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By Claire Hegstrom
The holidays are the perfect time of year to treat yourself and your loved ones, and reflect on all the hard work you’ve put into keeping your finances in check through the year’s ups and downs. Before you break the bank (and your budget) buying gifts with your savings or with credit cards, consider utilizing your credit card rewards to make the season merry and bright!
Whether you like to spend your money on experiences and small gatherings during the holiday, or on finding the perfect gift for your best friend, we have six ways to maximize your credit card rewards and save you money during the holiday festivities.
Sometimes the best gifts are the ones where you can buy what you actually want, right? Cashing out your rewards points to buy gift cards means you won’t have to guess what your boss would like, or what’s trendy for the teenagers in your life.
Here are some clever ideas for gift card use:
The holidays can be a tricky time of year to get together with friends amid holiday travel and end-of-year work projects. Why not use your rewards points to get gift cards to your group’s favorite restaurant. You can then get catering/carry-outs to host a delicious dinner at your place! You can even use some of your points to buy new decorations or festive dinnerware with gift cards from your favorite merchants.
I don’t know about you, but I personally don’t get excited to spend my hard-earned paycheck on socks or new bath towels. Make a list of necessities you've been waiting to replace and another list of stores that have multiple items on your list. You can then use your card rewards to purchase gift cards at those stores to cross off much needed items.
Your necessities list might include:
It can be difficult to budget for the few months of holiday festivities at the end of the year. We usually see an increase in our grocery purchases, we fill up at the gas pump more frequently, and we spend on decorations and gifts. With many rewards credit cards, such as the Alliant Cashback Visa® Signature card , you can turn your rewards points into cash to offset all your extra holiday expenses.
Using the cash to pay bills, loans, credit card payments, or as your holiday gift fund can help your budget stay on track to start the new year strong.
Sock drives and food pantry donations are an incredible way to give back during the holidays, but did you know you can give gift cards to your favorite charities as well? Using credit card rewards points for gift cards is a great way to give your favorite charities and shelters the funds to purchase the items they actually need for the long winter ahead. You may even be able to write off your gift cards as a charitable donation when you file your taxes next year.
Credit card rewards points can be used for plane tickets, hotel rooms and even gift cards for gas! Whether you need to travel next year to help a new college student get settled in, or you know there is a wedding around the corner, utilizing your rewards points for travel far in advance means you’ll likely be getting excellent prices on plane and train tickets and hotel rooms.
Looking for more money tips? Check out these articles!
Claire Hegstrom is an advocate of the credit union movement through and through. Passionate about financial education, she approaches money conversations from a candid and inclusive space focused on growth and awareness. As our credit union founding father, Ed Filene, once said, “Progress is the constant replacing of the best there is with something still better.” Claire hopes reading Money Mentor will help transform your life from the best to even better.
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