Black Friday is just around the corner, taking place on Friday 26th November 2021. Black Friday is the biggest shopping day of the year with consumers looking to take advantage of great deals just in time for Christmas in the hope they can save some extra cash. There are usually offers available from all companies within the retail industry, with brands advertising lower than usual prices on their products. But what is the best way to save money on Black Friday? Advice from the TechRound team is below:
Check Out The Best Offers
The majority of brands will be offering deals on their products during the Black Friday period. They will be doing their best to promote exclusive deals through marketing campaigns, emailing all clients registered to their site, using advertisements on social media and television channels and sending personalised messages.
With this in mind, it is important to shop around for the best potential deals in the run up to Black Friday. With all major retailers offering money off their bestselling products, there will be specific brands offering the most money off or the best quality products for a lower than usual price. Don’t settle for the first offer seen online or received via email – customers should shop around and assess all offers available on similar products to ensure they are receiving the best deal and value for money.
Use Buy Now, Pay Later
The increase in online sales also sees an increase in the number of customers using Buy Now, Pay Later schemes to save money in the run up to Christmas. These schemes can be ideal for those who want to make a large purchase which they do not want to pay for all at once, instead using applications such as Klarna or ClearPay to pay in instalments.
Many Buy Now, Pay Later schemes offer 0% interest rates, meaning that customers choosing to use the applications will only be paying off the exact amount of the product they have purchased. The schemes are also usually free to use, and will only charge customers a fee when they miss a scheduled payment. In spite of this, most applications automatically deduct the payment from the user’s bank account on a scheduled date, meaning that as long as the balance is available, there should be no reason that a payment is missed.
The risk of Buy Now, Pay Later schemes is that customers repeatedly use them to avoid paying off purchases all at once. Repeated use of the applications to buy unnecessary items can lead to customers being unable to make their repayments, and consequently being charged excessive fees.
Apply For a 0% Interest Credit Cards
Similar to using Buy Now, Pay Later schemes, 0% interest credit cards can be a good option for those looking to save some cash with the Black Friday deals, but who do not want to make the entire payment initially at the time of purchase. Credit cards such as these will allow customers to make the repayment on their purchase at the end of the month when their credit card bill is due.
The difference between Buy Now, Pay Later schemes and 0% interest credit cards is that BNPL applications will allow customers to pay in instalments with no interest or fees charged. Credit cards require the payment to be made in full at the end of the month, and do not usually offer a ‘Pay in 3’ option like applications such as Klarna do.
Using a 0% interest credit card therefore allows customers to take advantage of the best deals available whilst they are still on offer, meaning that customers who do not have the funds immediately will still be able to bag the bargains. Customers should check which credit card offers the best service or features that they desire before they apply.
Customers using 0% interest credit cards should also remain aware of the repayment dates to ensure they have the funds available in their bank account to be automatically withdrawn. If not, they can risk missing a repayment and then will be charged a fee by the credit card company.
Avoid High Cost Loans
Taking out a loan to finance Black Friday purchases can seem like a good idea at the time, but it may not be when it comes to making the repayments. If loans are expensive to take out, the customer may end up paying the usual amount or more when making purchases as they will be paying the fee to the loan company alongside the discounted price of the product.
Customers should therefore calculate if they will be saving any money through taking out a high cost loan, and if so, whether it is going to save them a substantial amount of money to do so. Taking out loans can also impact customers’ credit scores, so if they are planning to take out a high cost loan to make a Black Friday purchase, they should ensure it is going to be worthwhile.
In addition to this, customers taking out loans should take note of when the repayments need to be made as not all loan companies will deduct the borrowed funds automatically. Missing a repayment can result in additional fees being charged on top of the cost of the loan, which can result in the purchase becoming expensive.
