The GreedyRates Guide to Saving More on Black Friday
Contentedly sitting on our side of the border, many Canadians don’t understand all the fuss over Black Friday—a ‘shopping holiday’ imported from our neighbors to the south. But despite the fact that the holiday is relatively new to us, Canadians are now spending even more on Black Friday than on Boxing Day.
Canada’s favorite retailers have picked up on the Black Friday shopping frenzy, offering sales that are competitive with those in the States. With a little forethought, shoppers can save even more on top of the blowout prices being offered. Here are some smart Black Friday tips that’ll help you save even bigger and spend smarter.
Cash Back Black Friday Tips 2017
The savvy credit cardholder knows how to make the most out of any opportunity for maximum savings, and Black Friday is no different. Using the right cards, you can earn points, air miles, and benefits from the card issuer for purchases you were making anyway. Look for Black Friday cashback deals to really rack up points and save even more than you anticipated, like:
Apply for the card by December 3rd, 2017, and you’ll get an industry-leading 6% cash back (!) on all purchases for the first 3 months, as well as a rebate on the card’s $120 fee. Post-promotional rates are also quite strong: 3% cash back on groceries, cash, and recurring bills.
For the first six months, you’ll receive 5% back on all purchases from the card. The card also has a nice post-promotional rate of 2% cashback. Travel and foreign medical insurance are also handy if you opt to go south for the weekend.
Another card for those intrepid shoppers who venture to the States for Black Friday, the Scotiabank GM Visa Infinite outfits you with discounts on car rentals, a whopping 4% back on gas purchases, and 1% back on all purchases.
Tangerine is an all-around great card that makes Black Friday shopping even more profitable. It offers benefits like no caps or limits to cashback rewards, 2% cashback on all purchases anywhere, and absolutely no annual fees. It’s basically a risk-free card.
Protecting Your Purchases for Smarter Black Friday Credit Card Shopping
Choosing the right Black Friday credit cards can provide purchase guarantees you won’t get elsewhere. Price protection guarantees that if you see a product you purchased for a lower price—e.g. you buy something on Black Friday only to find it marked down further on Boxing Day—the credit card issuer will discount the savings to your account. The MBNA Rewards World Elite and BMO World Elite Mastercard both offer this smart feature.
And, since many Black Friday sales generally come with a no-return policy, it’s always comforting to have a card that provides an extra warranty period as well. RBC cards, like the RBC Cash Back Preferred, provide great warranties for items purchased in Canada, while Scotiabank cards offer extended warranties on products from anywhere in the world. Scotia Momentum Visa Infinite not only offers an added warranty, but also gives 4% cash back on gas; great if you plan on shopping south of the border.
Beware Black Friday Cashback Voids
Something Canadian shoppers should be careful of is voiding the benefits on your out-of-country purchases. All those huge savings you’re raking up might not be worth much if the card you’re using charges a foreign transaction fee. Get around this frustrating loophole by doing your Black Friday shopping with a credit card that waves the foreign transaction fee, like the Rogers Platinum Mastercard and Home Trust Preferred Visa cards.
Whether you plan to hunt for bargains in Canada or you opt to journey down to our neighbors, you shouldn’t spend a bundle over the holidays without getting something back in return. Use these smart Black Friday shopping tips to come out the big winner during this massive shopping season.