, there is a version of this card that doesn’t require a Prime membership — the Amazon Rewards Visa® Signature Card. However, you’ll earn a lower rewards rate at Amazon.com and receive a lower new cardmember offer. Earn 3% back at Amazon.com and Whole Foods Market, 2% back at restaurants, gas stations, and drugstores, and 1% back on all other purchases. Get a $50 Amazon.com Gift Card instantly upon credit card approval.

Discover it® Cash Back

Regular APR
13.99% – 24.99% Variable
Intro Purchase APR
0% for 14 months
Intro BT APR
0% for 14 months
Annual fee
$0
Rewards Rate
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, 1% unlimited cash back on all other purchases – automatically.
Balance Transfer Fee
3%
Credit required
good-credit
Excellent/Good Credit

An alternative to an Amazon-branded store card is a cashback card that offers Amazon.com as a bonus category. The Discover it® Cash Back has Amazon.com and wholesale clubs as a bonus category from October to December 2018 — which is perfect for your holiday shopping. You’ll earn 5% cash back at different places each quarter like gas stations, grocery stores, restaurants, Amazon.com or wholesale clubs up to the quarterly maximum each time you activate. One percent unlimited cash back automatically on all other purchases.

There is a $1,500 quarterly maximum for the bonus categories, which comes out to $75 cash back at the 5% rate before it drops to 1%. Depending on how much you plan to spend at Amazon.com and wholesale clubs, this may not be an issue. But, if you think you’ll spend over $1,500 in these two categories this October to December, you should consider the Amazon Prime Rewards Visa® Signature Card since it doesn’t have a quarterly maximum.

Best for department stores

If you do the majority of your Black Friday and Cyber Monday shopping at department stores like Macy’s and Bloomingdale’s, a card that offers a competitive rewards rate on these purchases can come in handy. Department stores typically offer their own store cards, but you can only use them at their store. Therefore, if you plan on shopping at multiple department stores, you’d need a store card for each store. This can be a hassle, so we’ve recommended credit cards that can be used anywhere and still earn above average rewards at eligible department stores.

The two cards we recommend offer high rewards rates at select department stores including Macy’s and Bloomingdale’s, plus tons of other stores. We do want to point out that the Chase Freedom® has more qualifying department stores than the Blue Cash Preferred® Card from American Express — providing more flexibility.

Chase Freedom®

APPLY NOW Secured

on Chase Bank’s secure website

Read Full Review

Chase Freedom®

Regular Purchase APR
16.99% – 25.74% Variable
Intro Purchase APR
0% Intro APR on Purchases for 15 months
Intro BT APR
0% Intro APR on Balance Transfers for 15 months
Annual fee
$0
Rewards Rate
Earn 5% cash back on up to $1,500 in combined purchases in bonus categories each quarter you activate. Enjoy new 5% categories every 3 months. Unlimited 1% cash back on all other purchases.
Balance Transfer Fee
Either $5 or 5% of the amount of each transfer, whichever is greater
Credit required
good-credit
Excellent/Good

The Chase Freedom® is a rotating cashback card that allows cardholders to Earn 5% cash back on up to $1,500 in combined purchases in bonus categories each quarter you activate. Enjoy new 5% categories every 3 months. Unlimited 1% cash back on all other purchases. From October to December 2018, department stores, wholesale clubs and Chase Pay® are 5% bonus categories. You can earn a great rate on those purchases, but take note that spending at the 5% cashback rate is limited to $1,500 a quarter before it drops down to 1% cash back. If you want a wide selection of department stores to earn 5% cash back (up to a quarterly max of $1,500, then 1%) and don’t mind activating the bonus categories, the Chase Freedom® can be a good choice for your Black Friday and Cyber Monday department store shopping.

