Best credit cards for Valentine’s Day shopping 2022 – CNET

The Bank of America Customized Cash Rewards credit card* will earn you the most cash back if you do the majority of your shopping online. “Online shopping” is one of the categories you can choose for the card’s 3% cash-back rewards rate. Note that you need to proactively select this rewards category on Bank of America’s app or website. You’ll also earn 2% cash back at grocery stores and wholesale clubs (up to $2,500 in combined quarterly purchases on 3% and 2% categories, then 1%), and a 1% cash-back rewards rate on all other purchases. 

The introductory bonus rewards of $200 online cash rewards (after spending $1,000 in the first 90 days after account opening) and 0% introductory APR for 15 billing cycles on purchases and on any balance transfers made in the first 60 days (13.99% to 23.99% variable APR thereafter) also make this cash rewards card competitive with our other picks.

While the U.S. Bank Visa Platinum card doesn’t offer an introductory bonus or rewards program, the 0% introductory APR on purchases and balance transfers for a whopping 20 billing cycles (14.49% to 24.49% variable APR thereafter) is tough to beat. So if your primary goal is to extend your payments as long as possible without consequence, you can apply for this card and make minimum payments for an introductory 20 billing cycles without interest. This type of credit card may be particularly helpful if you plan to make any large purchases.

The Chase Freedom Unlimited credit card offers purchase protection against damage or theft of items within 120 days of purchase — issuing refunds for up to $500 per claim at a cap of $50,000 per account. It’s like insurance on your purchases. This card also offers some of the best amenities of the other cards: a sign-on bonus worth up to $300 (earned as an additional 1.5% cash back on up to $20,000 in purchases for the first year) and 0% introductory APR for 15 months on purchases and balance transfers (14.99% to 23.74% variable APR thereafter). And with no annual fee, you can maintain these purchase-protection benefits and rewards year after year. In doing so, cardholders can reap the benefits of the generous rewards rates for general categories (like dining and drugstores) offered by this card.

The Chase Freedom Flex offers a 5% cash-back rate on a rotating quarterly category: For first quarter 2022, the rotating bonus category is grocery stores purchases (excluding at Target and Walmart) and eBay purchases. You can enjoy this benefit on up to a combined $1,500 in quarterly purchases (then 1%). You must manually activate this bonus reward category through your account, but the other reward rates for other categories will be applied automatically. This card only offers a blanket 1% cash-back rate, compared to its cousin the Chase Freedom Unlimited at a blanket 1.5% cash-back rate, but it does also offer purchase protection.

With the Petal 2 Visa credit card, issued by WebBank, Member FDIC, you can breathe while shopping even if you have just fair or limited credit. This card comes with a credit limit between $300 and $10,000, based on creditworthiness. Unlike many credit cards for those with limited credit, it doesn’t have to be secured with cash upfront, and it does offer cash-back rewards. In fact, you can earn up to 1.5% cash back across the board on eligible purchases (1% when you make a purchase, and up to 1.5% when you make 12 on-time monthly payments), and a massive 2% to 10% cash back at select merchants. 

With no annual fee, you can keep this card open and continue using it beyond major gift purchases to help build your credit. This card even offers features to help you control your finances better, such as being able to set a budget and freeze your account.

How can I use a credit card to save money while shopping?

Taking advantage of credit card introductory offers, bonus points and rewards programs are among the best ways to earn while you spend. You’ll get the most for your money when you use a card with no annual fee and pay off your balance each month.

Will prices be more expensive this year?

Supply chain shortages may continue to affect prices and inventories for a while. To best avoid the effects of these shortages, do your shopping early and plan your budget ahead of time to make sure you don’t spend more than you can afford due to price increases. If you’re looking to make specific purchases, compare prices at different vendors online to make sure you get the best deals and to make sure items are in stock.

Should I close my credit card if I’m not using it regularly?

In general, no. Even if you’re opening a credit card for a specific purpose, keeping the account open can help add resiliency to your credit report. The number of open accounts and age of open accounts both factor into your credit score.