The year’s biggest shopping week is here — and it’s bringing in the highest shopper turnout on record.
An unprecedented nearly 187 million Americans plan to shop this Thanksgiving weekend, the National Retail Federation (NRF) found. Though debit cards are the most popular payment choice at checkout, per NRF, other methods could better maximize your spending. Let’s take a look.
1. Check credit card offers for discounts and cash back at specific retailers
Before you hit checkout at your favorite retailer, see if your credit card offers a limited-time discount you can use at that shop. Offers typically include targeted discounts, bonus rewards or statement credits.
The American Express Gold Card is great for earning valuable Membership Rewards® points at restaurants worldwide and U.S. supermarkets.
- You can earn $400+ in dining and rideshare credits every year (Enrollment required for select benefits mentioned)
- Exceptionally rewarding for eligible restaurant and U.S. supermarket purchases
- No foreign transaction fees
- Larger annual fee
- Credits are more complicated, you earn them monthly or semi-annually
Highlights
Highlights shown here are provided by the issuer and have not been reviewed by CNBC Select’s editorial staff.
- You may be eligible for as high as 100,000 Membership Rewards® Points after you spend $6,000 in eligible purchases on your new Card in your first 6 months of Card Membership. Welcome offers vary and you may not be eligible for an offer. Apply to know if you’re approved and find out your exact welcome offer amount – all with no credit score impact. If you’re approved and choose to accept the Card, your score may be impacted.
- Earn 4X Membership Rewards® points per dollar spent on purchases at restaurants worldwide, on up to $50,000 in purchases per calendar year, then 1X points for the rest of the year.
- Earn 4X Membership Rewards® points per dollar spent at US supermarkets, on up to $25,000 in purchases per calendar year, then 1X points for the rest of the year.
- Earn 3X Membership Rewards® points per dollar spent on flights booked directly with airlines or on AmexTravel.com.
- Earn 2X Membership Rewards® points per dollar spent on prepaid hotels and other eligible purchases booked on AmexTravel.com.
- Earn 1X Membership Rewards® point per dollar spent on all other eligible purchases.
- $120 Uber Cash on Gold: Add your Gold Card to your Uber account and get $10 in Uber Cash each month to use on orders and rides in the U.S. when you select an American Express Card for your transaction. That’s up to $120 Uber Cash annually. Plus, after using your Uber Cash, use your Card to earn 4X Membership Rewards® points for Uber Eats purchases made with restaurants or U.S. supermarkets. Point caps and terms apply.
- $84 Dunkin’ Credit: With the $84 Dunkin’ Credit, you can earn up to $7 in monthly statement credits after you enroll and pay with the American Express® Gold Card at U.S. Dunkin’ locations. Enrollment is required to receive this benefit.
- $100 Resy Credit: Get up to $100 in statement credits each calendar year after you pay with the American Express® Gold Card to dine at U.S. Resy restaurants or make other eligible Resy purchases. That’s up to $50 in statement credits semi-annually. Enrollment required.
- $120 Dining Credit: Satisfy your cravings, sweet or savory, with the $120 Dining Credit. Earn up to $10 in statement credits monthly when you pay with the American Express® Gold Card at Grubhub, The Cheesecake Factory, Goldbelly, Wine.com, and Five Guys. Enrollment required.
- Explore over 1,000 upscale hotels worldwide with The Hotel Collection and receive a $100 credit towards eligible charges* with every booking of two nights or more through AmexTravel.com. *Eligible charges vary by property.
- No Foreign Transaction Fees.
- Annual Fee is $325.
- Terms Apply.
- See Rates & Fees
Foreign transaction fee
The Capital One Venture Rewards Credit Card has a reasonable annual fee and earns flexible travel rewards, which makes it a great travel card for beginners or heavy travelers.
- Valuable welcome offer worth at least $750 in travel
- You can transfer miles to over 15 Capital One partners, including Emirates Skywards, Choice Privileges and Singapore Airlines KrisFlyer
- No foreign transaction fees
- Lacks ongoing travel benefits such as statement credits or lounge access
- Limited bonus spending category that only applies to certain Capital One Travel bookings
Highlights
Highlights shown here are provided by the issuer and have not been reviewed by CNBC Select’s editorial staff.
