Despite its somber name, Black Friday is one of the most exciting and highly-anticipated events of the year. Deal-starved Canadian shoppers have waited months for November 24th, when prices on their favorite electronics, clothes, and toys will likely be at their lowest point for the entire year. The deals are so good that every year people line up around the block at various mega-stores (think Best Buy, Staples, and Walmart) to be among the first inside.
Though the notion of big savings creates quite a frenzy, few realize that there is a way (or rather, several ways) to save even more during this retail holiday.
Number one on the list is reserved for TD’s Cash Back Visa, which gives shoppers a huge amount of savings power right out of the gate. Not only will cardholders get the first year’s annual fee rebated, but they will also earn an impressive, field-topping 6% cash back on all spending during their first three months with the card (promotion expires Dec. 3rd, 2017). Moreover, the spending limit on this promotional rate is $3,500, which should cover even the most ambitious Black Friday shopping list.
Scotiabank offers another great card from the Visa Infinite line, which front-loads a large amount of cash back savings during the first few months of membership. Pick up one of these cards before Black Friday to access 5% cash back on up to $3K spent in the first three months. After the holiday season ends, enjoy 4% on gas and groceries, 2% at the pharmacy and 1% everywhere else—all without an annual fee during the first year.
A different take on the instant cash back promotion, Amex’s New SimplyCash Preferred card offers 5% during the first six months, one of the longest promotional periods of any credit card on the market. Motivated Black Friday shoppers who spend $6,000 during this promotional period will receive an extra $100 statement credit for their efforts, before enjoying 2% cash back on everything else.
The Rogers Mastercard is always a go-to cash back companion for savvy cardholders due to its handy 4% rate when purchasing in a foreign currency (and 1.75% within Canada). This makes it one of the best cards for Canadians who will do their Black Friday shopping in the US, or their Cyber Monday shopping on US websites.
Start Black Friday with a Bang
With Black Friday and other holidays quickly on the approach, those shoppers with a lengthy list of Black Friday purchases should prepare themselves by applying for one the cards listed above. Save significantly more during the big event and benefit the rest of the year as well.