What Is Cyber Monday?

Cyber Monday is the premier online shopping holiday in the US. This year Cyber Monday falls on November 27th, and while Canadians don’t traditionally subscribe to the festivity, there’s every reason to at least check it out for the possibility of scoring a major deal. Take a look at these 5 Cyber Monday shopping tips that you can use to maximize the deals this holiday weekend.

Tip #1: Track Deals Early

The first Cyber Monday tip is to stay on top of the deals before the big day. Sign up for Cyber Monday savings email notifications and SMS messages and utilize deal bloggers like RetailMeNot to find the best Cyber Monday deals. You can even put items you like into your shopping cart early, and wait for the savings to kick in before clicking “buy.”

Tip #2: Pay with a Cyber Monday Credit Card

Some credit cards offer excellent cashback rewards, but they’re often specific to purchases like groceries or gas; no good for the retail purchases you’ll be eyeing for the holidays. Our next Cyber Monday shopping tip is to focus on using cards that reward you for your online shopping to really get the most out of the Cyber Monday deals, like:

• SimplyCash Preferred Card from American Express

This jewel from Amex has a lot to offer shoppers as a great Cyber Monday credit card, especially during sales season. You’ll get 5% cashback on all purchases for the first six months, and 2% on everything after that with no limitations. SimplyCash also provides double the warranty on all items bought using the card, a great guarantee.

• Scotiabank GM Visa Infinite

The GM Visa Infinite also has a hefty 5% cashback on all purchases with a 10K accumulated cashback cap, and 2% after that, so it’s another excellent choice for Cyber Monday savings. Additionally, your points will never expire as long as you have the card. The points can be redeemed on GK vehicles, so it’s a good deal for those who plan to buy a car.

• BMO World Elite Mastercard

BMO offers a hefty welcome bonus (20,000 points = about $200) and waives the first year’s annual fee. The card also offers the Cyber Monday-friendly price protection feature (more on that below).

• Tangerine Cash Back

Tangerine is a great shopping option because it has absolutely no limits on your cashback rewards. You get to choose up to 3 shopping categories to earn 2% cash back from and then the sky is the limit. Plus the lack of annual fee and low acceptance bar really make it an easy choice. The only drawback with this card is that clothing, electronics and other popular Cyber Monday sale items are not among the 10 cashback categories offered. However, furniture and home improvement are among the categories, so it would be a good option for those products.

Tip #3: Comparison Shop

It might be tempting to grab the first deal you see, but our sound Cyber Monday advice is, DON’T! Thanks to handy online stores, comparison shopping is a snap, and it’ll amount to bigger savings and better deals all around.

Tip #4: Save on Travel

Retailers aren’t the only ones running deals this weekend. Airlines and hotels are known to offer great deals on Cyber Monday. Maximize savings and rewards with these cards:

• BMO AIR MILES World Elite Mastercard

Get 3,000 miles upon signup, 25% off AIR MILES flights within North America, and discounts on car rentals!

• American Express Gold Rewards card

The Gold Rewards card has a flexible points structure you can use on any airline and a huge 25,000 point signup bonus to kick-start your trip.

Tip #5: Capitalize on Purchase Protection

Finally, utilize credit cards that offer price protection.  If you purchase a product and then find it for cheaper somewhere else, cards like the BMO World Elite Mastercard refund the price difference.

Are Cyber Monday Savings Worth it?

So, is it worth shopping on Cyber Monday? When you take advantage of smart Cyber Monday tips, you bet it is! Go out and save yourself a bundle today!

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