These Cash-Back Credit Cards Can Help You Earn Big On Black Friday
November 9, 2018
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According to the National Retail Federation (NRF), consumers could spend as much as $1,007.24 per person on holiday shopping this year. That’s a 4% increase over 2017 when consumers planned to shell out $967.13 apiece, and a lot of money to spend on year-end holiday gifts along with food, holiday décor, flowers, and greeting cards.
While some of this holiday spending is spread out over the months of October, November, and December, much of it will likely be concentrated on the shopping holiday known as Black Friday. This day-after-Thanksgiving celebration offers some of the best sales of the year, and deal-seekers come out in droves as a result.
5 Best Cash-Back Credit Cards for Black Friday
If you plan to spend anything close to the national average on the holidays this year, it’s smart to plan early and pick up a cash-back card that can help you earn rewards. Also note that some rewards cards offer 0% APR for up to 15 months, buying you time to pay off your balance with zero interest on your purchases for a limited time.
Before you get up at the crack of dawn to shop for family and friends on Black Friday this year, consider signing up for these cards:
Discover it® Cash Back
The Discover it® Cash Back is a popular card for Black Friday sales for a few reasons. Not only does this card offer 1% back on all your purchases and 5% back on your first $1,500 spent in categories that rotate each quarter, but Discover promises to double all the rewards you earn the first year. Add in the fact that the bonus category for the final quarter of 2018 includes Amazon.com and wholesale club purchases, and you can see why this card is so ideal for holiday shopping.
Better yet, the Discover it® Cash Back doesn’t charge an annual fee. On the redemption side, you can cash in your points for statement credits, gift cards, or purchases made through Amazon.com. Finally, the Discover it® Cash Back offers 14 months with 0% APR on purchases, with a go-to APR of 14.24% - 25.24% Variable, and a balance transfer fee of 3%.
The Chase Freedom® is another card that offers 1% cash back on all your purchases and 5% back on your first $1,500 spent in categories that rotate each quarter. You also get $150 in bonus cash after you use your card for $500 in purchases within three months. This card also comes without an annual fee, and you can redeem your points for statement credits, gift cards, merchandise, travel, or purchases made through Amazon.com.
For the final quarter of this year, the 5% bonus category on this card includes department stores, wholesale clubs, and purchases made through Chase Pay. The list of participating department stores is extensive and includes holiday shopping favorites like Kohl’s, Macy’s, and JC Penney.
Chase Freedom Unlimited®
The Chase Freedom Unlimited® is another cash-back card option that offers a simpler approach. You’ll earn a flat 1.5% back for each dollar you spend along with a $150 signup bonus after you spend $500 on your card within three months of account opening. This card also comes with no annual fee, and you can redeem points for statement credits, gift cards, merchandise, travel, or purchases made through Amazon.com.
Finally, we love the fact that the Chase Freedom Unlimited® gives you 15 months with 0% APR on purchases. This makes this card a solid option for anyone who wants to earn rewards on their holiday spending then pay down their purchases over time.
Wells Fargo Propel American Express® Card
The Wells Fargo Propel American Express® Card is a newer cash-back card offering on the scene, but it still offers several benefits that make it perfect for holiday shopping. First, consumers will receive 30,000 bonus points worth $300 in cash after they use their card for $3,000 in purchases within the first three months. Second, cardholders earn 3x points on dining, gas stations, rideshares, transit, and other travel, along with 1x points on all other purchases.
The Wells Fargo Propel American Express® Card doesn’t charge an annual fee, and you also get 0% Intro APR for 12 months on purchases and balance transfers (fees apply), then a 14.74%-27.24% variable APR; balance transfers made within 120 days qualify for the intro rate and fee on all your holiday purchases for a full 12 months.
Capital One® Quicksilver® Cash Rewards Credit Card
Finally, don’t forget to consider the Capital One® Quicksilver® Cash Rewards Credit Card. This card doles out a one-time $150 cash bonus after you sign up and use your card for $500 in purchases within three months of account opening. You also earn a flat 1.5% back for each dollar you spend, which is ideal for people who don’t want to keep track of rotating bonus categories.
The Capital One® Quicksilver® Cash Rewards Credit Card doesn’t charge an annual fee and it also comes with a 0% introductory offer that lets you pay down your holiday purchases over time. The 0% APR offer for purchases and balance transfer offers lasts for 15 months (balance transfer fees apply). After the intro period ends, the go to rate of 15.24% - 25.24% (Variable) applies.
This card also comes with no foreign transaction fees, making it ideal if you plan to do holiday shopping abroad or purchase some of your gifts from overseas vendors.
The Bottom Line
If you’re going to spend several hundred dollars or more on holiday shopping this Black Friday and beyond, you may as well receive something in return. But, before you head out to the mall or pony up to your computer for some holiday shopping, you should make sure to research cash-back credit cards and compare offers in terms of their signup bonuses, ongoing earning rate, and 0% APR introductory offers.
While cash-back cards should make it easy to earn rewards on your holiday purchases and everything you else you buy, the best cards come with no annual fee, some sort of bonus to entice you to sign up, and additional perks that make signing up worthwhile.