The Best Black Friday Payment Options

Black Friday Payment OptionsBlack Friday is known as the day when retailers try to thrust their sales into the black for the year, but the term was first used in Philadelphia for the hectic day following Thanksgiving when the Army vs. Navy game was played in the city. The mayhem was called ‘Black Friday’ and it’s been associated with holiday shopping ever since. This year many deals have been slowly leaked out early before the holiday rush even begins, but before you jump on the bandwagon, make sure that your method of payment won’t negate all the savings.

Holiday Shoppers Should Be Wary

There are several questions that shoppers who want to save big need to ask themselves. First, is the product on sale a real bargain that includes a warranty and store-backed guarantee or a cheap, low quality enticement to lure you into the store? Second and perhaps more importantly, are you using the right form of payment that will extend your potential savings – and not negate any benefits.

In 2012, more than 89 million shoppers joined the Black Friday festivities (247 million shopped over that weekend) and spent $55 trillion for an average of $423 per person, according to statistics collected by Statistic Brain, an online group that collects statistical data on a large variety of subjects. In addition, holiday shoppers went online in that same time period and spent an average of $172.

Make the Right Payment Choices

Whether it’s Christmas or general everyday spending, the only real money-saving strategy that works is to pay with cash, debit or charge. If you’re going to use a credit card, it should include a 0% APR or you should pay off the balance in full before any interest is incurred. High interest charges can quickly negate any savings you THINK made on your purchase, so rather than immediately jumping for those Black Friday deals, make sure you have the appropriate financing in-place.

As mentioned, a 0% introductory APR is a great way to maximize your savings if cash is tight – just be sure to pay off the balance before the introductory period ends. With 12+ months of interest-free financing, don’t make the mistake of carrying your balance forward and pay interest on your purchases. If you already have cash in-place, responsible credit card holders can save even more on their holiday shopping by using a cash back reward credit card. You can easily see a return of between one and three percent just by taking advantage of the special perks that come with cash back credit cards like the Discover IT card. The key is paying off the balance right away.

Discover it® Card (For Flexible Shoppers)

Apply for the Discover It CardThe Discover it® Card is the newest offer from Discover and provides excellent reward opportunities for holiday shoppers. Cardholders can earn the highest rate in the industry with 5% cash back in categories that change quarterly (up to $1,500 in purchases) and 1% on all other purchases. In addition, the It® Card includes no fees, and an excellent 0% APR for 14 months on purchases and balance transfers followed by a moderate ongoing APR. Apply Now →

Black Friday Statistics:

Black Friday Facts

* Provided by Accounting-Degree.org

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