Beat butter in a large bowl at medium speed with an electric mixer until creamy; gradually add sugars, beating until combined. Add egg and vanilla; beat until smooth.

Combine flour, baking powder and baking soda; gradually add to sugar mixture, beating well. Stir in cranberries and chocolate chips.

Shape dough into 1 1/2-inch balls; place 2 inches apart on ungreased baking sheets. Bake at 375° for 14 minutes or until golden. Remove to wire racks to cool.