Wedding decorations and floral arrangements can cost more than $1300!
Getting married is a joyous occasion – it’s also a costly one. The facts don’t’ lie – the amount couples spend on weddings keeps going up each year. The average cost of a wedding comes in at $22,429, according to a WeddingBells.ca survey. If you’re planning to take a honeymoon, it will cost you even more – on your wedding and honeymoon together be prepared to spend an average of $27,899. By using your credit card responsibly (only charging what you can afford to pay off in full), it can lend a helping hand on your wedding day.
Say ‘I Do’ to Credit Card Rewards
A cash back credit card is an excellent way to help offset the expense of your wedding. If you’re planning an elaborate wedding with white doves and the whole nine yards, a cash back credit card can be a great way to get something in return. When choosing a credit card, take a look at the percentage of cash back you’ll earn. A lot of credit cards offer 1% cash back on everyday purchases, but higher cash back for groceries and gas (this might help with all the driving you’ll be doing for wedding planning). If you’re spending a small fortune on your wedding, consider signing up for a cash back credit card with an annual fee for a higher percentage of cash back. If you know roughly how much you’re going to spend on your wedding, do the math to see if the extra cashback will offset the annual fee.
Watch the Foreign Exchange Fees
Some couples choose to tie the knot in a foreign country. If you’re going to be spending a lot of money outside Canada, it’s important to consider foreign exchange fees. When travelling abroad, you have the choice of paying in your home currency (Canadian dollars) or the foreign currency. Before travelling, it’s a good idea to review your credit card agreement to find how costly foreign exchange fees are. If you’re going to be spending a significant portion of your wedding budget outside Canada, consider signing up for a credit card without any foreign exchange fees. You’ll save a ton of money in fees (most credit card issuers charge 2.5 percent for foreign currency conversion) and earn a ton of rewards.
Paying for your Honeymoon with Travel Rewards
After your wedding comes your honeymoon. Wedding are costly enough as it is, so some couples decide to postpone their dream honeymoon. Work, kids, and everything else gets in the way and they never get around to having the honeymoon they’ve always dreamed of. By using a travel rewards credit card, you can earn points so you can take your dream honeymoon. With a little planning ahead and taking advantage of sign-up bonus offers it can be possible to take that dream getaway sooner, rather than later. There are many travel rewards credit cards to choose from, but be sure to read the fine print. Some credit cards come with restrictions like blackout periods and costly fees. If you’d like to travel to a popular location like Hawaii, you may have to fork over extra cash in fees or endure a red-eye flight on your honeymoon (not a good way to start married life).
The Bottom Line
By using your credit card in a smart way, you can stretch your wedding dollars further. Take advantage of what the credit card companies are giving away – rewards and payment grace periods. But watch out for the pitfalls of high interest debt and only buy what you can afford to pay back.
