How to fund your wedding with a credit card | finder.com

How to fund your wedding with a credit card

Saying "I do" to the right card can help you manage your wedding costs.

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It’s no secret that weddings are expensive. The average cost of a wedding is $33,391, according to The Knot’s 2017 Real Weddings Study survey.

The cost today could be more or less, but either way, there is a good chance that you’ll need a large sum of money to pay for your big day. If you’re considering using a credit card to help cover the costs, read this guide to learn about your options and the key details you’ll need to consider when deciding if paying with plastic will work for you.

Types of credit cards you could use to fund your wedding

Photography, venue hire, food and flowers are typical wedding expenses. Whether you’re using a low rate credit card so you can buy now and pay later, or a rewards credit card so you can honeymoon on the points, we look at the advantages and disadvantages of each type of card.

Low or no interest credit cards

Low or no interest credit cards are characterized by either a low ongoing purchase rate of interest or low or no interest on purchases for a limited period of time. For expenses relating to a specific event, such as a wedding, you may want to consider credit cards with 0% intro APR on purchases for more than one year. This allows you to charge the cost of purchases like catering to the account when you need to and gives you time to pay off the balance without accruing interest.

Compare low or no interest credit cards

Name Product Purchase APR Balance transfer APR Annual fee Filter values
0% intro for the first 15 months (then 15.24% to 26.24% variable)
0% intro for the first 15 months (then 15.24% to 26.24% variable)
$0
Earn a $$150 bonus statement credit after you spend $1,000 on purchases in the first 3 months. Rates & fees
0% intro for the first 15 months (then 15.24% to 26.24% variable)
0% intro for the first 15 months (then 15.24% to 26.24% variable)
$0
Earn a $$150 statement credit after you spend $1,000 or more in purchases with your new card within the first 3 months of card membership. Rates & fees
0% intro for the first 12 months (then 15.24% to 26.24% variable)
0% intro for the first 12 months (then 15.24% to 26.24% variable)
$95
Earn $$250 bonus cash back after you spend $1,000 on purchases in the first 3 months. Rates & fees
0% intro for the first 18 months (then 13.24%, 17.24% or 21.24% variable)
0% intro for the first 18 months (then 13.24%, 17.24% or 21.24% variable)
$0
An 18 months 0% intro APR period on both purchases and balance transfers, plus zero foreign transaction fees, makes this is a strong well-rounded card. See Rates and Fees
0% intro for the first 12 months (then 15.24%, 19.24% or 25.24% variable)
0% intro for the first 12 months (then 15.24%, 19.24% or 25.24% variable)
$0
Earn 3% cash back on up to $10,000 in the first 12 months, then 1.5% on all purchases. See Rates and Fees.

Compare up to 4 providers

Name Product Annual fee Purchase APR Balance transfer APR Filter values
$0
9.24% to 17.99% variable
0% intro for the first 12 months (then 9.24% to 17.99% variable)
Low APR on all purchases including cash advances.
$0
11.99% to 17.99% variable
4.99% intro for the first 12 months (then 11.99% to 17.99% variable)
Earn a $100 bonus after spending $1,500 on purchases in the first 90 days from account opening.
$0
11.99% to 17.99% variable
0% intro for the first 12 months (then 11.99% to 17.99% variable)
2% cash back for all PenFed Honors Advantage members and 1.5% cash back on all purchases made with your card.
$0
11.99% to 17.99% variable
0% intro for the first 12 months (then 11.99% to 17.99% variable)
Earn 5x points on gas at the pump and 3x points on groceries. Earn 1x points on all other purchases.
$0
12.99% to 17.99% variable
0% intro for the first 12 months (then 12.99% to 17.99% variable)
25,000 bonus points when you spend $2,500 in the first 90 days from account opening.

Compare up to 4 providers

Rewards credit cards

If you use a rewards credit card to pay for your wedding, not only could you earn points on your necessary wedding costs, you could then use the points to redeem rewards to pay for the cost of domestic and overseas flights, accommodation and travel packages for your honeymoon. Plus, some cards offer bonus points on signup, which could really help bolster your points balance.

There are four main types of rewards cards on the market: frequent flyer credit cards, hotel credit cards, cruise line credit cards and rewards credit cards. The first three let you earn miles or points that you can mostly use toward a specific brand of airlines, hotels or cruise lines, while a rewards credit card gives you points with a variety of redemption options.

Some of these cards also include perks such as complimentary travel insurance, which could save you money on purchased insurance for your destination wedding or honeymoon. As rewards credit cards tend to have higher annual fees and interest rates, it’s important to make sure that the value of the rewards you redeem outweighs this cost.