- Enjoy a one-time bonus of 75,000 miles once you spend $4,000 on purchases within 3 months from account opening, equal to $750 in travel
- Earn unlimited 2X miles on every purchase, every day
- Earn 5X miles on hotels, vacation rentals and rental cars booked through Capital One Travel
- Miles won’t expire for the life of the account and there’s no limit to how many you can earn
- Receive up to a $120 credit for Global Entry or TSA PreCheck®
- Use your miles to get reimbursed for any travel purchase—or redeem by booking a trip through Capital One Travel
- Enjoy a $50 experience credit and other premium benefits with every hotel and vacation rental booked from the Lifestyle Collection
- Transfer your miles to your choice of 15+ travel loyalty programs
Balance transfer fee
$0 at the Transfer APR, 4% of the amount of each transferred balance that posts to your account at a promotional APR that Capital One may offer to you
Foreign transaction fee
Typically, you’ll need to enroll in the offers you’re interested in before you shop. Otherwise, you won’t be able to activate the discount or reward and you’ll end up missing out.
And keep in mind that some credit cards even cover damaged or stolen packages. Benefits may include purchase protection, return protection and extended warranties, easing stress this holiday season. The Chase Freedom Unlimited® card, for instance, covers up to $500 per claim on eligible new purchases for up to 120 days from the purchase date (90 days for New York residents) at no additional cost. However, you’ll need to make sure the item was purchased with the credit card that offers these benefits.
The Chase Freedom Unlimited® is a no-annual-fee card that earns generous cash-back on everyday purchases and a lucrative welcome bonus.
- Valuable welcome bonus and high rewards rates
- Long intro APR for purchases and balance transfers
- No annual fee
- Has a foreign transaction fee
- Few rewarding ongoing benefits
Highlights
- Intro Offer: Earn a $200 Bonus after you spend $500 on purchases in your first 3 months from account opening
- Enjoy 5% cash back on travel purchased through Chase TravelSM, our premier rewards program that lets you redeem rewards for cash back, travel, gift cards and more; 3% cash back on drugstore purchases and dining at restaurants, including takeout and eligible delivery service, and 1.5% on all other purchases.
- No minimum to redeem for cash back. You can choose to receive a statement credit or direct deposit into most U.S. checking and savings accounts. Cash Back rewards do not expire as long as your account is open!
- Enjoy 0% Intro APR for 15 months from account opening on purchases and balance transfers, then a variable APR of 18.74% – 28.24%.
- No annual fee – You won’t have to pay an annual fee for all the great features that come with your Freedom Unlimited® card
- Keep tabs on your credit health, Chase Credit Journey helps you monitor your credit with free access to your latest score, alerts, and more.
- Member FDIC
Balance transfer fee
Intro fee of either $5 or 3% of the amount of each transfer, whichever is greater, in the first 60 days. After that, either $5 or 5% of the amount of each transfer, whichever is greater.
Foreign transaction fee
3% of each transaction in U.S. dollars
2. Consider a general cash-back credit card
Aside from scoping out discounts from specific credit card retail partners, you can never go wrong with a credit card that offers competitive cash back on any purchase. The Prime Visa card, for instance, offers rewards for Amazon and Whole Foods shoppers. You’ll earn 5% cash back on all purchases at Amazon.com, Amazon Fresh and Whole Foods — and, of course, that’s on top of any Amazon.com Black Friday markdowns. Many cash-back credit cards only offer 1% to 2% cash back for general shopping, so 5% cash back is fairly competitive.
The Prime Visa is only available to Amazon Prime members ($139 for an annual membership and $14.99 for a monthly membership) but is very rewarding for Amazon purchases.
- High rate of return at Amazon and Whole Foods
- Easy-to-earn welcome bonus
- Requires an Amazon Prime membership
- If you choose the promo APR you won’t earn rewards on those purchases
Highlights
Highlights shown here are provided by the issuer and have not been reviewed by CNBC Select’s editorial staff.
- Limited-Time Offer: Get a $250 Amazon Gift Card instantly upon approval exclusively for Prime members
- Best Amazon Gift Card offer for Prime Visa
- Earn unlimited 5% back at Amazon.com, Amazon Fresh, Whole Foods Market and on Chase Travel purchases with an eligible Prime membership
- Prime Card Bonus: Earn 10% back or more on a rotating selection of items and categories on Amazon.com with an eligible Prime membership
- Earn unlimited 2% back at gas stations, restaurants, and on local transit and commuting (including rideshare)
- Earn unlimited 1% back on all other purchases
- No annual credit card fee
- No more waiting. Redeem daily rewards at Amazon.com as soon as the next day
- Member FDIC
Balance transfer fee
Either $5 or 4% of the amount of each transfer, whichever is greater
The card also offers lower cash back rates across other categories: 5% back on Chase Travel purchases, unlimited 2% back at gas stations, restaurants and on local transit and commuting (including rideshare) and 1% cash back on all other eligible purchases.
Don’t miss out: New cardholders approved for the Prime Visa card can get a $250 Amazon gift card instantly — now you’ll have yet another way to bring down the cost of Black Friday and Cyber Monday shopping.
