With the holiday season right around the corner and consumers struggling with inflation, the personal-finance website WalletHub today released the results of a nationally representative survey, as well as reports identifying the best credit cards for holiday shopping, price protection and purchase protection.
Holiday Shopping Survey- Santa on a Budget: 68% of people say Santa will be less generous this year due to inflation.
- Lingering Holiday Debt: Nearly half of Americans still have debt from the holiday season last year.
- Holiday Spending Cuts: 31% of people say they’ll spend less on holiday shopping this year than last year.
- Uncharitable Inflation: Nearly 3 in 4 Americans say their charitable giving is affected by inflation.
- New Cards for Shopping: 52% of people will apply for a new credit card to help with their holiday shopping.
- Top Holiday Shopping Motivators: 42% of Americans say their family influences their holiday shopping the most, while 37% point to social media and 17% say their friends have the biggest impact.
- AI Shopping Assist: 55% of people would like to outsource their holiday shopping to an AI robot.
Best Credit Cards for Holiday Shopping
Wells Fargo Active Cash is the best card because it offers 2% cash back on all purchases, a 0% introductory APR for 15 months, and a $0 annual fee.
Best Credit Card for Price Protection
With price protection, cardholders can get a refund if the price of a recently purchased item drops soon after the holidays. One of the best credit cards for price protection is the Capital One Savor Cash Rewards Card.
Best Credit Card for Purchase Protection
This benefit can help repair or replace recently purchased items that are damaged or stolen. The best credit cards for purchase protection are Chase Sapphire Reserve® and the Citi Strata Premier℠ Card.
“The Federal Reserve might think inflation is under control, but Americans don’t feel it. Nearly 7 in 10 Americans say that Santa will be less generous this year due to inflation, and almost three-quarters of people report that inflation is affecting their charitable giving. People looking to make ends meet and enjoy a happy holiday season do have some tricks up their sleeves, though, including opting for sentimental gifts over expensive ones and using a credit card for the initial rewards bonus but not as an excuse to get into debt. In fact, 52% of people say they’re going to apply for a new credit card for the holidays.”
- John Kiernan, WalletHub Editor
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