The average cost of a wedding in a Covid world is $19,000, according to results from a recent study conducted by The Knot. This is a $9,000 drop from the average cost in 2019, which totaled $28,000.
Amid the growing pandemic restrictions, most couples made modifications to their wedding plans in 2020 that allotted for a smaller guest count and less fanfare, significantly cutting down costs.
As we continue into another year, it's looking like the future of weddings will follow a somewhat similar cost-savings trend. The Knot's study, which surveyed over 7,600 U.S. couples who had originally set their wedding date for 2020, found that almost half of couples who planned to wed in 2020 decided to have postponed celebrations in 2021 (or later), but they're focusing on the priceless aspects of matrimony: love and relationships.
Below, Select breaks down what you can expect with wedding trends in the future and ways to finance your own.
What we can expect of future weddings
The fact that the average wedding cost dropped nearly $10,000 amid the pandemic comes as no surprise as social distancing rules and guest count limitations were put into place last year. However, it appears to be a trend that may stay.
"Couples in 2020 refocused their energy on their love for each other and for those closest to them, while reflecting on the values and components of their relationships that matter most," says Kristen Maxwell Cooper, editor-in-chief of The Knot. "With that, we'll see more variety with event formats and wedding day details at future weddings, as couples embrace their unique priorities and purposes."
This sentiment may look like opting to get married in your backyard versus an expensive venue, or prioritizing people's safety with a downsized guest list over inviting the entire extended family, distant friend groups and coworkers. For those to-be-weds, both of these modifications help to cut back costs.
Ways to finance your wedding
Whether you plan to spend the average $19,000 cost on a wedding, more than that five-figure sum or less, how you pay for wedding expenses should be strategically thought out.
One option to consider is using a 0% APR credit card that comes with a pretty generous welcome bonus. This way, you don't feel pressured to pay off your credit card right away since you aren't incurring interest. With some of the best no-interest cards, you can score cash back or rewards points for meeting the minimum spend with all the wedding expenses you rack up in the first few months of opening your card account.
But while a 0% APR card gives you more time to chip away at your credit card balance, we recommend clearly planning out how much you will pay toward it each month to ensure that the credit card is paid off completely before the 0% APR period ends. Otherwise, you then have a big balance that will start to collect interest.
The best 0% APR cards require good or excellent credit. Another option if you have a less-than-stellar credit score is looking into getting a personal loan, or simply taking on an extra part-time job so that you have some additional cash to save.
Here are the best 0% APR credit cards we recommend for financing your wedding:
Wells Fargo Active Cash® Card
Rewards
Unlimited 2% cash rewards on purchases
Welcome bonus
Earn a $200 cash rewards bonus after spending $500 in purchases in the first 3 months
Annual fee
$0
Intro APR
0% intro APR for 15 months from account opening on purchases and qualifying balance transfers; balance transfers made within 120 days qualify for the intro rate
Regular APR
20.24%, 25.24%, or 29.99% Variable APR on purchases and balance transfers
Balance transfer fee
3% intro for 120 days from account opening then BT fee of up to 5%, min: $5
Foreign transaction fee
3%
Credit needed
Excellent/Good
See rates and fees, terms apply.
Capital One SavorOne Cash Rewards Credit Card
Rewards
Earn 10% cash back on purchases made through Uber & Uber Eats, plus complimentary Uber One membership statement credits through 11/14/2024, 8% cash back on Capital One Entertainment purchases, earn unlimited 5% cash back on hotels and rental cars booked through Capital One Travel; Terms apply, 3% cash back on dining and at grocery stores (excluding superstores like Walmart® and Target®), 3% cash back on popular streaming services and entertainment, and 1% cash back on all other purchases
Welcome bonus
Earn a one-time $200 cash bonus after you spend $500 on purchases within the first 3 months from account opening
Annual fee
$0
Intro APR
0% intro APR on purchases and balance transfers for 15 months
Regular APR
19.99% - 29.99% variable
Balance transfer fee
3% for the first 15 months; 4% at a promotional APR that Capital One may offer you at any other time
Foreign transaction fee
None
Credit needed
Excellent/Good
See rates and fees. Terms apply.
Chase Freedom Flex®
Rewards
5% cash back on up to $1,500 in combined purchases in bonus categories each quarter you activate (then 1%), 5% cash back on travel booked through the Chase Ultimate Rewards®, 3% on drugstore purchases and on dining (including takeout and eligible delivery services), 1% cash back on all other purchases
Welcome bonus
Earn a $100 bonus after you spend $500 on purchases in the first 3 months from account opening. Plus, earn 5% cash back on grocery store purchases (excluding Target® and Walmart®) on up to $12,000 spent in the first year.
