The National Retail Federation (NRF) reports that nearly 190 million shoppers hit the stores over Thanksgiving weekend in 2019. While Black Friday itself was the busiest in-store shopping day with 84.2 million shoppers, Cyber Monday still saw 21.8 million Americans stocking up on gifts online.
With the pandemic underway this year, it’s possible more shoppers will fulfill their shopping lists online where they can increasingly get speedy (and even free) delivery instead of heading into brick and mortar stores where COVID-19 transmission is more likely.
If you plan to do some of your holiday shopping online this year, you should strive to use a credit card that offers the rewards and perks you want the most. While you can definitely use a rewards credit card to earn cash back or flexible points for each dollar you spend, some of the best credit cards for Cyber Monday even offer a 0 percent APR on purchases, balance transfers or both for a limited time.
Best credit cards for Cyber Monday 2020
Card Bonus offer Rewards rate Introductory APR Annual fee Best for
Amazon Prime Rewards Visa Signature Card $100 Amazon.com gift card upon account approval 5% back at Amazon.com and on Whole Foods Market, 2% at restaurants, gas stations and drugstores and 1% on other purchases N/A $0 ($119 Amazon Prime membership required) Amazon shoppers
Discover it® Cash Back With Cashback Match, Discover will match all your rewards at the end of your first year 5% cash back after activation on rotating categories each quarter (up to $1,500 in purchases, then 1%) and 1% on other purchases 0% intro APR on purchases and balance transfers for the first 14 months, followed by a variable APR of 11.99% to 22.99% $0 Rotating categories
Chase Freedom FlexSM $200 cash bonus after spending $500 within your first three months 5% cash back on activated bonus category purchases each quarter (up to $1,500 in purchases, then 1%), 5% on travel booked through Chase Ultimate Rewards, 3% on dining and drugstore purchases and 1% on everything else
Also, earn 5% back on up to $12,000 on eligible grocery store purchases in your first year (not including Target or Walmart purchases)
0% intro APR on purchases for 15 months, followed by a variable APR of 14.99% to 23.74% $0 Welcome bonus offer
Capital One QuicksilverOne Cash Rewards Credit Card
None Earn an unlimited 1.5% back on every purchase None $39 Rewards for fair credit
Chase Sapphire Preferred® Card 60,000 points to new cardholders when you spend $4,000 within three months of account opening 2X points on dining at restaurants and travel and 1X points on other purchases
Also, earn 5X points on Lyft rides through March 2022
None $95 Flexible rewards
Amazon Prime Rewards Visa Signature Card: Best for Amazon shoppers
Among Cyber Monday credit card deals, the Amazon Prime Rewards Visa Signature is an excellent choice for Amazon enthusiasts. This card gives you 5 percent back on Amazon.com and at Whole Foods Market, plus you get 2 percent back at restaurants, drugstores and gas stations and 1 percent back on other purchases.
There’s no annual fee required, but you need an Amazon Prime membership to apply. Also, note that you can get approved for a $100 Amazon.com gift card upon account approval and that you’ll get consumer protections like purchase protection against damage or theft, extended warranties, roadside dispatch, lost luggage reimbursement and more.
Discover it® Cash Back: Best for rotating categories
If you plan to shop at Target.com, Walmart.com, Amazon.com or Best Buy on Cyber Monday this year, then the Discover it Cash Back may be up your alley. Upon activation, this card offers 5 percent back in Discover quarterly bonus categories (up to $1,500 in purchases, then 1 percent), which include these four retailers for October through December 2020. You’ll also earn 1 percent back on all other purchases with no annual fee, and Discover will match all the rewards you earn after the first year. This means that, if you earn $300 in bonus cash back during year one, Discover will match that amount, equal to $600.
Another perk to be aware of includes 0 percent intro APR on purchases and balance transfers for 14 months, followed by a variable APR of 11.99 percent to 22.99 percent.
Chase Freedom FlexSM: Best sign-up bonus offer
The Chase Freedom Flex offers so many bonus categories it’s hard to keep track. Once you sign up, you can earn 5 percent back on activated bonus category purchases each quarter (up to $1,500 in purchases, then 1 percent), 5 percent back on travel booked through Chase Ultimate Rewards, 3 percent back on dining and drugstore purchases and 1 percent back on everything else. For the final quarter of 2020, the 5 percent Chase Freedom category includes purchases made at Walmart.com or using PayPal.com.
For a limited time, you’ll also earn 5 percent back on up to $12,000 on eligible grocery store purchases your first year (not including Target or Walmart purchases).
