Tips for using your credit card during the Hot Sale

May
21, 2021

5 min read

Opinions expressed by Entrepreneur contributors are their own.

The Hot Sale 2021 is already around the corner, so it may be the perfect opportunity to buy all those items you need at a good discount.

This edition of the Hot Sale , which will take place from May 23 to 31, and as of May 22 for Citibanamex cardholders, comes at a time when online purchases in Mexico increased substantially due to the pandemic: they grew by 81 % during 2020, reaching a value of 316 billion pesos, equivalent to 9% of the retail sector in the country, according to AMVO data.

“The Hot Sale can be an ideal opportunity for users to acquire those items that they need. To avoid impulsive purchases, it is important to identify our needs, analyze our budget and compare options between the different establishments. In addition, it is important to check the promotions offered by the credit cards that we have for these discount days, ”says Fernando“ Chacho ”García, Head of Growth at the Coru financial gym.

If you are one of the people who will use your credit card to buy during this Hot Sale, Coru shares these 5 tips to use it in a better way:

1. Know the benefits

^{Image: rupixen.com via Unsplash}

Payment by credit card at the Hot Sale can be advantageous due to the additional discounts that brands can offer, in addition to the possibility of being able to defer payments. Check what are the promotions offered by each bank and choose the one that suits you best. Take advantage of the best financing options with your cards and other financial services.

2. Beware of interest-free months

^{Image: Igor Miske via Unsplash}

If you are going to take advantage of the Hot Sale offers, you have to take into account several aspects regarding purchases for months without interest. This scheme allows you to purchase goods and services for the same price as if you bought it in cash, but at terms of 6, 12, 18 or up to 48 months. However, this debt can grow if the minimum payment is not covered so as not to generate interest or if it is paid late. Always keep in mind your cut-off date and payment deadline.

3. Buy on safe sites

^{Image: Paul Felberbauer via Unsplash}

The buyers who take advantage of the Hot Sale have to verify that the places where they carry out their transactions are safe. The pages must start with https: // or shttp and have a padlock that indicates that they have a security certificate. It is advisable to make purchases from your own computer or cell phone to avoid entering your data on public computers. After making purchases, back up the seller’s data in case of any complications.

4. Use a virtual card

^{Image: CardMapr.nl via Unsplash}

Buying with a virtual credit card has several benefits: they are more secure, risk of fraud is reduced, they can be used to buy in almost all online businesses and a maximum amount can be imposed on them to spend. In some cases, the use of these products can give some benefits such as bonuses or double points, depending on the bank or digital card.

5. Compare the prices

^{Image: Roberto Cortese via Unsplash}

Define what you want to buy in this Hot Sale and compare prices, promotions and discounts in various stores before deciding on an option. Also consider the cost of shipping costs and what the total savings are.

The forced transition to digital in the context of the COVID-19 pandemic has helped users to trust more and more in making their purchases online. In fact, currently, 9 out of 10 potential customers consider it safe to buy online, according to the Hot Sale 2021 Purchase Expectations Report.

The Hot Sale is an online sales campaign in which thousands of companies offer discounts and payment facilities. This initiative, created by the Mexican Online Sales Association (AMVO), seeks to promote electronic commerce in our country, in addition to reactivating the economy in the context of the COVID-19 pandemic .