WalletHub reports: 59% of people say inflation affected their holiday spending and 2023’s best credit cards

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WalletHub released its annual Post-Holiday Shopping Survey, which revealed that 59% of Americans said inflation affected their spending, among other key findings. To help people maximize their savings in the new year, WalletHub also announced its picks for the Best Credit Cards for 2023, selected from 1,500+ offers for their money-saving rewards and 0% rates. The best cards can save you hundreds of dollars compared to the average credit card offer available right now, according to WalletHub’s quarterly Credit Card Landscape Report.

  • Holiday Shopping Hangover: More than 1 in 3 Americans overspent during the holidays.
  • Debt-Worthy Holidays: 43% more people say it’s worth going into credit card debt for the holidays, compared to last holiday season.
  • Abnormal Economy Expected: 59% of people think the U.S. economy will not go back to normal in 2023.
  • Post-Holiday Regrets: Nearly 1 in 4 people say they regret holiday purchases.
  • Scammers vs. Santa: 23% of Americans encountered scams while trying to do their holiday shopping.
  • New Year, New Credit Card: Almost 1 in 3 Americans plan to get a new credit card in 2023 for better rewards or a lower interest rate.
  • More Credit Card Debt on the Horizon: 19% of Americans expect to have more credit card debt at the end of 2023.
  • Best Credit Card for 2023: Chase Freedom Unlimited® – Offers ongoing rewards rates of 1.5% to 5% cash back. Chase Freedom Unlimited also has a $0 annual fee and offers an introductory APR of 0% for 15 months on new purchases.
  • Best Credit Card for Bonus Rewards: Citi Premier® Card – Offers 80,000 points as an initial bonus (worth up to $800) to new cardholders who spend $4,000 during the first three months.
  • Best Credit Card for Intro APR: Wells Fargo Reflect – Offers introductory APRs of 0% for up to 21 months on purchases and 0% for up to 21 months on balance transfers. It also has a $0 annual fee.
  • Increasing APRs: The average APR among credit card offers for people with good credit increased by 352 basis points year over year, from 18.98% in Q4 2021 to 22.5% in Q4 2022, according to WalletHub’s latest Credit Card Landscape Report.