Eligible department stores include:

  • Aliexpress*
  • Beall’s of Florida
  • Belk
  • Bergdorf Goodman*
  • Bergners*
  • Bloomingdale’s
  • Boscov’s Department Store
  • Boston Store*
  • Carson’s*
  • Dillard’s
  • Elder-Beerman*
  • Goody’s*
  • Gordmans*
  • Gump’s*
  • Herberger’s*
  • J.C. Penney
  • Kohl’s
  • Lord & Taylor
  • Macy’s
  • Neiman Marcus
  • Nordstrom & Nordstrom Rack
  • Peebles Dept Store*
  • Saks Fifth Ave & Off Fifth
  • Sears
  • Stage Stores*
  • Stein Mart
  • The Bon Ton
  • Von Maur*
  • Younkers*

*Not an eligible department store with the Blue Cash Preferred® Card from American Express.

Blue Cash Preferred® Card from American Express

APPLY NOW Secured

on American Express’s secure website

Terms Apply

Rates & Fees

Read Full Review

Blue Cash Preferred® Card from American Express

Regular Purchase APR
14.99%-25.99% Variable
Intro Purchase APR
0% for 12 months
Intro BT APR
0% for 12 months
Annual fee
$95
Rewards Rate
6% cash back at U.S. supermarkets (on up to $6,000 per year in purchases, then 1%). 3% cash back at U.S. gas stations and at select U.S. department stores. 1% cash back on other purchases.
Balance Transfer Fee
Either $5 or 3% of the amount of each transfer, whichever is greater.
Credit required
good-credit
Excellent/Good

The Blue Cash Preferred® Card from American Express doesn’t offer as high a rewards rate at select U.S. department stores compared with the Chase Freedom®, but it has the advantage of no quarterly limits or activation. Cardholders earn 6% cash back at U.S. supermarkets (on up to $6,000 per year in purchases, then 1%). 3% cash back at U.S. gas stations and at select U.S. department stores. 1% cash back on other purchases. This card does have a $95 annual fee, but if you spend $3,167 a year at select U.S. department stores, you’ll earn enough cash back to cover the annual fee.

Eligible department stores include:

  • Bealls
  • Belk
  • Bloomingdale’s
  • Bon Ton Stores
  • Boscov’s
  • Century 21 Department Stores*
  • Dillard’s
  • J.C. Penney (JCP)
  • Kohl’s
  • Lord & Taylor
  • Macy’s
  • Neiman Marcus
  • Nordstrom
  • Saks Fifth Avenue
  • Sears
  • Stein Mart

*Not an eligible department store with the Chase Freedom®.

Best for wholesale clubs

During the holidays you most likely will be traveling to visit family and friends or entertaining guests at your home. Shopping at wholesale clubs can be a great way to stock up on needed items for entertaining, cooking and gift-giving. Wholesale clubs like BJ’s, Costco, and Sam’s Club offer their own co-branded credit cards that members can use to earn rewards. There are also some cards from major issuers that offer wholesale clubs as a bonus category during the holiday months. Just remember that if you plan on shopping regularly at wholesale clubs, you’ll need an active membership. However, many clubs offer free one-day passes where you can shop around without a membership, and you can also piggyback off a friend or family member’s membership.

From October to December 2018, two cards are offering wholesale clubs as a bonus category — the Chase Freedom® and the Discover it® Cash Back. Keep in mind you need to activate the bonus categories for the 5% cash back to take effect. And, the amount of cash back you can earn at the 5% cashback rate has a $1,500 quarterly maximum before the cashback rate drops to 1%. So, that’s up to $75 cash back at the 5% rate. You can use these cards for your wholesale club shopping this holiday season and reap the rewards. If you’re a member of multiple wholesale clubs or don’t want a club-specific credit card, these cards are a good choice.

Discover it® Cash Back

Regular APR
13.99% – 24.99% Variable
Intro Purchase APR
0% for 14 months
Intro BT APR
0% for 14 months
Annual fee
$0
Rewards Rate
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, 1% unlimited cash back on all other purchases – automatically.
Balance Transfer Fee
3%
Credit required
good-credit
Excellent/Good Credit

