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My gift-giving strategy is equal parts planning and targeting smart ways to spend and save during the holidays. I use my Amazon Basic visa to relax a little more while shopping for Black Friday and Cyber Monday deals.
Through a little advanced planning and using these strategic tips, my family is able to reap the benefits (and rewards) of Prime Visa without overspending.
How I Use Prime Visa to Maximize Vacation Savings (and Avoid Debt)
I don’t use a credit card to spend beyond our means, making sure we always have funds in the bank account to pay the bill when it comes due. Using the way we spend is also a financially savvy move that helps us save on holiday celebrations.
Step 1: Make a list and budget early
Deciding how to spend our holiday dollars starts early. There are three reasons for this.
First is to make sure any valuable items like electronics or expensive toys are on my shopping list Amazon Black Friday Deals. Second, I can create a budget to follow throughout the season. Finally, shopping early means I can save choosing slower shipping options with better built-in rewards.
Step 2: Create a holiday sinking fund (yes, even now)
Consumers expect to spend an average of $902 this year for holiday gifts, decorations and food, according to the National Retail Federation. Coming up with this kind of dough takes some planning, so I took a break at the end of the summer sinking fundputting an extra $250 each month into our savings to mitigate ours Christmas expenses.
Although you may be a little behind schedule, there is still time to set aside money each week that you can spend on gifts and holiday travel. Even an extra $25 a week can help you save $100 before the new year – every dollar helps when you’re trying avoid holiday debt. If we’re a little tight, I’ll consider taking on extra work or a side bump to find some wiggle room in our family’s budget.
Step 3: Place everything on the map
mine Basic visa sees a lot of action in general, but especially as the holiday season approaches. To start racking up points, I’m targeting mid-summer to use my card for every purchase, including monthly expenses like utilities, gas, and groceries. This allows me to rack up extra Amazon Rewards points to afford hot toys or trendy gifts.
Even if you don’t have many rewards accumulated this year, you can start earning Amazon Rewards points starting this year’s Black Friday to save for next year.
Tips for using Prime Visa to earn rewards for the holidays
Although you have to pay a little more to be a Main member ($15/month or $139/year), membership comes with many benefits that go beyond free shipping on Amazon’s platform. Here are a few ways you can get the most out of Amazon Rewards, tailored specifically for Prime Visa cardholders.
Count on this new cardholder bonus
You will receive $200 Amazon Gift Card immediately upon approval. This is essentially extra money in your pocket.
Shop at Amazon, Amazon Fresh or Whole Foods
If you shop at Amazon or Whole Foods often, the Prime Visa is a no-brainer because of the points potential. You’ll earn unlimited 5% back on Amazon.com, Amazon Fresh and Whole Foods Market as well Chase Travel purchases. Additionally, select Amazon purchases offer up to 10% back on certain products or shipping options.
Recommend a friend
If you already have a Prime Visa and don’t qualify for the new cardholder bonus, don’t despair. You can still earn a $50 Amazon Gift Card for each person you refer for an Amazon Visa or Prime Visa, up to 10 people or $500 per year.
Use it instead of other cards
In addition to earning points at Amazon and at Whole Foods, you can earn 2% back by using your Amazon Prime Visa at a variety of places, including restaurants and gas stations and for local transportation and commuting (including carpooling). Other purchases that don’t fall into these categories can still earn 1% back when you use the card.
Yes, another cards can win more prizesbut I find Prime Visa to be an easy way to earn points that I use specifically for holiday shopping.
Can you spend to save for the holiday season? It depends.
My strategy of using credit cards to afford Christmas only works because I spend within my means. If getting a Prime Visa will tempt you to shop till you drop, don’t give in to the temptation without setting firm boundaries and have a holiday shopping list in hand.
The key to my strategy is to stick to your budget and not be tricked into buying things just because they’re on sale. Be like Santa: make a list and stick to it.
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