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As interest rates climb higher, here’s what’s in store for credit cards this year

by Tracy J. Chu

In 2022, we got revenge. Revenge spending, revenge travel — we were determined to make up for time we lost amid the height of the COVID-19 pandemic. But the economy had other plans, and inflation and rising interest rates started to limit the fun. Over the past year: 

Here’s what may be in store for credit cards in 2023.

1. Credit card companies could re-tighten their belts

Earlier in the pandemic, credit card issuers toughened their lending practices. They required higher credit scores to qualify for many cards and limited balance transfer offers (only to bring them back later). According to NerdWallet’s 2021 Consumer Credit Card Report, close to 1 in 5 credit card holders (19%) reported that the limit on one or more of their credit cards decreased since the pandemic began.

In 2023, concerns of a recession continue, and that could lead credit card issuers to become more conservative in their lending practices again, according to Jessica Duncan, director of research and insights at Competiscan, a company that tracks and analyzes direct marketing activity. This may eventually affect credit limits and the availability of balance transfer credit cards this year.

2. Interest-lowering options will be popular

High credit card balances, combined with high interest rates, have consumers looking for ways to lower the cost of their debts. Balance transfer credit cards remain an option for those who qualify, and they aren’t just for new applicants. You may receive compelling balance-transfer promotions on cards you’ve held for a while, too.

Card issuers are also more heavily publicizing their built-in buy now, pay later features to compete with third-party companies that offer installment plans at the point of purchase, according to Beth Robertson, managing director of Keynova Group, a financial services intelligence firm. Robertson notes that programs tied

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TRAVELLING

Cutting Back on Spending Due to Inflation? How To Save on Dining Out, Travel and Groceries

by Tracy J. Chu
SDI Productions / Getty Images

SDI Productions / Getty Images

Inflation has hammered our wallets over the past year, as a poll by GOBankingRates that launched in April 2022 shows. The poll, which garnered over 20,000 responses, found that Americans have made cutbacks on the following categories: dining out (39%), travel (16%), groceries (13%), gas (7%) and other (4%). Twenty percent of respondents said they haven’t cut back on any expenses.

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Though inflation has cooled a bit in recent months, it hasn’t died down completely. And, with a recession on the horizon, many consumers are still in a pinch to trim costs. How can one cut back on categories where savings are top of mind, including dining out, travel and groceries? Let’s see what the experts recommend.

How To Save on Dining Out

The poll found that 39% of consumers made cutbacks on dining out amid inflation. Here are some evergreen ways to save on this expense.

Do a Little Research Online

Restaurants often run specials — that amount to savings — that you can find out about if you subscribe to their newsletters and/or follow them on social media.

“Always check online for any deals, vouchers, and offers your chosen restaurant may currently be running,” said Yasmin Purnell, a personal finance expert and the founder of The Wallet Moth. Often, a simple check can secure you an offer for a free dessert, or a discounted three-course meal.”

Sites like Groupon and LivingSocial are also solid discounts destinations.

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Use the Right Credit Card

Some credit cards are better for

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TRAVELLING

How To Make Your Money Go Farther In 2023

by Tracy J. Chu

There are about a million reasons to want your money to go farther in 2023. Maybe the high inflation throughout 2022 has you feeling like you’re paying more for less, or perhaps you took a pay cut that made you feel financially squeezed.

Maybe you’re getting a year-end bonus and you want to make sure it’s not frittered away on “stuff” that won’t actually help you build wealth. And, let’s not forget that this year’s stock market performance is making everyone’s net worth drop like a rock.

Whatever your reason, it’s always smart to look ahead to a new year with the goal of doing better if you can. But, what are the best ways to make your money go further when it feels like everything at the store costs more each time you go? I reached out to various financial advisors and experts to get some fresh insights, and here’s what they said.

Ditch High-Interest Credit Card Debt

Rising interest rates were a good thing for savers throughout all of 2022, but they had the opposite effect on households that carry long-term credit card debt. In fact, the average credit card interest rate increased from 18.10% in September of 2022 to 19.55% by December of 2022, according to Bankrate.

If you have this type of debt, paying it off

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HOTEL

The Best Credit Cards for Millennials in 2022

by Tracy J. Chu

Discover APRs are accurate as of December 15, 2022

It’s no secret that millennials prefer to spend more on creating memories and having unique experiences than buying things to make them happy. In fact, a 2014 survey by Harris showed 78% of those born between 1980 and 1996 would rather pay to attend events or have memorable experiences versus “buying something desirable.”

