How to Use Credit Cards to Save On Being A Bridesmaid
Originally Posted On: https://www.credello.com/
Being part of a loved one’s special day can be a wonderful experience. Well, a wonderful-yet-expensive experience. With the average cost of being a bridesmaid rising higher each year, it can be tough to stick to your budget. But there’s a way you can have the best of both worlds: credit cards! Here are a few ways to save on bridesmaid expenses without getting into debt.
Apply for a store-branded card
Department store cards are rarely beneficial for long-term use due to their high-interest rates and low benefits as compared to the major cards like American Express or Visa.
But one perk most of these card’s offer is cashback or a discount on your first purchase. This can really help offset the cost of your dress, accessories, and other bridesmaids’ accessories, especially if you’re buying them all at the same place. Just be sure to pay the balance off quickly, so it doesn’t accumulate interest.
Look for cards with category bonuses
Many major credit cards will offer category bonuses, which means you could earn rewards or cashback for spending money on the things you’ll need for the wedding. Find out which places you’ll need to shop for your dress and accessories and look for cards that offer bonuses for the category of the store. If you’re not sure, you can look online to see if other customers have card recommendations or call the card’s sales department to ask.
Pay with member rewards or miles
At the payment terminal, swipe your card and see if you can pay with the rewards points or miles, you’ve already accumulated through your credit card. The conversion rate is usually low (typically, points will convert to only a few cents per dollar), but it’s still cheaper than having to pay the full price out of pocket. This typically works best with online stores though some major store chains offer this option, too.
Use points to pay for travel
Another way to utilize credit card points is by converting them into miles with travel partners. These conversion rates are usually much higher, around 1:1, than paying off store purchases and can often mean your travel costs amount to $0! Check first to ensure your airline, cruise, or hotel is an official travel partner with your credit card company before implementing this strategy so that you’ll know which card to use.
Use cards with 0% interest
If you need to shell out big bucks, consider using a credit card that offers a promotional interest rate on new purchases. Just be sure to pay off the balance before your promotional period expires! This way, you’ll be able to make smaller payments on your costs without accruing interest.
There’s also the option of paying with an interest-accruing card and simply transferring the balance to a card with a 0% promotional APR on balance transfers. You might need to pay a small fee (typically 3 – 5%) on the balance transfer, but it’s still significantly less than the market interest rate you’d pay otherwise.
The bottom line
There are plenty of ways to save on being a bridesmaid without breaking the bank. Whether you’re looking for cards that offer cashback, discounts, or category bonuses, you’ll be able to find what you need to stay within your budget and be a part of your friend’s special day.