Compare rewards credit cards

Updated July 16th, 2019
Name Product Welcome offer Rewards Annual fee Filter values
$$150 after spending $1,000 in the first 3 months
2% at US gas stations and select US department stores, 3% at US supermarkets on up to $6,000 per year, then 1% after that and on all other purchases
$0
Earn a $$150 bonus statement credit after you spend $1,000 on purchases in the first 3 months. Rates & fees
75,000 points after spending $1,000 in the first 3 months
7x points on Hilton Honors purchases, 5x at US restaurants, US supermarkets and US gas stations, 3x on all other purchases
$0
Earn 75,000 Hilton Honors™ Bonus Points after you spend $1,000 in purchases on the card within your first 3 months of card membership. Rates & fees
3% cash back bonus on up to $10,000 in the first 12 months, then 1.5%
3% cash back on up to $10,000 in the first 12 months, then 1.5% on all purchases
$0
Earn 3% cash back on up to $10,000 in the first 12 months, then 1.5% on all purchases. See Rates and Fees.
$$150 after spending $1,000 in the first 3 months
1.5% cash back on all purchases
$0
Earn a $$150 statement credit after you spend $1,000 or more in purchases with your new card within the first 3 months of card membership. Rates & fees
60,000 points after spending $5,000 in your first 3 months
5x points on directly-booked flights or on flights and hotels on Amex Travel. 1x points on all other purchases
$550
Get 5x Membership Rewards® points on flights booked directly with airlines or with American Express Travel and 5x points on eligible hotels booked on amextravel.com. Rates & fees

Compare up to 4 providers

High credit limit credit cards

Some credit cards offer higher credit limits than no annual fee and low rate credit cards. Whichever card you choose, just be sure the credit limit is high enough to cover your expected expenses. You can view the product’s maximum credit limit by reading our credit card review and application pages.

Note that the actual credit limit you get is based on your credit score, utilization rate and other factors.

Balance transfer credit cards

If you have already paid for some of your wedding costs with a credit card, you may want to consider a balance transfer credit card. This type of card can save you money on interest repayments by giving you a 0% intro APR for a limited period of time. Use your existing credit card to pay for your wedding expenses and apply for a balance transfer credit card so you can transfer the debt and get a lower interest rate.

The intro APR period starts from when you activate the card. The balance transfer rate of interest reverts to the purchase rate or cash advance rate of interest, which will be applied to any remaining debt at the end of the promotional period.

Compare balance transfer credit cards

%
Name Product Amount saved Balance transfer APR Balance transfer fee Recommended minimum credit score Filter values
0% intro for the first 18 months (then 13.24%, 17.24% or 21.24% variable)
$10 or 4% of the transaction, whichever is greater
670
An 18 months 0% intro APR period on both purchases and balance transfers, plus zero foreign transaction fees, makes this is a strong well-rounded card. See Rates and Fees
0% intro for the first 15 months (then 15.24% to 26.24% variable)
$5 or 3% of the transaction, whichever is greater
680
Earn a $$150 bonus statement credit after you spend $1,000 on purchases in the first 3 months. Rates & fees
0% intro for the first 15 months (then 15.24% to 26.24% variable)
$5 or 3% of the transaction, whichever is greater
680
Earn a $$150 statement credit after you spend $1,000 or more in purchases with your new card within the first 3 months of card membership. Rates & fees
0% intro for the first 15 billing cycles (then 17.24% variable)
$5 or 3% of the transaction, whichever is greater
740
Earn 2% point value when redeemed for airfare or cash back through the Luxury rewards program.
0% intro for the first 21 months (then 16.24% to 26.24% variable)
$5 or 5% of the transaction, whichever is greater
670
Enjoy a 0% intro APR for 21 months on balance transfers and for 12 months on purchases.

Compare up to 4 providers

Mistakes to avoid when using a credit card for your wedding

Using credit card for your wedding

  • Spending more than you can afford to repay. Credit cards can make it easy to forget about debt, but charging more to the card than you can afford to repay is going to put you on the financial back foot down the track.
  • Late repayments. Late payment fees are the obvious consequence of late credit card repayments, but if you have a 0% intro APR period, you could lose it and incur penalty APR instead. You could end up owing more money than you could repay.
  • High interest charges. If you use your credit card to finance your wedding and carry a balance, you may end up with a bigger debt due to interest charges. Keep this in mind when considering your budget and comparing credit card options so that you can choose a card or other payment method that’s affordable for your circumstances.

Bottom line

A credit card is a short-term cash flow tool that could help finance your wedding. Features such as interest-free periods, rewards and balance transfers can help take the financial burden off your special day. But remember to consider the ongoing costs of the card and the standard rates and fees that could apply at the end of promotional periods.

Before choosing a credit card, make sure to compare your options to find the best fit for your financial needs. If you are looking for a personal loan, you may consider comparing wedding personal loans.

Images: Getty Images

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