5 of the Best Credit Cards for Saving When Shopping Online

The best Canadian credit card rewards help you save money while shopping online, such as sign-up bonuses, cash back, and a variety of other perks. These cards can help you earn more for your everyday purchases.

Keep reading to find out how to maximize your online shopping savings with a credit card.

The best money-saving credit cards for shopping online

1. Cash back

Cash back cards offer an easy way to receive money for your online purchases. You don't need to worry about how to redeem them. If you want to save money without putting too much extra work in, cash back cards can be a good fit. There are a few different types of cash back cards:

  • Tiered: With tiered cash back cards, there are multiple cash back rates. You earn more in specific categories. For example, you could receive 3% cash back on groceries or gas, and 1% on everything else.
  • Rotating categories: With rotating categories, you earn a higher rewards rate on certain categories at designated times.  This type of cash back card requires you to pay attention to the rewards schedule.
  • Flat rate: Flat rate cards are the lowest maintenance of all the cash back cards.  You earn the same amount of cash back regardless of what you purchase

If you really want to maximize your savings when shopping online, you may want to pair a flat rate card with a tiered or rotating categories card. For example, you can use your rotating categories card when you'll earn the most for a specific purchase, and the flat rate card the rest of the time.

2. Low interest cards

Low interest cards can help you save money if you plan to carry a balance from your shopping. Not paying your entire monthly credit card bill will result in you being charged interest. By using a low interest card, you'll cut back on the total amount of interest owed.

3. Online shopping portals

Some lenders have their own online shopping portals. You can log-in and then click through to participating vendors. By starting at the portal, you'll earn a bonus for your purchases, plus earn points/miles on the card that you use.

4. Store credit cards

If there's one store or group of retailers where you do the majority of your shopping, you may want to consider getting a store credit card. Store credit cards usually have $0 annual fees and attractive rewards rates and discount bonuses for loyal shoppers.

5. Sign-up bonuses

If you expect to make some large purchases, you may want to sign up for a card with a sign-up bonus to help you earn more for spending. For example, some cards offer points or miles bonuses for spending a certain amount in a certain timeframe, such as $3,000 in your first three months of account opening.

Source: iQuanti, Inc.

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Categories: Personal and Family Finances

Tags: Credit Card, Credit Card Rewards, Online Shopping, Personal Finance