Chase Freedom®

APPLY NOW Secured

on Chase Bank’s secure website

Read Full Review

Chase Freedom®

Regular Purchase APR
16.99% – 25.74% Variable
Intro Purchase APR
0% Intro APR on Purchases for 15 months
Intro BT APR
0% Intro APR on Balance Transfers for 15 months
Annual fee
$0
Rewards Rate
Earn 5% cash back on up to $1,500 in combined purchases in bonus categories each quarter you activate. Enjoy new 5% categories every 3 months. Unlimited 1% cash back on all other purchases.
Balance Transfer Fee
Either $5 or 5% of the amount of each transfer, whichever is greater
Credit required
good-credit
Excellent/Good

Best for supermarkets

While shopping at your local supermarket on Black Friday won’t likely be on the top of your list, getting a good supermarket rewards card can help ease the sting of holiday grocery bills. The Blue Cash Preferred® Card from American Express has a rewards program tailored to U.S. supermarket spending with 6% cash back at U.S. supermarkets (on up to $6,000 per year in purchases, then 1%). 3% cash back at U.S. gas stations and at select U.S. department stores. 1% cash back on other purchases. However, this card comes with a $95 annual fee that isn’t worthwhile for everyone.

There is a $0 annual fee version of this card, the Blue Cash Everyday® Card from American Express. But, that card offers half as much cash back with 3% cash back at U.S. supermarkets (on up to $6,000 per year in purchases, then 1%). 2% cash back at U.S. gas stations and at select U.S. department stores. 1% cash back on other purchases. If you don’t want to pay an annual fee, then it can be a better choice.

You should consider how much you spend each month at U.S. supermarkets before you settle on a card. If you spend over $264 a month ($61 a week) at U.S. supermarkets, you’ll see more benefit from the Blue Cash Preferred® Card from American Express. But, if you spend less than $264 a month at U.S. supermarkets, then you should stick with the $95 annual fee Blue Cash Everyday® Card from American Express.

Take note that superstores, convenience stores and warehouse clubs like BJ’s, Target and Walmart aren’t considered U.S. supermarkets and will earn 1% cash back.

Blue Cash Preferred® Card from American Express

APPLY NOW Secured

on American Express’s secure website

Terms Apply

Rates & Fees

Read Full Review

Blue Cash Preferred® Card from American Express

Regular Purchase APR
14.99%-25.99% Variable
Intro Purchase APR
0% for 12 months
Intro BT APR
0% for 12 months
Annual fee
$95
Rewards Rate
6% cash back at U.S. supermarkets (on up to $6,000 per year in purchases, then 1%). 3% cash back at U.S. gas stations and at select U.S. department stores. 1% cash back on other purchases.
Balance Transfer Fee
Either $5 or 3% of the amount of each transfer, whichever is greater.
Credit required
good-credit
Excellent/Good

Blue Cash Everyday® Card from American Express

APPLY NOW Secured

on American Express’s secure website

Terms Apply

Rates & Fees

Read Full Review

Blue Cash Everyday® Card from American Express

Regular Purchase APR
14.99%-25.99% Variable
Intro Purchase APR
0% for 15 months
Intro BT APR
0% for 15 months
Annual fee
$0
Rewards Rate
3% cash back at U.S. supermarkets (on up to $6,000 per year in purchases, then 1%). 2% cash back at U.S. gas stations and at select U.S. department stores. 1% cash back on other purchases.
Balance Transfer Fee
Either $5 or 3% of the amount of each transfer, whichever is greater.
Credit required
good-credit
Excellent/Good

Best 0% intro offers on purchases

Shopping for everyone on your list this holiday season can cost you a lot of money. With the average holiday shopper incurring $1,054 in debt last year, you’ll want to think about taking preventative measures so you don’t fall into debt. You should consider credit cards offering 0% intro periods for new purchases that help you avoid interest charges when you carry a balance during the intro period. There are cards that offer as long as 20 months interest-free.

