What's the Best Way to Pay for Holiday Shopping?

Q: Help! I’m fretting over holiday expenses. How am I going to pay for all this stuff?

A: Relax! You can keep your budget and your sanity, too! Take a few minutes to learn how you can spend responsibly this season.

Let’s explore some options:

1. Low or no-interest credit cards

If you can open a credit card with an introductory no-interest period, you can borrow the money to fund those purchases without paying a penny of interest.  Low interest cards, like the ODFCU VISA, will save you money in interest compared to our competitors.  It’s hard to beat a 10.9% APR!

Nice: This option can be ideal if you have an excellent credit score and concrete plans to pay back the bill quickly.  For more information, click here.

Naughty: Don’t go this route if you have a poor track record for paying credit card bills. You might end up carrying that balance well after the grace period ends and then getting hit with really high interest rates.

2. Holiday Loans

Anytime you need a pile of dough, you can stop by Omaha Douglas Federal Credit Union to apply for a Holiday Loan. Our representatives are always happy to help you!

Nice: Our Holiday Loans have competitive rates, which makes the payback plan affordable for almost any budget.  Holiday Loans are available until January 31, 2025.  For more information, click here.

Naughty: If you’re already carrying a load of debt and unpaid loans, don’t take out another one just to get you through the holidays.

3. Skip-a-Payment

At Omaha Douglas Federal Credit Union, we offer you our own gift this time of year: the option to skip a monthly loan to give you that extra cash flow.

Nice: When you choose Skip-a-Payment, you can pay for those presents without adding to your current debt. No high-interest bills to haunt you!  Our holiday season Skip-a-Payment is available until December 31, 2024.  For more details click here.

Naughty: Every Skip-a-Payment makes the loan’s term one month longer.

4. Christmas Club Account

Pay a little bit toward this expensive season all year long by opening a Christmas Club Account.

Nice: An ODFCU Christmas Club Account offers you a way to pay for your holiday shopping ahead of the season, instead of playing catch-up on your bills in the coming months.  For more information, click here.

Naughty: It’s too late to open up an ODFCU Christmas Club Account to help you make it through this season. But, it’s never too early to start thinking about next year!

5. Deferred-interest financing

If you’re considering several large purchases at big-box stores, consider signing up for the retailers’ deferred-interest financing. Many chain stores offer customers this interest-free financing option so they can walk out with their purchase today, and pay for it tomorrow.

Nice: Deferred-interest financing works just like an interest-free line of credit, only it’s exclusive to the store selling it. If you don’t like the idea of opening another credit card, but you need that interest-free option, this can be the perfect solution for you.

Naughty: If you neglect to pay off your bill before the interest-free period expires, you’ll be slapped with sky-high interest fees.

We are here to help make your holiday merry!