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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

Here’s what to do when an airline loses your luggage and how to mitigate travel headaches before you get to the airport

by Tracy J. Chu
Airplane travelers waiting for luggage from a conveyor belt.

Airplane travelers waiting for luggage from a conveyor belt.izusek/Getty Images

  • Airline travel in recent months has been wrought with stories of lost or ruined luggage, delays, and cancellations.

  • Reports of lost luggage in 2022 have soared by at least 30% compared to pre-pandemic levels.

  • If an airline loses your luggage, here’s what to do and how to mitigate resulting travel headaches.

Amid the holiday surge in flight delays and cancellations, a deadly winter storm that left over 2,700 Southwest flights grounded the day after Christmas has travelers reporting an ‘Armageddon of luggage‘ where baggage takes hours to claim — if it arrives at all.

Claims of lost luggage have spiked in 2022, increasing by 30% compared to 2019 claims over the same period, Insider previously reported. In August alone — the most recent data — US airlines lost, delayed, or damaged 254,502 bags, according to a report from The Department of Transportation.

Here’s what you should do if an airline loses your luggage, as well as a few tips on how to minimize the damage ahead of time.

Report missing luggage ASAP

Report missing luggage immediately.

Report missing luggage immediately.Hinterhaus Productions via Getty Images

Some airlines allow you to track your checked luggage from the airline’s app, which can be a great way to keep tabs on your bags while you travel. But what happens when you go to baggage claim and your checked bag never comes around the carousel?

Experts recommend reporting your missing luggage as soon as you realize it did not reach its destination. Find your airline’s baggage desk, file a claim, and ask for a copy or a receipt for your records.

Ask for reimbursements and free delivery of lost luggage

When you check in for a flight, the fees for checked bags can

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TRAVELLING

How To Use Travel Credit Cards To Travel More Cheaply In 2023

by Tracy J. Chu

Travel credit cards are one of the best ways to save money on travel, but they can also be daunting. There are so many choices. Benefits run the gamut and reward options are nearly limitless. While you’ll have to do some prioritizing to find the right travel credit card for your individual desires, once you do, you’ll be able to travel more cheaply in 2023.

Here’s how travel credit cards can help you travel at a lower cost.

Travel Cards May Include Credits Toward Travel

Premium travel cards might make it extremely easy to subtract costs from your bottom line. Many of them offer statement credits to essentially rebate travel purchases made with your card. Use them before they expire to save hundreds of dollars.

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Some travel credits are exceptionally easy to use. For example, the Chase Sapphire Reserve® provides up to $300 in statement credits toward travel each cardmember year. To receive your statement credits, all you need to do is make a qualifying purchase—which includes nearly all flights, hotels, car rentals and a wide assortment of other travel purchases—and pay with your card.

Other cards may require more specific purchases to receive a statement credit. The Capital One Venture X Rewards Credit Card also provides up to $300 in statement credits toward travel annually, but only when booking your reservations through the Capital One travel portal. The Platinum Card® from American Express is even more specific: it includes $200 each calendar year toward prepaid hotel bookings specifically made through Amex Fine Hotels & Resorts or The Hotel Collection and paid for with your Platinum card, among other credits. (Terms apply, see rates & fees)

Despite the hoops required, these travel credits can help you travel more cheaply in

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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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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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TRAVELLING

3 tips to keep your holiday travel costs (and stress) in check

by Tracy J. Chu

In 2022, holiday travel is predicted to continue climbing back toward its pre-COVID-19 level, according to travel booking app Hopper. That means more of us on the road, at the airport and huddled around plates of overcooked turkey and mashed potatoes. For many Americans, that travel comes with a hefty price tag, often paid for with a credit card.

A new NerdWallet survey found that 44% of Americans plan to spend money on flights or hotels during the 2022 holiday season. Of those holiday travelers, about two-thirds (66%) plan to put some or all of the bills on their credit cards.

If you plan to join the ranks of holiday travelers, here are some tips to get you through the season with as little financial stress as possible.

