With the holiday season right around the corner and many consumers struggling with high prices, WalletHub today released the results of a nationally representative survey gauging holiday shopper sentiment, as well as reports identifying the best credit cards for holiday shopping, price protection and purchase protection. These resources can help people save hundreds of dollars when they need it the most.
Holiday Shopping Survey
- The Grinch Economy: Nearly 2 in 3 Americans say the economy will make the holidays less fun this year.
- Holiday Budgets Tighten: 85% of people will spend the same amount or less on the holidays this year compared to last year.
- Swiping to Celebrate: 33% of people will apply for a new credit card to help with holiday shopping this year.
- Charitable Cuts Coming: 3 in 5 Americans say their charitable giving is affected by inflation.
- Budgeting Brings Relief: More than 4 in 5 people say budgeting in advance helps during the holidays.
- Gifts Don’t Equal Joy: 61% of Americans say they would enjoy the holidays more if people didn’t exchange gifts.
Wells Fargo Active Cash is the best card because it offers 2% cash back on all purchases, a 0% introductory APR for 12 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®, the Citi Strata Elite℠ Card and the Citi Strata Premier® Card.
“People across the country are getting into the holiday spirit right now, just like clockwork, but the festive fervor might be a bit hollow for many folks this year due to financial concerns. Nearly two-thirds of people say the holidays won’t be as fun this year because of the economy, according to a new WalletHub survey, and almost as many people even claim they’d enjoy the holidays more if gifts weren’t involved. The holidays aren’t doomed, though, as savvy consumers can still take steps to ensure they get everything they need without derailing their finances. For example, budgeting in advance can help you get organized and make a sound plan, and more than 4 in 5 people say it really pays off during the holidays. Taking advantage of credit card sign-up perks like initial bonuses and 0% introductory APRs can lead to big savings as well, and around one-third of people say they’re taking this route to savings town this holiday season. Plus, getting creative and making a thoughtful gift yourself doesn’t have to cost you much more than a bit of time.”
- John Kiernan, WalletHub Editor
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