It’s the season for gift-giving, festive gatherings, and creating memorable moments with loved ones. With enticing promos, loyalty rewards, and flexible payment options like Buy-Now-Pay-Later, credit cards have become the go-to tool for managing holiday expenses.

Holiday Shopping Tips: How to Maximize Credit Card Benefits While Staying Debt-Free

Recent data from the Bangko Sentral ng Pilipinas (BSP) show credit card loan growth surged to 27.7% in September, highlighting the increasing reliance on credit cards, especially during this peak shopping season.

"Credit cards can be a fantastic way to enjoy your holiday shopping without hassle, but responsible use is key to avoiding financial stress," shares Aylwin Mia P. Tamayo, EastWest Bank’s Senior Vice President and Credit Cards Business Head.

To help you make the most of the holiday cheer without worrying about your finances, EastWest Bank shares these practical tips to maximize your credit card’s benefits while staying financially savvy:

1. Set a budget and stick to it. Plan your holiday spending in advance and use your credit card to track your expenses. Many cards, like those from EastWest, allow you to set spending limits—helping you stay on track.
2. Spend only for what you can pay off. Use your credit card as a financial partner, not a crutch. If you can’t pay off the full amount immediately, reconsider the purchase to avoid interest charges.
3. Mind your credit limit. Overspending can lead to exceeding your credit limit, which may result in penalty fees. Keep track of your remaining credit limit to avoid exceeding it and incurring penalty fees, and plan your purchases accordingly.
4. Take advantage of holiday promos. Make the most of exclusive offers to stretch your budget. EastWest credit cardholders can enjoy deals like Php300 off at Shopee every Saturday (minimum spend Php 2,500), Php 600 off at Edamama, and get up to 50% OFF at California Pizza Kitchen and Gyu-Kaku. It also offers Buy Now, Pay Later at 0% interest at SM Stores, SM retail stores, Toys R Us, 1st Megasaver, and more.
5. Use interest-free installments. For big-ticket items, look for 0% installment plans available with your credit card. Spread payments over several months without incurring interest, making gadgets, appliances, or other major purchases more manageable.
6. Redeem rewards and cashback. Offset holiday expenses by redeeming your rewards points or cashback for merchandise, gift cards, or credits—giving you more value for your spending.
7. Pay more than the minimum due. If you can't pay your full balance, aim to pay more than the minimum amount due. This helps reduce interest costs and keeps your debt manageable while maintaining a good credit standing.
8. Schedule payments before the due date. Avoid late payment fees by setting reminders or automating payments. Paying early or on time also helps maintain a good credit score and gives you peace of mind during the busy holiday season.
9. Review your monthly statements regularly. Keep an eye on your credit card statements to spot errors or unauthorized transactions quickly. Regularly reviewing your statements ensures accuracy and helps you stay in control of your spending.

By following these tips, you can enjoy a financially stress-free holiday season, focus on what truly matters, and make the most of your credit card benefits. “This holiday season, smart spending is all about balance. With thoughtful planning and responsible credit card use, you can enjoy the festive cheer without worrying about financial strain,” Tamayo adds.

This holiday season, EastWest encourages you to embrace the joy of giving while staying financially savvy. By following these tips and using your credit card wisely, you can make the most of the season without worrying about debt.

For more exclusive offers, updates, and financial tips, visit eastwestbanker.com or follow us at FB:eastwestbanker.ph.

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