When it comes to Black Friday, there are many things you should consider to take home the best deals, and also to avoid going over your budget and spend the rest of the holidays regretting. Here we have some tips for you to use wisely your credit card during this time and get the best out of this season.
Credit card or cash?
There is a huge advantage in using your credit card instead of cash especially in this time of the year. If you, for example, lose your wallet or purse, there’s zero change of getting your cash back. But, if instead you have plastic money, the bank will be on charge and you’ll have nothing to worry about.
Is easier to exceed your budget using a credit card?
The answer is depends. Before hitting the mall, you should check your credit balance. By doing this you can see how much you should spend and what debts you already have. With this in mind, it will be easier to set a spend limit and have some self-control when there is too much temptation. Always repeat: I have a budget and I have to stick to it.
Do you have store credit cards?
If the answer is yes, it’s time to use it and look for the additional discounts or benefits. According to Trae Bodge, a shopping expert and founder of the website Truetrae.com, Amazon Prime Rewards Visa Signature, for example, gives to their prime customers 5% back on the purchases.
Do you have more than one credit card?
While this may look as a hazard in terms of sticking to you budget, it can be a great opportunity to take advantage of the benefits each one offers. So, check for their deals and compare before hitting the mall. For example, one your credit cards could give you discounts in gas, while the other can help you to accumulate some travel miles.
Are you a credit rooky?
If you are about to get a credit card, do it just before Black Friday. Many banks offer sing up bonuses if you spend a specific amount of money. So if you purchase a big item, you’ll have the opportunity to get rewards and possible discounts later on. But be careful, don’t get carried away and overspend on things you may not need. Think ahead and pace yourself.
Is it really a deal?
Usually, during this time we are bombarded with tons of offers that seem irresistible. But sometimes it’s not such a bargain. For example, if you buy a 1,000 dollars TV with 50% of discount, you’re actually saving money and adding points to your credit card —how many travel mills can you add to your account with this purchase? —. But if you apply the same discount to a 10 dollars mascara, it may not represent much in your effort to stretch your budget.