With that in mind, it’s clear that the ideal credit cards for millennials should focus on the types of things they’re interested in most — traveling and making memories around the world, dining with friends and family, celebrating with nights out on the town and online shopping. Most importantly, they should allow cardholders (of any age) to earn valuable points and miles or cash-back rewards on the purchases they’re making anyway so they can keep funding these things in the future.

Below, CNBC Select details the best credit cards for millennials who want to save money on the things they love most and put those rewards toward memorable experiences.

Best credit cards for millennials and young adults

Best overall

Citi Premier® Card

  • Rewards

    3X points per $1 spent at restaurants, supermarkets, gas stations, and on hotels and air travel, 1X points on all other purchases

  • Welcome bonus

    80,000 bonus ThankYou® Points after you spend $4,000 in purchases within the first 3 months of account opening

  • Annual fee

  • Intro APR

  • Regular APR

  • Balance transfer fee

    5% of each balance transfer, $5 minimum

  • Foreign transaction fee

  • Credit needed

Pros

  • Unlimited 3 points per $1 spent at gas stations
  • No foreign transaction fees

Cons

Who’s this for? Not only is the Citi Premier® Card an ideal choice for millennials, but it’s also a great pick for those who are just starting out with travel

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HOTEL

How and where to use your travel points for a ski vacation

by Tracy J. Chu

CNN Underscored reviews financial products such as credit cards and bank accounts based on their overall value. We may receive a commission through the LendingTree affiliate network if you apply and are approved for a card, but our reporting is always independent and objective. Terms apply to American Express benefits and offers. Enrollment may be required for select American Express benefits and offers. Visit americanexpress.com to learn more.

Winter is here, and for many families, that means it’s time to break out the ski and snowboard gear and start thinking about a trip to the slopes. But it’s no hidden secret that ski vacations can be costly. Fortunately, there’s one way to truly keep the cost down: by using your travel rewards to cover the cost of your hotel

Plenty of chain hotels offer properties in the middle of ski towns, so there’s often no shortage of lodging opportunities. And even though many of these properties charge exorbitant rates during the winter vacation ski season, you’ll find that using your points can be a great deal.

Before you go ahead and book your next ski vacation, take a look to see if any travel rewards hotels are located in your desired destination. We’ve taken a look at the most popular Marriott Bonvoy, World of Hyatt and Hilton Honors properties where you can use your points to save big when hitting the slopes.

Of the three major hotel chains in the US, Marriott has the largest number of properties catered toward ski vacations. So, if you want to have access to as many mountain properties as possible, accruing Marriott Bonvoy points is the way to go. The chain has a slew of properties in Colorado, but you’ll find that you can also redeem your points in Utah, California, Canada, Switzerland and

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TRAVELLING

How To Find the Best Second Credit Card

by Tracy J. Chu
valentinrussanov / Getty Images

valentinrussanov / Getty Images

A credit card comes with many benefits beyond extending the time you have to pay for purchases. Many credit cards offer purchase protections, additional travel insurance coverages and more. There are times when having an open credit line could be a lifesaver, especially if you need to cover an unexpected expense.

While many people find that having a single card should suffice, there are advantages to having a second one. This guide explores how to find the best second credit card for your needs and when it can be beneficial to get one.

When Should You Look For a Second Credit Card?

There are plenty of reasons why you should look for a second credit card. One of the most basic reasons is to have one available as a backup in case your main card is ever lost or close to its credit limit. Other reasons you may want to have a second credit card include the following:

1. To Build Credit

One of the top reasons for choosing the best second credit card to add to your wallet is to build your credit. There are several reasons why a second card could help you build credit:

  • Over time, the ages of your cards add to your score.

  • Your available credit increases. If you keep your balances low, the ratio of your debt to your overall credit limit could boost your credit score.

  • Making consistent payments on more than one card means you have better chances of improving your credit score over time.

2. Large Purchases May Be Coming Up

There are times in life when an expensive emergency pops up or you may need to make a larger purchase for furniture, appliances, computer equipment or other electronics. A credit card could help

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HOTEL

Best Travel Rewards Credit Cards For Beginners in 2022

by Tracy J. Chu

There’s never a bad time to get started with earning and redeeming points and miles for free (or nearly free) travel. If you tend to spend most of your money on flights, hotels, car rentals, dining, groceries or gas anyway, you might as well be rewarded for your efforts and can actually use those expenses to rack up rewards that’ll help cover a future trip.

