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Now that it’s December, the holiday season is well and truly here! With Australians expected to spend over $52.7 billion1 across retail stores this Christmas, here are a few things you might want to consider before you tap or swipe your credit card.

 

Set a budget

It’s far too easy to go overboard on the spending especially with all the sales that pop up at this time of the year. Set yourself a budget and most importantly, stick to it!

 

Track your spending

Make sure you check your credit card balance regularly, not only to ensure that you haven’t blown your budget but to also check that all the transactions were made by you and are for the correct amounts.

You might also like to read our article for some inspiration: Essential apps to track your spending, save money and pay your friends.

 

Review your rewards program

If your credit card comes with a rewards program, review the features before you shop. You could earn bonus points or cash-back at select retailers.

For example, CommBank Rewards is a new loyalty program that allows eligible customers to receive cash-back when they spend using their CBA credit or debit Mastercard at brands, including Coles, Caltex, Myer, JB Hi-Fi and Menulog. For more information about CommBank Rewards visit www.combank.com.au/commbankrewards or customers can view their rewards in the CommBank app today

 

Redeem your rewards points

If you’ve stashed away your rewards points for a rainy day, it might be time to use them up. You could use them to pay for gift cards, travel, or various other gifts.

 

Consider using cash instead

A credit card can be a useful tool to help you maximise your rewards points but if you find that you’re always over-spending, consider using cash or your debit card instead. You might think twice about your next purchase when you can see the money coming straight out of your bank account.

 

Looking for some more savvy tips for the holiday season? Head over to the Learning Hub for more!

 


1Roy Morgan’s annual Christmas retail sales forecasts conducted in conjunction with the Australian Retailers Association (ARA) indicate Australians will spend over $52.7 billion across retail stores during the Christmas trading period.