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Shopping during sales and paying with the right credit card are two important ways to save on back-to-school shopping. But they aren’t the only ones. Here are some more tips for starting the school year with an “A” in personal finance:
To identify the best back-to-school credit cards for parents each year, WalletHub’s editors compare more than 1,500 credit card offers based on their rewards, fees, APRs, approval requirements and overall suitability for back-to-school season. In particular, we focus on cards with benefits conducive to saving on school supplies, clothing, electronics and other key purchase categories.
Using consumer spending data from the U.S. Bureau of Labor Statistics, we calculate the expected net savings each card may provide the average parent, after any applicable fees have been subtracted. These calculations serve as the basis for our selections. (see http://g.co/ng/security#xss)
| Credit Card | Best For | Annual Fee | Credit Needed |
| Citi® Double Cash Card – 18 month BT offer | Cash Back | $0 | Excellent |
| Blue Cash Preferred® Card from American Express | Bonus Cash Rewards | $95 | Good |
| Capital One® Savor® Cash Rewards Credit Card | Initial Bonus | $95 | Good |
| U.S. Bank Visa® Platinum Card | Intro APR | $0 | Excellent |
| Amazon.com Credit Card | Online Shopping | $0 | Good |
| Target Credit Card | One-Stop Shopping | $0 | Fair |
| Capital One® Spark® Cash for Business | Parents with a Small Business | $0 for 1st yr, $95 after | Good |
| Capital One QuicksilverOne Cash Rewards Credit Card | Fair Credit | $39 | Limited History |
Back-to-School Savings Tips
Shopping during sales and paying with the right credit card are two important ways to save on back-to-school shopping. But they aren’t the only ones. Here are some more tips for starting the school year with an “A” in personal finance:
- Stick to a Budget – It’s hard to avoid overspending if you don’t have both a shopping list and a budget. So before heading to the store, make a list of what you need and do a quick search to see how much each item costs. This will help you make an overall back-to-school budget and decide how to allocate the funds. And that will give you a sense of whether you can afford to splurge on certain items as well as make it easier to avoid impulse buys.
- Comparison Shop – It’s easier than ever to shop around for the best deals. So it’s worth doing, at least for big-ticket items. Similarly, don’t rule out shopping online for fear of shipping charges. More and more retailers are offering free shipping options. And you may enjoy the added benefit of shopping tax-free without being limited to a few-day window.
- Avoid Trends – Buying the “latest” goods — from the computers to clothing styles — is a great way to overspend. Saving is the name of the game at back-to-school time, so concentrate on things that were “hot” — last year. Such items will have cheaper starting prices and are more likely to be on sale as well. All you’ll need to do is convince your children that vintage is cool.
- Don’t Go Overboard on Electronics – Kids these days have access to more types of electronics than ever before, and it’s easy for a young person to convince themselves that they need each of these toys. They may even try to convince you that they’ll use the computers, tablets, smart watches, and even video games to learn rather than for games and social media. Your job is to bring some discipline to the back-to-school process. Some popular electronics do have academic applications, but make sure not to acquiesce to every request. Perhaps choose to give your child one of the things they have their eye on, but maybe for their birthday or the holidays, rather than giving them instant gratification.
- Make One Trip – Buying everything you need for the new school year in one fell swoop will help reduce the stress and time involved in the process. Doing so will also help you take full advantage of sales tax holidays as well as the one-time discounts that many store cards offer. Keep in mind that we mean you should make only one trip to a physical store. Shopping online is more accessible and can be used to supplement anything you may forget.
- Buy in Bulk – Looking way ahead can pay extra big dividends. So what school supplies will your child need throughout the whole year? Buying more now will likely get you better prices overall, considering that back-to-school sales don’t last all year.
- Save for College – Why not use back-to-school season as an annual reminder to contribute money to your child’s college fund and evaluate your saving progress? After all, it’s the best gift you could give your child, both educationally and economically speaking. For a complete breakdown of the best ways to save for college, check out our Guide to College Savings Funds.
Methodology
To identify the best back-to-school credit cards for parents each year, WalletHub’s editors compare more than 1,500 credit card offers based on their rewards, fees, APRs, approval requirements and overall suitability for back-to-school season. In particular, we focus on cards with benefits conducive to saving on school supplies, clothing, electronics and other key purchase categories.Using consumer spending data from the U.S. Bureau of Labor Statistics, we calculate the expected net savings each card may provide the average parent, after any applicable fees have been subtracted. These calculations serve as the basis for our selections. (see http://g.co/ng/security#xss)
