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Did you know you can get 45% off during Black Friday in addition to retail discounts? The key is to combine several key credit card perks to maximize savings. Get ready for some credit card hacks and find out what are the best credit cards for Black Friday and Cyber Monday.

best credit cards for black friday
What are the best credit cards for Black Friday and Cyber Monday? Photo by Heidi Sandstrom on Unsplash

Here are the top five best credit cards for Black Friday and Cyber Monday holiday shopping:

5. Citi Double Cash Card

  • Best for: Those who can easily pay off the card in full each month.

The Citi® Double Cash Card lets you earn 2% cash back on every purchase. Citi gives you 1% back when you purchase, and another 1% back when you pay. To earn cash back, you must pay at least the minimum due on time.

That’s almost twice the average. It’s also why it’s one of the best credit cards for holiday shopping. With no annual fee, that’s a full 2% back on every purchase you pay off in full.

Here are the details:

  • 2% cash back
  • No annual fee
  • No signup bonus

For everyday use, the Citi Double Cash Card makes a great choice to save on every purchase.

4. Capital One Savor Cash Rewards

  • Best for: Big spenders who aim to spend at least $3,000 this holiday season.

The Capital One® Savor® Cash Rewards is a card to consider, just for its initial bonus alone.

You get $300 cash back after you spend $3,000 in the first 3 months. Additionally, it has an excellent cash back policy in general.

  • 8% Cash back on Vivid Seats through May 2020
  • 4% Cash back on dining and entertainment
  • 2% Cash back at grocery stores
  • 1% Cash back on everything else
  • $95 annual fee (waived the first year)

Seeing as how most retail shopping will likely fall into the 1% cash back category, it’s not quite as good as the Citi® Double Cash Card. Still, it’s also one of the best credit cards for groceries.

However, if you plan on spending over $3,000 between Black Friday and Cyber Monday, this card could net you 11% in savings.

The average American only spends $335 during the Black Friday weekend, so this option is likely not for you.

3. Discover it Cash Back

  • Best for: Spenders who shop frequently on Amazon, Target, or Walmart

Here is where we’re getting into the significant savings for the average Black Friday consumer.

If you plan on shopping at Amazon, Target, or Walmart, you can earn 5% cash back on every purchase (up to $1,500 in combined purchases). All other purchases earn 1% cash back.

That doesn’t include the initial bonus. Discover will match all cash back you receive for the first year. So if you receive $200 cash back, Discover will give you an additional $200. That means a potential 10% cash back on all Black Friday purchases.

  • 5% Cash back on select purchases (requires activation)
  • 1% Cash back on everything else
  • No annual fee
  • Cash back matched for the first year

The 5% cash back options do change every quarter, and you do need to activate it before you can start reading the rewards. For instance, it has been one of the best gas credit cards when gas purchases were the featured category.

However, if you activate it before the 2019 Black Friday weekend, you could get up to 10% off everything.

2. Chase Sapphire Reserve

  • Best for: Frequent travelers who have major purchases to make in the next three months

If you travel frequently, this credit card is perfect for you thanks to the many Chase Sapphire Reserve benefits. Black Friday shopping may help you earn more in travel miles with its massive rewards in bonus points if you sign up.

  • 50,000 Bonus points (after spending $4,000 in the first 3 months)
  • 3X Points on travel (once you earn $300 travel credit) and dining
  • $300 Travel credit
  • 1x Point for every $1 spent
  • $550 annual fee
  • Chase’s online shopping portal

Though the fee can seem intimidating, Chase actually gives you $300 travel credit each year, which helps offset the fee. Plus, you’ll get a fee credit of up to $100 for TSA PreCheck or Global Entry and access to Priority Pass airport lounges. The travel credit is given for any purchases made that relate to travel spendings, such as plane tickets, car rentals, hotels, and even cab rides.

According to Chase, the 50,000 Ultimate Rewards points roughly translate to $750 in award travel.

However, $4,000 is a lot of money to spend on Black Friday. So let’s look at an option that saves you even more at a much lower price point.

1. Chase Freedom

The information for the Chase Freedom® has been collected independently by Johnny Jet. The card details on this page have not been reviewed or provided by the card issuer.

  • Best for: Those who plan to spend at least $200 this shopping season.

The Chase Freedom® card has similar perks to the Discover it® Cash Back, but a much better initial bonus. Here’s what the card offers:

  • 5% Cash back on select purchases (requires activation)
  • 1% Cash back on everything else
  • No annual fee
  • $200 cash back after spending $500 in the first 3 months

So, let’s do the math:

  • 5% cash back on $500 = $25
  • Plus $200 cash back = $225 in savings
  • $225 / $500 = 45% in savings

A few steps to get 45% cash back on Black Friday

Let’s assume you’re the average American, who spends $335 on Black Friday and Cyber Monday weekend. If so, this card can help you earn $500 in goods for less than you’d normally spend.

Step 1: Activate 5% cash back. For October through December of 2019, the select bonus categories are all department store purchases and any purchase using PayPal or Chase Pay. Now, this doesn’t include any online stores like Amazon, and may not include any of your favorite retail stores. But there’s a way around this.

Step 2: Get a $500 PayPal gift card. If you’re only going to shop in department stores or anywhere that accepts PayPal and/or Chase Pay, you don’t need this step. If you want Amazon’s Cyber Monday deals, you can’t use PayPal or Chase Pay. However, Amazon accepts PayPal gift cards. Buying a PayPal gift card should overcome all restrictions, give you the 5% cash back, and immediately earn you your initial bonus.

Step 3: Use the PayPal gift card anywhere, including Amazon.

We didn’t even take into account that the certain Chase credit cards have an online shopping portal on Ultimate Rewards, which means you could potentially save even more. Taking advantage of the offers can make it one of the best credit cards for online shopping.

The Best Credit Cards for Black Friday and Cyber Monday

Plan ahead for your spending this shopping season with the best credit cards for Black Friday and Cyber Monday. If you have a few big purchases to make, using a credit card with a high spending threshold required to earn the sign-up bonus (such as the Chase Sapphire Reserve or one of the other best credit card offers available for a limited time) may work in your favor.

But if you are only looking to spend as much as the average American, one of the best cash back credit cards, such as the ones mentioned above, might serve you better.

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Claire Tak

Chase Sapphire Preferred® Card

  • Earn 80,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's $1,000 toward travel when you redeem through Chase Ultimate Rewards®.
  • 2X points on travel and dining at restaurants worldwide, eligible delivery services, takeout and dining out & 1 point per dollar spent on all other purchases.
  • Get 25% more value when you redeem for airfare, hotels, car rentals and cruises through Chase Ultimate Rewards. For example, 80,000 points are worth $1,000 toward travel.
  • Get unlimited deliveries with a $0 delivery fee and reduced service fees on orders over $12 for a minimum of one year on qualifying food purchases with DashPass, DoorDash's subscription service. Activate by 12/31/21.
  • Earn 5X points on Lyft rides through March 2022. That’s 3X points in addition to the 2X points you already earn on travel.

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Editorial Note: The editorial content on this page is not provided by any bank, credit card issuer, airlines or hotel chain, and has not been reviewed, approved or otherwise endorsed by any of these entities.

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