Here are our top picks for cards with 0% intro periods:

U.S. Bank Visa® Platinum Card

APPLY NOW Secured

on US Bank’s secure website

U.S. Bank Visa® Platinum Card

Regular Purchase APR
11.99% to 23.99% Variable
Intro Purchase APR
0% introductory APR for the first 20 billing cycles
Intro BT APR
0% introductory APR for the first 20 billing cycles for balances transferred within 60 days from account opening
Annual fee
$0
Balance Transfer Fee
Either 3% of the amount of each transfer or $5 minimum, whichever is greater.
Credit required
good-credit
Excellent/Good

TruWest Visa Platinum Card

APPLY NOW Secured

on TruWest Credit Union’s secure website

TruWest Visa Platinum Card

Regular Purchase APR
7.95% – 21.95% Variable
Intro Purchase APR
0% introductory APR for 18 months
Intro BT APR
0% introductory APR for 18 months
Annual fee
$0
Balance Transfer Fee
3% of the amount of each balance transfer

Chase Freedom®

APPLY NOW Secured

on Chase Bank’s secure website

Read Full Review

Chase Freedom®

Regular Purchase APR
16.99% – 25.74% Variable
Intro Purchase APR
0% Intro APR on Purchases for 15 months
Intro BT APR
0% Intro APR on Balance Transfers for 15 months
Annual fee
$0
Rewards Rate
Earn 5% cash back on up to $1,500 in combined purchases in bonus categories each quarter you activate. Enjoy new 5% categories every 3 months. Unlimited 1% cash back on all other purchases.
Balance Transfer Fee
Either $5 or 5% of the amount of each transfer, whichever is greater
Credit required
good-credit
Excellent/Good

If you chose to use a 0% intro APR card, you should check in on your debt two months before your intro period ends. Check to see if you’re on track to pay off your balance before the intro period ends. If you’re behind schedule and don’t think your debt will be paid off in time, consider a balance transfer credit card. You can transfer debt from your existing card to a new card offering a 0% intro period for balance transfers. This saves you from interest charges compared with leaving your balance on your current card post intro period, and also gives you more time to pay off your debt. Just take note that balances can’t be transferred between cards from the same bank and you will typically incur a balance transfer fee — however this fee is often outweighed by the amount you save on interest — though there are cards with no balance transfer fees.

Here are our top picks for balance transfer credit cards:

Citi Simplicity® Card - No Late Fees Ever

APPLY NOW Secured

on Citibank’s secure website

Read Full Review

Citi Simplicity® Card – No Late Fees Ever

Regular Purchase APR
15.99% – 25.99%* (Variable)
Intro Purchase APR
0%* for 12 months on Purchases*
Intro BT APR
0%* for 21 months on Balance Transfers*
Annual fee
$0*
Balance Transfer Fee
5% of each balance transfer; $5 minimum
Credit required
good-credit
Excellent/Good

Citi® Double Cash Card – 18 month BT offer

APPLY NOW Secured

on Citibank’s secure website

Read Full Review

Citi® Double Cash Card – 18 month BT offer

Regular Purchase APR
15.49% – 25.49%* (Variable)
Intro Purchase APR
N/A
Intro BT APR
0% for 18 months on Balance Transfers*
Annual fee
$0*
Rewards Rate
Earn 2% cash back on purchases: 1% when you buy plus 1% as you pay
Balance Transfer Fee
3% of each balance transfer; $5 minimum.
Credit required
good-credit
Excellent, Good

Discover it® Balance Transfer

Regular APR
13.99% – 24.99% Variable
Intro Purchase APR
0% for 6 Months
Intro BT APR
0% for 18 Months
Annual fee
$0
Rewards Rate
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, 1% unlimited cash back on all other purchases – automatically.
Balance Transfer Fee
3%
Credit required
good-credit
Excellent/Good Credit

This article contains links to CompareCards, which like MagnifyMoney, is a subsidiary of LendingTree.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

Alexandria White

TAGS:

Recommended by

This Cash Back Number May Surprise You

This Cash Back Number May Surprise You

Best Travel Credit Cards With No Annual Fee

Best Travel Credit Cards With No Annual Fee

Getting Approved For 1 Of These Credit Cards Means You Have Excellent Credit

Getting Approved For 1 Of These Credit Cards Means You Have Excellent Credit

2 Credit Cards Charging 0% Interest until 2019

2 Credit Cards Charging 0% Interest until 2019

Source: https://www.magnifymoney.com/blog/credit-cards-2/best-credit-cards-for-black-friday-cyber-monday/

« »

Szemere

Related Articles