Every year, retailers break sales records during Black Friday, turning the shopping day into a season of deals. Many Americans are preparing for Black Friday, Cyber Monday, and beyond.
This year, Americans plan to spend nearly $900 on gifts, decorations, and more. However, it doesn’t have to lead to overspending, especially if you plan to use a credit card.
Here are six tips to help you save money and avoid debt during Black Friday and beyond.
1. Set a Budget
Before heading out for Black Friday, it’s important to have a budget in mind. This could be a total amount you’ve saved for holiday shopping or a portion of your regular budget. It’s also helpful to review last year’s spending to better plan this year.
2. Make a Plan
Create a shopping list based on the best Black Friday or Cyber Monday deals that retailers have released. Utilize online roundups to find the best discounts and avoid overspending.
3. Use 0% APR
If unsure about paying down your balance in full, consider a card with a 0% APR introductory offer for new purchases.
4. Rethink Nonessentials
If you have existing credit card debt, consider avoiding Black Friday shopping and focus on paying down your balances. Use cash-only for holiday shopping and develop a debt payoff plan.
5. Utilize Credit Card Rewards
If you can afford to pay off your bill, take advantage of credit card rewards to save on holiday shopping. Consider getting a new credit card with high-value sign-up bonuses.
Chase Freedom Flex℠
The current Chase Freedom bonus categories offer 5% back at wholesale clubs, select charities, and on PayPal purchases through the end of 2023.
Blue Cash Everyday® Card from American Express
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is a good option for those who do most of their shopping online. It provides 3% cash back on U.S. online retail purchases, with a cap of $6,000 per year, then 1%. If you reach that limit over the year, you can earn $180 in cash back. Additionally, you can earn 3% back at U.S. supermarkets and U.S. gas stations (also up to $6,000 each, then 1%), and 1% back on everything else. The cash back is received in the form of Reward Dollars that can be redeemed as a statement credit or at Amazon.com checkout.
Citi Double Cash Card
The Citi Double Cash Card doesn’t have a specific rewards category that makes it great for saving on Black Friday. However, its versatile flat rewards structure makes it a solid choice for any spending that doesn’t fit into common bonus categories.
With this card, you can earn up to 2% back on every purchase you make. You’ll earn 1% when you spend, and another 1% when you buy. This can result in great cash-back rewards and help you avoid debt, especially during the holiday season when overspending is common.
6. Seek out extra deals and discounts
Don’t limit your search for sale prices to retailer discounts. Look for other opportunities to find deals before you shop.
If you’re shopping online, consider using browser extensions that can find coupons and cash-back offers for you. In-store, Black Friday retailers may match discounts from elsewhere, allowing you to save the difference at checkout.
If there’s something you want to buy, start monitoring prices now or set up a price alert. Knowing regular prices in the weeks leading up to a big sale can help you determine if the discounted price later on is truly worth it.
Your credit card issuer may also offer extra discounts. Check the mobile app or online account for limited-time “deals” on specific purchases. You may earn a percentage of cash back or bonus points after meeting a minimum purchase requirement. Make sure to opt into the deal and review the terms before making a purchase.
Editorial Disclosure: The information in this article has not been reviewed or approved by any advertiser. The details on financial products, including card rates and fees, are accurate as of the publish date. All products or services are presented without warranty. Check the bank’s website for the most current information. This site doesn’t include all currently available offers.
