How to Use Credit Cards Wisely When Planning a Wedding
Credit cards and weddings is not something you usually would want to pair together. The good news is that you can use credit cards wisely and get through your big day without accumulating major debt. However, you’ll need to be smart and careful about each one of your expenditures. In this article, we share some helpful tips for using your credit cards wisely while planning for the big day.
Below are useful tips on how to use credit cards for weddings
Beware of Vendors Who Charge Fees for Credit Card Transactions
Some small business owners pass on credit card fees to the customer if that customer decides to pay with plastic. When you’re hiring your photographer, cake maker, DJ, or wedding planner, make sure to ask about any hidden fees. In some cases, it may make sense for you to pay with cash or check, simply to avoid unnecessary fees.
Consider Your Bonus Rewards
Are you dreaming about a romantic honeymoon in an exotic destination? Use your credit cards to help you get there stress free. Consider which one of your credit cards offers bonuses like cash rewards and travel miles – and then plan your wedding spending to get the most out of each one of those credit cards. Before you know it, you could be earning free plane tickets to the honeymoon destination of your dreams!
Benefit from Sign-Up Bonuses
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Since many venues and vendors require deposits, a wedding can be a major upfront cost before the day of the event. Do you need some time to make payments, even while your service providers are sending you their bill due date reminders? Take advantage of credit card sign-up bonuses. If you have good credit, you can potentially qualify for a credit card with a 0% introductory APR, which will give you time to pay off your wedding without having to pay interest. Some travel rewards cards even offer bonus miles for signing up, meaning you could potentially apply those miles to your honeymoon or give miles away as “thank you” gifts. If you have great credit, you may be able to score one of the coveted cards that offer great sign on bonuses.
Plan How You Will Use The Rewards
If you decide to go the route of accumulating credit card rewards, you need to map out how you plan to use them. If you are going to redeem them for cash, decide how you plan to use the cash. Will you use it to pay off what you have already put on the card? Or, you can obviously use it to pay for additional wedding related stuff.
Another idea is to use the points towards discounted gift cards that you can use as gifts for your wedding party. You can also use the points to purchase something for your home or to book flights. The key thing here is to make a decision based on the card you are using. Some cards it makes sense to use the rewards towards airline tickets in order to get the best bang for your buck.
Using Credit Cards For Weddings Means You Need To Come Up With a Repayment Plan
Before you go about charging things on your credit card, you need to know how you plan to pay it off. Grab a calculator and figure out how long it will take you to repay your debt and what your monthly payments should be. Although some credit cards can be useful, you want to make sure you are not breaking the bank with your wedding plans. Be smart about how you use them so that you can reduce stress and actually enjoy your big day. The last thing you want to do is ruin your credit and wind up needing to get things back on track with credit repair.
Credit Cards and Weddings Can Work Together
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Credit cards and weddings can either work for you or against you. If you are grabbing your credit card to help fund your wedding because you don’t have the cash, you need to rethink your wedding budget and priorities. Start with looking at your guest list and see where you can scale back. If that is not an option, you should see about how you can save some money on entertainment. Could you use a DJ instead of a live band? Could you rethink the venue or the cocktail hour? Remember, as much as you want people to have a grand time, they are not expecting you to go into debt for them. They are there for you and your commitment to one another.