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When Black Friday fever strikes, both overspending and security threats to consumers arrive alongside. Here are some tips for being a smart shopper this weekend, according to Ethel Nyembe, Head of Card Issuing at Standard Bank SA.
There's usually a spike in both expected and unexpected spending categories on both Black Friday and Cyber Monday, says Nyembe.
Of the more expected spend, customers are seen shopping for big-ticket items like flat screen TVs, sound systems, smartphones, smart watches, cameras, big appliances and laptops. The bank also saw a spike in the spend on running shoes.
All this can leave consumers out of pocket ahead of the festive season, even if they were intending to save.
Do your homework
No matter how good the sales look, do your homework and compare deals among various retailers so that the money you are saving gives you value.
If you're opting for an increase on your credit limit, budget carefully and ensure you really are in a position to afford a limit increase, she adds – even if it is only temporary.
In terms of safety, Nyembe cautions consumers to always check that sites are secure when purchasing online. A simple way is to see if the URL begins with "https" instead of "http".
The "s" or padlock icon in your browser indicates that the site is secure.
Also check with your bank if there are any security services you can make use of, she advises. Standard Bank, in addition to credit and cheque cards that can be used to shop online, there is, for example, a Virtual Card which can be created and loaded via the Standard Bank mobile app for safer online shopping.
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