Saturday, October 18, 2014

Using Credit Cards to Pay For Your Wedding and Honeymoon

For those of you that have read my post, Make Money With Credit Cards, you'll know I'm a big proponent of using credit cards.  As long as you use them wisely, you can actually make money off of them!  And paying for your wedding is no different.

We all know that a wedding is a big expense, so here are some tips to help you keep track of the amount you are spending and to make a little back!

Tip #1: Sign up for new cards with 0% APR
Although in my previous blog about using credit cards I state that you must always pay the credit card bill on time and in full, since a wedding is an unusually large expense that generally is not with in your normal living budget, I'm going to set that rule aside.  This can only be done if you open a new card that has one of its new perks as 0% APR for a certain period of time (usually 12 or 18 months, the longer the better).  This means that for that period of time, you will not have to pay interest on your purchases even if you don't pay your bill in full.  Meaning that you can take a year or a year and a half to pay off all your wedding expenses without paying anything extra.  You still need to pay the minimum amount on time to avoid late fees though.

Tip #2: Find credit cards that give you perks you can use
I always love signing up for new cards that have a cash bonus for spending a certain amount within a time frame which can give you anywhere from $50 to $200 for just using the card!  In general rewards, I usually go for cashback.  They are overall the most practical and give you the most bang for your buck, but since weddings and particularly honeymoons are such specific categories, it may be more in your interest to find a card that rewards you in those areas.  For example, finding a great travel rewards or airline card for your honeymoon expenses might get you free airline tickets, hotel stays, car rentals, etc.  This means you can spend more on extra treats!

Tip #3: Use the cards only for wedding or honeymoon expenses
Using these new credit cards only for your wedding or honeymoon expenses helps you to keep track of everything you are spending on it.  Even the most experienced planners are going to run into extra expenses that you didn't plan on, and things add up, it can be hard to keep track of everything.  As long as all your expenses are on one or two cards, it makes it easier to see.

Tip #4: Pay for as much as you can with credit cards
In order to make use of being able to pay off the purchases over the 12 or 18 months and to get the most rewards, always try and use the credit card for your expenses.  In today's world, it is much easier to pay with a credit card for almost every wedding expense where you normally would have to pay with a check.  Definitely make sure your venue accepts cards since that is your largest expense (there might be a little fee, but it's still worth it to use the card).  For smaller vendors like florists, caterers, musicians, DJ's, makeup artists, etc, ask them if they use PayPal or any other website or app that lets you pay with a card.  If they don't, suggest that they sign up for one.  There are many that are free to use and just charge a slight fee (a small percentage of their price) to use cards.  This can help gain more customers who are like us and prefer to pay with a card!

I hope these tips help you in paying for your wedding and honeymoon expenses.  I know it's a crazy huge amount so it's important to stay on top of it financially.  Keep reading this blog for more ways to save on your wedding and in your everyday life!

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