Be disciplined with your credit

The last thing you want is to go into debt due to Black Friday splurges. Remember that it’s only a deal if you were planning to purchase it anyway. Too often, shoppers will get tempted into buying something simply because it’s on sale and end up accruing debt. If you’ve been there in the past, you know how frustrating it can be. Before clicking the “checkout now” button, use this debt repayment calculator to figure out how much this shopping spree could actually cost you in the long run. By taking a step back to see the complete picture, you’ll hopefully make fewer impulse purchases that only lead to more debt.

Make a plan to look for the things you need and budget accordingly so that you’re maximizing Black Friday weekend while also avoiding interest fees and hits to your credit score.

Find a card with a 0% introductory offer

If you’re worried you won’t be able to pay off your Black Friday debt in full, consider applying for a card with a promotional 0% APR. You can also use these types of offers to consolidate your debt and reduce the amount of overall interest you’ll pay on outstanding balances. Keep an eye out for when the promotional rate will run out, and make a plan to pay it off before hitting that date.

Look for a card that has rewards for the stores you’ll be shopping at

Major credit card companies like American Express and Visa will offer bonus points or cashback for using their cards at certain stores. Check your online accounts to see if there’s a “rewards” or “benefits” tab for your credit account that could have hidden savings and perks.

Consider branded cards

If you plan to purchase a big-ticket item or will spend a lot of money at one store on Black Friday, consider looking into what introductory offers there are for opening a new card at the store. Some department stores will offer up to 30% off your first order if you’re approved. Just make sure to pay it off quickly, as store-branded cards typically have higher interest rates than major credit cards.

The bottom line

No matter which card you choose, it’s crucial that you use credit wisely. Don’t fall down the slippery slope of overspending that results in massive holiday debt. Once you’ve made a plan for how to stay frugal, use these tips to find the best credit card for your finances and make the most of Black Friday savings.

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