With the holiday season right around the corner and consumers struggling with inflation, the personal-finance website WalletHub today released the following reports to help holiday shoppers save money and avoid a financial hangover in the new year.
Please find key takeaways below, followed by commentary from WalletHub experts,
- 2022 Holiday Shopping Survey – 50% of people say Santa won’t be as generous this year due to inflation, and 28% of people will spend less than last year on their holiday shopping.
- 2022’s Best Credit Cards for Holiday Shopping – The top cards, chosen from 1,500+ offers, include Wells Fargo Active Cash (best flat-rate cash rewards) & Chase Freedom Unlimited (best everyday shopping rewards).
- 2022’s Best Credit Cards for Online Shopping – The top cards include Blue Cash Preferred (best for big spenders) & Amazon.com Credit Card (best for shopping on Amazon).
- 2022’s Best Gift Cards – Gift cards have long been the most popular holiday presents, and the top gift cards for this year’s holiday shopping season are:
| Best Gift Cards (WalletHub Score) | Biggest Buyer Discount |
| 1) Amazon Gift Card (65 points) | 1) Fandango Gift Card (17.44% discount) |
| 2) Walmart Gift Card (56 points) | 2) SONIC Gift Card (11.60% discount) |
| 3) Target Gift Card (55 points) | 3) Hobby Lobby Gift Cards (10% discount) |
| 4) Starbucks Gift Card (55 points) | 4) Chick-fil-A Gift Card (9.70% discount) |
| 5) Chick-fil-A Gift Card (55 points) | 5) Ikea Gift Card (9.53% discount) |
- Credit Card Price Protection – With price protection, cardholders can get a refund if the price of a recently purchased item drops soon after the holidays. The best credit cards for price protection are Capital One Quicksilver, Savor, and SavorOne.
- Credit Card Purchase Protection – This benefit can help repair or replace recently purchased items that are damaged or stolen. Chase Sapphire Reserve is the best credit card for purchase protection.
Q&A with WalletHub
How will inflation affect gift giving this holiday season?
“People don’t seem to be in a very giving mood, according to a new WalletHub survey, which found that 50% of Americans say Santa will be less generous this year due to inflation and 28% of people will spend less than last year on their holiday shopping,” said Jill Gonzalez, WalletHub analyst. “Plus, our penny pinching extends beyond our loved ones to those most in need. WalletHub’s survey found that a quarter of Americans plan to be less charitable this year.”
Can we still expect people to rack up a lot of debt this holiday season?
“Almost half of American consumers do not expect to pay for their holiday purchases in full by the due date, a new WalletHub survey found, and more than a quarter of us even have debt still lingering from last holiday season,” said Jill Gonzalez, WalletHub analyst. “People who are struggling to get out of credit card debt should definitely try to take advantage of one of the best balance transfer credit cards before the economy sours and offers dry up. Getting the right credit card, crafting a well-thought-out budget, and giving inexpensive or free gifts to others could save you a bundle this holiday season.”
Does it make sense to get a new credit card just for the holidays?
“Getting a new credit card for the holidays is a great idea, especially if you have a credit score of 700 or higher and can qualify for the best offers. You could save $300+ on your holiday shopping by using a new credit card that offers a big initial bonus for spending a certain amount in the first few months the account is open. Your holiday purchases can actually help you qualify for the bonus,” said Jill Gonzalez, WalletHub analyst. “If you expect to spend more than you can afford to pay by your credit card’s due date, look into using a credit card with a 0% introductory APR. After all the Federal Reserve rate hikes, regular credit card interest rates are even higher than usual right now.”
Which credit card benefits are most useful for holiday shopping?
“Credit card benefits useful for the holidays include the usual suspects like rewards and 0% introductory interest rates, as well as some secondary benefits that people often forget about – most notably, price protection and purchase protection. With price protection, you can get a refund for the difference in price if you find a better deal after you buy something. Purchase protection basically provides insurance against loss or theft,” said Jill Gonzalez, WalletHub analyst. “The best credit cards for price protection are Capital One Quicksilver, Savor, and SavorOne. The best card for purchase protection is Chase Sapphire Reserve.”
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