3. Use browser extensions and cash-back platforms
Using shopping portals, browser extensions and cash back platforms is an easy way to get extra savings on top of sale prices. Shopping portals are offered by companies or their affiliates to encourage purchases by giving shoppers cash back or other rewards, like gift cards. To take advantage of these cash-saving opportunities, you usually need to visit a portal website, use a browser extension or shop through a mobile app.
Capital One Shopping
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Cost
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Cash back
Yes, in the form of Capital One Shopping Rewards.
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Coupon codes
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Price comparison
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Mobile app
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Works with in-store purchases
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Welcome bonus
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How to redeem your savings
Capital One Shopping Rewards can be used to purchase e-gift cards.
Pros
- Offers at over 30,000 online retailers
- You can build a watchlist of favorite products, and Capital One Shopping will alert you to price changes
- No purchase is required for the referral bonus
Cons
- Reward redemptions are limited to gift cards
- You can’t use the app to save in-store
Other cash back platforms, such as Rakuten and Ibotta, also offer cash back and coupons for in-person shopping and online orders. Plus, Rakuten is offered as a browser extension that automatically populates savings opportunities when you’re about to check out.
Rakuten
Information about Rakuten has been collected independently by CNBC Select and has not been reviewed or provided by the company prior to publication.
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Cost
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Cash back
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Coupon codes
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Mobile app
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Works with in-store purchases
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Welcome bonus
New users can earn a $10 bonus after spending $25 on purchases made in your first 90 days. You also may be able to earn an even larger bonus if you’re referred by a friend.
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How to redeem your savings
Rewards are issued quarterly.
Pros
- You can earn American Express Membership Rewards Points or Bilt Rewards instead of cash back
- New users can earn a welcome bonus or referral bonus
- Offers at over 3,500 online stores
- You can activate savings, then shop and save on in-store purchases
Cons
- Cash back is awarded quarterly
- Typically not valid with Amazon purchases
Ibotta
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Cost
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Cash back
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Coupon codes
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Price comparison
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Mobile app
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Works with in-store purchases
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Welcome bonus
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How to redeem your savings
Redeem cash back once you reach $20 as a deposit into your bank account, PayPal account or for gift cards.
Pros
- Offers at over 300 participating retailers
- You can activate savings, then shop and save on in-store purchases
Cons
- You can only redeem cash back after you reach $20
- The browser extension is only available on Google Chrome
- After 180 days without redeeming an offer, your account is charged $3.99 for every 30 days of inactivity
4. Explore Buy Now, Pay Later options (under some circumstances)
The hidden gem that can make using BNPL worth it for some shoppers is the ability to earn cash back and rewards points to redeem on their next purchase.
PayPal Pay in 4 currently lets you earn 20% cash back with a maximum of 25,000 points, or $250 cash back, per transaction and your cash back can be redeemed for actual cash. So, if you know you can repay your purchase on time and in full, you won’t be charged interest on your BNPL loan and your loan lets you earn cash back, BNPL may actually pay off for you.
PayPal Pay in 4
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Interest rates
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Credit limit
Purchases must be between $30 and $1,500
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Loan terms
Four payments every two weeks for six weeks
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Monthly payment option?
Yes, 6-, 12- or 24-month plans with $0 down available for purchases $199 to $10,000. APRs from 0% to 29.99%.
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Fees
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Available merchants
Pay in 4 is available at millions of retailers, but is not accessible for merchants not integrated with PayPal.
Pros
- No interest or late fees
- Connected to millions of retailers that accept PayPal
- Looks at factors beyond credit scores when determining eligibility
Cons
- Can only use with merchants connected with PayPal
- Only for online purchases
- Not available in Missouri or Nevada
- Purchases capped at $1,500
Remember that BNPL is best used cautiously. Taking on multiple BNPL loans at the same time can lead to financial chaos, and missing payments can lead to fees or interest.
5. Pause before purchasing to avoid impulse buys
You’ve probably heard it a hundred times, but the best savings tip is often the simplest: Pause to think before you hit “checkout.”
This time of year, it’s easy to jump into purchases. To ensure you’re truly set on buying any product, ask yourself if you really need it, if it fits your budget or if you’d be just as happy waiting for a better deal. Some experts recommend using the 72-hour rule, which is where you wait 72 hours to decide if you really want an item and if you still want it after 72 hours then you can buy it without feeling like you purchased it impulsively. In the past, Black Friday and Cyber Monday used to be one-day events but now deals go on all month long. You may not miss out as much as you think you will if you just wait a few days.
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Editorial Note: Opinions, analyses, reviews or recommendations expressed in this article are those of the Select editorial staff’s alone, and have not been reviewed, approved or otherwise endorsed by any third party.