This card also stands out due to its exceptional welcome bonus, which is relatively easy to earn. New cardmembers can earn a cash bonus of $200 when they spend just $500 within three months of account opening. Other benefits that can help protect Cyber Monday purchases include extended warranties and purchase protection against damage or theft. This card also doesn’t charge an annual fee.
Capital One QuicksilverOne Cash Rewards Credit Card: Best for rewards with fair credit
If you want to earn rewards but you only have “fair” credit, then using the Capital One QuicksilverOne for Cyber Monday makes a lot of sense. There’s no welcome bonus, but you’ll earn an unlimited 1.5 percent back on all of your purchases. This card charges a $39 annual fee, but you can get approved with a credit score in the 580 to 669 range.
In terms of cardholder benefits that can protect your Cyber Monday purchases, this card comes with fraud coverage.
Chase Sapphire Preferred® Card: Best for flexible rewards
If you want to earn flexible rewards, the Chase Sapphire Preferred is easily one of the best credit card deals for Cyber Monday. It starts new cardholders off with 60,000 points when you spend $4,000 within three months of account opening, but you also earn 2X miles on travel and dining at restaurants and 1X points on other purchases. When you go to redeem your rewards, you can cash them in for merchandise, gift cards, statement credits, cash back, travel through the Chase portal or transfers to Chase Ultimate Rewards airline and hotel partners.
A $95 annual fee applies with this card, but you get perks like purchase protection against damage or theft, extended warranties, trip cancellation and interruption insurance, travel and emergency assistance services and more.
How to maximize your credit card rewards on Cyber Monday
The best Cyber Monday credit card deals make it easy to rack up rewards for each dollar you spend online, but there are some steps you can take to boost your total rewards haul. Consider the following tips as you head online this year:
Use credit card shopping portals
First, check whether your credit card or loyalty program offers a shopping portal, which can help you rack up more rewards on your purchases. For example, Chase Ultimate Rewards lets you “click through” the Chase portal when you shop online, after which you’ll earn extra points at select retailers like Macy’s and Best Buy.
Most airline loyalty programs also have shopping portals that let you log into your loyalty account and earn more miles when you shop online. For example, the Delta SkyMiles Shopping portal lets you earn bonus miles when you make purchases at participating retailers such as Sephora, Kohl’s or Shutterfly.
And remember, shopping portal rewards are given out on top of the points you earn with your credit card.
Maximize bonus categories
Also, make sure you’re maximizing your credit card’s bonus categories or even using different cards for different types of purchases. If you have a credit card that offers more rewards on dining, for example, then consider ordering dining gift cards online and giving them as holiday gifts.
Some restaurants are even offering extra incentives for gift card purchases this year. With Outback Steakhouse this holiday season, you’ll get a $10 bonus gift card for each $50 in gift cards you order.
Earn a new credit card welcome bonus
Finally, consider signing up for a new credit card you can use for online shopping this year. Doing so can help you qualify for a new sign-up bonus, which could be worth $500 or more when you meet a minimum spending requirement.
If you need a credit card now and can’t wait for one to arrive in the mail, also consider instant use credit cards or credit cards that extend virtual account numbers upon approval.
Where to find limited-time offers for Cyber Monday
When it comes to finding the best Cyber Monday deals, you would be wise to keep an eye on your mail and your email. Sign up for mailing lists for stores you plan to shop with this year and make sure to follow your favorite retailers and brands on social media.
Also, check with your credit cards and online account management pages for the best Cyber Monday deals of 2020. For example, keep tabs on Amex Offers and Chase Offers that may be tied to your account. Some issuer-specific offers are also available this year, including the following:
Discounted gift card redemption options through Chase Ultimate Rewards
The Citi Holiday promotion, which gives existing Citi cardmembers the chance to earn 5 percent back on up to $500 in online purchases through Cyber Monday 2020, which falls on Nov. 30.
Rotating category bonuses through cash back cards like the Chase Freedom Flex and the Discover it Cash Back
Get 20 percent back on Amazon.com purchases in the first six months with the Blue Cash Everyday® Card from American Express (up to $200 back)
The bottom line
Credit card offers for this year’s Cyber Monday are as lucrative as ever, so make sure to have a card lined up before you hop online to shop. And if you don’t have one yet, make sure to compare all the top rewards credit cards on the market today. With some research, you can get a card that lets you maximize your rewards and cardholder benefits all year long.
All information about the Amazon Prime Rewards Visa Signature Card has been collected independently by Bankrate.com and has not been reviewed or approved by the issuer.