If you’re interested in easily earning rewards points or miles and enjoying a range of redemption options, there are plenty of travel rewards credit cards to choose from, each with its own bounty of benefits. Many of them come with a slew of travel perks and protections, offer lucrative welcome bonuses to help you get started, provide access to their respective card issuer’s travel portals and let you maximize your rewards by transferring them to a number of airline and hotel partners. And while many of the top rewards cards have an annual fee, it’s easy to get your money’s worth considering all of the benefits they come with.

Below, Select details the best beginner travel rewards credit cards to help you get started with earning points and miles, which can be redeemed for flights, hotels, car rentals and other travel-related activities.

Best starter travel rewards credit cards

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Best overall

Chase Sapphire Preferred® Card

  • Rewards

    $50 annual Ultimate Rewards Hotel Credit, 5X points on travel purchased through Chase Ultimate Rewards®, 3X points on dining, 2X points on all other travel purchases, and 1X points on all other purchases

  • Welcome bonus

    Earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That’s $750 when

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HOTEL

Wyndham Rewards Named Best Hotel Loyalty Program for Fifth Consecutive Year by Readers of USA TODAY

by Tracy J. Chu

Wyndham Rewards Earner Card once again named best hotel credit card

PARSIPPANY, N.J., Oct. 21, 2022 /PRNewswire/ — Wyndham Rewards®, the world’s most generous guest rewards program spanning more than 50,000 hotels, vacation club resorts and vacation rentals globally, has once again been named best hotel loyalty program in the USA TODAY 10Best Readers’ Choice Awards while the Wyndham Rewards Earner® Card has been recognized as the best hotel credit card.

credit card in the USA TODAY 10Best Reader’s Choice Awards. Above, Grand Palladium Costa Mujeres, All Inclusive Resort & Spa, just one of more than 50,000 hotels, vacation club resorts and vacation rentals where Wyndham Rewards members can redeem points for free nights.” alt=”Wyndham Rewards has once again been ranked the top hotel loyalty program and Wyndham Rewards Earner Card the top hotel credit card in the USA TODAY 10Best Reader’s Choice Awards. Above, Grand Palladium Costa Mujeres, All Inclusive Resort & Spa, just one of more than 50,000 hotels, vacation club resorts and vacation rentals where Wyndham Rewards members can redeem points for free nights.”/

The accolades mark the fifth consecutive year Wyndham Rewards has taken the top spot in the Best Hotel Loyalty Program category and the fourth consecutive year Wyndham’s credit card has been named Best Hotel Credit Card. Nominees in the USA TODAY 10Best Readers’ Choice Awards are compiled by a panel of industry experts, and winners are chosen based on daily voting from USA TODAY readers over a four-week period.

“Designed to be both simple and generous, Wyndham Rewards celebrates and champions the everyday traveler, offering more value, more flexibility and more redemption opportunities than virtually any other hotel program in the world,” said Lisa Checchio, chief marketing officer, Wyndham Hotels & Resorts. “To once again see both the program and our credit

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HOTEL

The Best Marriott Credit Cards of 2022

by Tracy J. Chu

With over 8,300 hotels worldwide, Marriott Bonvoy is a prominent fixture in the hotel loyalty world. Since Marriott International acquired Starwood Hotels and Resorts Worldwide, the program and its co-branded credit cards have undergone several revamps. With recent changes, you may wonder what the best credit card is for Marriott stays.

The answer depends on what you’re looking for from a credit card as there are options for virtually every type of Marriott guest, with varying annual fees and benefits.

Co-branded Marriott credit cards are great for Marriott stays if you want to enjoy elite status perks and elevated point earnings. Some Marriott cards even offer annual free nights you can redeem at thousands of Marriott properties worldwide. However, co-branded credit cards also have a significant downside: Many carry high annual fees and earn a single currency with limited redemption options.

Some travelers may be better off using a transferable rewards card for Marriott stays. You’ll earn bonus points on Marriott bookings and can use your rewards to book Marriott stays (or transfer them to over a dozen other partners). Plus, some of these non-Marriott branded cards still offer automatic Marriott Bonvoy elite status and other perks that will make your stays more comfortable.

To help you decide which Marriott credit card is best for your needs, Select has broken them down into eight categories.

Best credit cards for Marriott stays

FAQs

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Best for maximizing everyday spending

Marriott Bonvoy Bevy™ American Express® Card

On the American Express secure site

  • Rewards

    Earn 6X Marriott Bonvoy® bonus points on eligible purchases at hotels participating in Marriott Bonvoy; 4X Marriott Bonvoy points on up to $15,000 in combined purchases

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