These big sales are attracting more shoppers who are eyeing the deep discounts to help ease inflation. In fact, the Holiday Quicktake Report from Bread Financial found that 76% of consumers are planning to shop during sales events like Black Friday to help stretch their budgets. And a report from Deloitte says people are planning to dish out nearly $600 over the Black Friday and Cyber Monday shopping rush.
While there are plenty of sales to enjoy, there are also some misleading offers to beware of during this popular holiday sales event.
Inflated original prices
Retailers may inflate an original price to make a deal look like a better value. However, you can easily determine if you’re getting a good deal by reviewing price history using tools like Google Shopping. It’s also wise to shop with stores that offer holiday price guarantees like Target and Best Buy, so that you can get a price adjustment in the event an item you buy now goes on sale for even more money offer any time before Christmas.
Derivative doorbusters
Off-brand electronics or look-alike models made specifically for Black Friday may be missing key components and features that allow manufacturers to set lower prices, commonly referred to as derivative electronics. However, a low price on a lousy product is not a good deal. Similarly, clothing or home goods doorbusters could be made of poor material that won’t last. Ultimately, it pays to do your research, read reviews and test products in person to determine if the quality will hold up.
Wasted rebates
There’s a reason 40% to 60% of rebates are unfilled each year: Requirements such as cutting out a package barcode may not be easy to fulfill when giving the item as a gift. For this reason, it’s best to forgo the rebate and look for an instant discount on your purchase even if the savings isn’t as deep. You can still get cash back on your purchase by using reward apps like Fetch which give you points toward free gift cards for simply uploading pictures of your receipts.
Alluring store card discounts
Many stores offer 10% to 20% off for opening a new store card, but this is one to pass on. Store cards have high interest rates, low credit limits and limited reward earning and redemption options. Requesting a new line of credit also dings your score and can lead to excessive spending.
You’re better off using a flat-rate, cash-back card that gives you more rewards across all stores. Opening a new card could also get you free money to spend on holiday purchases. Review cash-back cards and sign up bonuses at sites like CardRates.com.
Bundled offers
Bundle offers appear like a great value, but these deals can cause you to spend more unnecessarily. Unless you really need the extra item bundled into the promo, you’re better off shopping around for the specific product on your list. You can save more by comparing prices and stacking a coupon and cash back on top of the sale.
Andrea Woroch of Bakersfield is a nationally recognized consumer-savings expert, writer and frequent on-air contributor who is passionate about helping families find simple ways to spend less and save more. As a sought-after media source on all things savings, Woroch has appeared on popular shows like “Today,” “Good Morning America” and “NBC Nightly News.” In print and online, her advice and articles have been featured in Time, Money, Forbes and Real Simple. Read more about Woroch at www.andreaworoch.com.