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Key takeaways

  • Compare the cost and hassle of travel methods, since the way you’ve always done it might not still be the best.
  • Look at ways to cut down on how much you spend on your credit card or ways to pay your balance off faster in 2023.
  • The best time to look at cards with better rates and perks is before you start buying plane tickets and booking hotels.

1. Compare travel options

The way you’ve always traveled doesn’t have to be the way you always travel. As creatures of habit, we often take the same familiar paths to get from point A to point B, even when other routes might be faster, cheaper or more efficient.

According to the U.S. Energy Information Administration, the price of gas rose 16.7% from September 2021 to September 2022. If you used to save $100 on travel costs to grandma’s house by driving, you might now be saving much less, if anything at all. Our survey found

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HOTEL

This Student Credit Card Offers the Best Cash Back Rate We Can Find

by Tracy J. Chu

If you are looking for a simple student credit card, with a great cash back rewards rate, it’s hard to go wrong with Capital One Quicksilver Rewards for Students. With 1.5% cash back across your spending—it’s the best overall rewards rate we found in the student card category.

Quicksilver Rewards for students has some other perks too. If you book hotels or rental cards through Capital One Travel, you will receive 5% cash back. And there is a $100 sign-up bonus after spending $100 in the first three months. All this is why Buy Side from WSJ named it Best Student Credit Card for Rewards Rate.

Capital One Quicksilver Student Cash Rewards Credit Card

Capital One Quicksilver Student Cash Rewards Credit Card

  • Base rewards rate: 1.5%
  • Sign-up bonus: $100 if you spend $100 in first three months
  • No annual fee
  • No foreign transaction fee
  • APR: 17.99% – 27.99, variable

Are the rewards worth the fees?

As is the case with all student credit cards, there is no annual fee for this card, making it an easy call to say that the rewards are worth the fees.

Moreover, these are lucrative rewards for a student credit card. If you were to spend $1,000 a month with this card, you would earn $280 in the first year, thanks to the card’s $100 sign-up bonus after spending $100 in three months. In subsequent years, you would net $180 in cash back rewards.

You can find student credit cards with higher rates in certain bonus categories, but if you want a student credit card with the highest base rewards, the Capital One Quicksilver Rewards for Students card is it.

Card details you might miss

While Buy Side from WSJ analyzes student credit cards primarily by its cash back offers, many cards come with additional terms and features you should know

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HOTEL

The Best Business Card for Jet-Setters

by Tracy J. Chu

If your business has turned you into a frequent flier, you’ll want to consider The Business Platinum Card® from American Express. Every time you spend a dollar purchasing flights and prepaid hotels on Amextravel.com, you’ll earn five Amex Membership Rewards points.

Amex points are typically worth between half a penny and one cent, depending how they are redeemed. And this card’s base rewards rate of one point per dollar can be bested by other business cards. There is also a $695 annual fee, meaning the card is a big commitment.

Still, five points per dollar spent on flights and prepaid hotels makes this the most generous travel rewards of any business card we found. It’s why Buy Side from WSJ named this card Best Business Credit Card for Travel.

American Express® The Business Platinum Card

American Express® The Business Platinum Card

  • Base rewards: 1x
  • Bonus rewards: 5x on flights and prepaid hotels on Amextravel.com
  • Bonus rewards: 1.5x at U.S. construction material and hardware suppliers; electronic goods retailers; software and cloud system providers; shipping providers; and purchases of $5,000 or more. Bonus rate capped at $2 million in spending per calendar year.
  • Welcome bonus: 120,000 Membership Rewards points after spending $15,000 in the first three months.
  • Credits that make flying cheaper and easier, like a $200 airline credit and $189 CLEAR® credit
  • $695 annual fee.
  • No foreign transaction fee.
  • APR: 17.24% to 25.24%, variable
  • Terms Apply. See rates and fees.

Are the fees worth the rewards? 

The annual fee is $695, the highest of any of the business credit cards we looked at, and one of the highest you’ll pay for any card anywhere. But if you travel frequently for your business, there’s an excellent chance you’ll earn enough rewards points to justify your investment. 

For starters, there are a lot of perks that come

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