Annual fee
$0
Intro APR
0% for the first 15 months from account opening on purchases and balance transfers
Regular APR
20.49% - 29.24% variable
Balance transfer fee
Intro fee of either $5 or 3% of the amount of each transfer, whichever is greater, on transfers made within 60 days of account opening. After that, either $5 or 5% of the amount of each transfer, whichever is greater.
Foreign transaction fee
3%
Credit needed
Excellent/Good
Member FDIC. Terms apply. Information about the Chase Freedom Flex® has been collected independently by Select and has not been reviewed or provided by the issuer of the card prior to publication.
Read our Chase Freedom Flex® review.
Chase Freedom Unlimited®
Rewards
Enjoy 4.5% cash back on drugstore purchases and dining at restaurants, including takeout and eligible delivery services, 6.5% cash back on travel purchased through Chase Travel, our premier rewards program that lets you redeem rewards for cash back, travel, gift cards and more; and 3% cash back on all other purchases (on up to $20,000 spent in the first year). After your first year or $20,000 spent, enjoy 5% cash back on travel purchased through Chase Travel, 3% cash back on drugstore purchases and dining at restaurants, including takeout and eligible delivery service, and unlimited 1.5% cash back on all other purchases.
Welcome bonus
INTRO OFFER: Earn an additional 1.5% cash back on everything you buy (on up to $20,000 spent in the first year) - worth up to $300 cash back!
Annual fee
$0
Intro APR
0% for the first 15 months from account opening on purchases and balance transfers
Regular APR
20.49% - 29.24% variable
Balance transfer fee
Intro fee of either $5 or 3% of the amount of each transfer, whichever is greater, on transfers made within 60 days of account opening. After that, either $5 or 5% of the amount of each transfer, whichever is greater.
Foreign transaction fee
3%
Credit needed
Excellent/Good
Member FDIC. Terms apply.
Read our Chase Freedom Unlimited® review.
Amex EveryDay® Credit Card
Rewards
2X Membership Rewards® points at U.S. supermarkets on up to $6,000 per year in purchases (then 1X), 1X Membership Rewards® points per dollar spent on all other purchases
Welcome bonus
Earn 10,000 Membership Rewards® points after you make $2,000 in purchases in your first 6 months of card membership
Annual fee
$0
Intro APR
0% for the first 15 months on purchases and balance transfers from the date of account opening
Regular APR
18.24% to 29.24% variable
Balance transfer fee
Either $5 or 3% of the amount of each transfer, whichever is greater.
Foreign transaction fee
2.7%
Credit needed
Excellent/Good
See rates and fees, terms apply.
American Express Cash Magnet® Card
Rewards
Unlimited 1.5% cash back on all purchases
Welcome bonus
Earn a $200 statement credit after spending $2,000 in purchases within your first 6 months of card membership.
Annual fee
None
Intro APR
0% for the first 15 months on purchases and balance transfers from the date of account opening
Regular APR
19.24% - 29.99% variable
Balance transfer fee
$5 or 3% of the amount of each transfer, whichever is greater.
Foreign transaction fee
2.7%
Credit needed
Excellent/Good
See rates and fees, terms apply.
Blue Cash Everyday® Card from American Express
Rewards
3% cash back at U.S. supermarkets on up to $6,000 per year in purchases, then 1%, 3% cash back at U.S. gas stations, up to $6,000 per year, then 1%, 3% cash back on U.S. online retail purchases, on up to $6,000 per year, then 1%. Cash back is received in the form of Reward Dollars that can be easily redeemed for statement credits or at Amazon.com checkout.
Welcome bonus
Earn a $200 statement credit after you spend $2,000 in purchases on your new Card within the first 6 months.
Annual fee
$0
Intro APR
0% intro APR for 15 months on purchases and balance transfers, from the date of account opening
Regular APR
19.24% - 29.99% variable
Balance transfer fee
Either $5 or 3% of the amount of each transfer, whichever is greater.
Foreign transaction fee
2.7%
Credit needed
Excellent/Good
See rates and fees, terms apply.
Read More
For rates and fees for the Amex EveryDay® Credit Card, click here
For rates and fees for the American Express Cash Magnet Card, click here
For rates and fees for the Blue Cash Everyday from Amex, click here
