With Thanksgiving practically behind us, everyone's mind is on holiday shopping, but the question we're all trying to answer is "How do I check off everything on the list without breaking the bank?" That's where the allure of a store credit card becomes almost too much to bare.
But how do you know if you're getting the best deal? This list hopes to quell any fears you might have, making this holiday season the season of major savings and extraordinary deals.
1. Gap
If you're looking for a quality store credit card, look no further. Not only does the Gap Visa give you rewards at all Gap stores - including Old Navy, Banana Republic and Athleta - but the card can also be used outside of Gap Inc. stores. The interest rate is below 25 percent, which is hard to find in a store card, and the rewards are always piling up. Members get 15 percent off their first purchase, and 10 percent off every purchase made on Tuesdays. (Don't ask why they chose Tuesdays - just be thankful that they did! We certainly are.) Points are easy to earn and add up quick, allowing cardholders to cash in on their points as quickly and as easily as possible. A Gap Visa card could make gift-buying this holiday season the easiest feat in years.
2. Discover it
With no annual fee, 5 percent cash back on bonus categories, and 0 percent on purchases for the first year, this card requires next to no convincing. It's not linked to any store in particular, so cardholders don't get rewards at their favorite store, but the benefits of this card make up for the extra $10 you could be saving on that new pair of sneakers. It's the perfect card for the holiday season, allowing users to make large purchases without the fear of interest rates and overwhelming restrictions. And with the offer that allows new users to recieve double cash back the first year the card is in use, signing up for this credit card is pretty much a no-brainer.
3. Macy's
The Macy's credit card has both its good sides and its bad sides. The biggest downfall, however, being that the card can only be used at Macy's, but that shouldn't deter you from snagging this little money-saver as quickly as you can! If you're a big department store shopper, this is a must-have in your arsenal. There are no points awarded, but members are constantly given Star Rewards which can be worth anywhere from $20 to $50 which can be put toward nearly any purchase. And if it's your first purchase, you get 20 percent off automatically! If you know you'll be buying pricey gifts, this is the card for you.
4. American Express Blue Cash Preferred Card Everyday
Another mainstream credit card, the Blue Cash Preferred Everyday Card from American Express will not only save you money on gifts, but will save you money long after the holiday lights have been taken down from the shingles. Rewards can be earned eveywhere, from grocery stores to department stores to gas stations, and the cash back earned is worth a pretty penny ranging from 2 percent to 6 percent. There is an annual fee of $75 dollars, but members are guaranteed to make that back after a few trips to the local grocery store. And if you spend more than $1,000 in the first month - which, lets be honest, most of us will - you get $150 back. That's not a bad deal when you know you'll be dishing out the money regardless!
With all the options available, it might seem hard to make a decision - especially when that winter coat is calling your name and really, you deserve to treat yourself. But if you play it smart, the money you're trying to save can turn into money you make in no time.
We recommend using your credit wisely, no matter which option you choose. "If you don't have the money to pay for an item now, you probably won't have it after the credit-card bill arrives," said Robin Holland, senior vice president for customer service operations at Equifax in Atlanta, according to Forbes. "We need to be wise about the use of credit. If you can't pay for an item in a reasonable amount of time, you shouldn't be charging it."
