NEW YORK (CBS) ― If you're trying to figure out how to pay for everything on your holiday list, this year you have a lot more options. Retailers and credit card companies have found ways for you to shop and save.
Emily Adams usually goes all out on holiday shopping, but not this year.
"It's very important that I watch every single penny that leaves my wallet," Adams said.
In fact, 59 percent of consumers are planning on downsizing their spending this holiday season. To entice you to open your wallet stores and credit card companies are getting creative. Some retailers are offering up to 25 percent off on an entire purchase if you open a new card.
At the Gap, Sears, Old Navy, Banana Republic and Macy's existing card-holders get extra savings, coupons and bonuses.
"If I can get a deeper discount this season because of the tough economy, I probably will," Adams said.
Kmart and Sears recently rolled out a zero percent interest and zero payments until June 2009 program. Online payment sites like E-bill-me, Google checkout and Pay Pal all are working with major retailers to offer instant holiday rebates, discounts and even deferred payments.
"Not having to pay anything for 90 days is great, but just be sure you have the money at the end of the 90 days because you'll get whacked again on penalties and interest," said Sally Greenberg of the National Consumers League.
But there is an impact on your credit when choosing these options; your score may fall. And check interest rates closely because they may rise after a low introduction and store cards typically carry much higher rates, as do many traditional credit cards.
"Credit card issuers raising interest rates on customers who have never been late on a single bill and these interest rates are sometimes 22, 29 even 36 percent," said Gerri Detweiler of Credit.com.
If you want to avoid paying with plastic altogether layaway is making a comeback at major retailers, as well as online.
If you don't break out the store card, traditional credit cards are also offering rewards for holiday shopping like bonus frequent flier miles and points. So check with your Mastercard and Visa issuers.
source : http://wcbstv.com
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