Credit Card Tips for Black Friday

Over the years Black Friday has become a tradition among holiday shoppers. Merchants go all out to offer the best deals as bargain hunters have become trained to shop the day after Thanksgiving.

No doubt this year shoppers will be using their credit cards on Black Friday, Nov 29.

Don't apply for store credit cards on Black Friday.

Black Friday discounts work for retailers because the "door busters" attract new customers who will purchase some items at higher profit margins. Don't be taken in by retailers offering special discounts the more you buy. Later you may discover that you could've gotten a better price online. Beware of kiosk owners who start with a high price and then sell down for just that reason.

Shoppers are typically offered a marginal discount, perhaps 10%, in return for opening a new credit card account.

These accounts feature higher interest rates and lower rewards than most credit cards.

Shoppers will be better off applying for a regular credit card with lower interest rates, a generous sign up bonus or both.

Credit card online shopping

Shoppers can't be everywhere.

Regular retailers offer some great deals but shoppers can't be everywhere.

But don't fret, by the time Cyber Monday, the monday after Thanksgiving Dec 2 , the deals pop up online once again.

Use your credit card to earn additional points and miles by clicking through its shopping portal.

Bonus spending categories

Popular credit cards offer five times the rewards at particular retailers that rotate each quarter.

Pay your credit card statement in full each month.

The Black Friday specials aren't so great when the shopper gets carried away and goes into debt.

When creditcardholders fail to pay their balance in full and on time, they accrue interest charges and late fees.

Black Friday shoppers should set themselves a limit so they will be able to pay their balances and stick to it. Those who already have credit card debt may want to sit this Black Friday out and pay down their debt with their savings.

Black Friday is a fun event but creditcard users need to make sure they use their cards wisely and maximize their savings.

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