Cyber Monday: How to spot a deal and not get ripped off
3 min read
Cyber Monday follows the Black Friday sales, but the excitement can sometimes cloud your judgment, leading to overspending rather than saving. While it’s tempting to jump on deals, experts advise caution, as many of the offers you see on these days aren’t the best prices available.
Research from consumer group Which? revealed that the majority of Black Friday and Cyber Monday deals can actually be found for the same or even lower prices at other times of the year. Last year, Which? analyzed 227 products from eight major retailers during the Black Friday sales period, which lasts from mid-November to early December. The findings were surprising: 90% of the deals were either the same price or cheaper at other times.
So, how can you avoid falling into the trap of paying too much?
Don’t Be Pressured to Buy Right Away
It’s easy to feel like you need to grab something on Black Friday or Cyber Monday, but experts suggest resisting the pressure. Which? advises that deals usually return, or even improve, later in the year. Consumer expert Mr. Rose encourages shoppers to remember that “those deals are often repeated—and sometimes bettered—at other times.”
Consider Second-Hand or Resale Items
If you’re eyeing an item, especially a gift, consider looking on resale platforms like eBay or Vinted. According to resale influencer Jess, these platforms often allow you to negotiate prices, which means you might be able to get a better deal than the listed price. “Most sellers will accept a reasonable offer,” she explained.
In fact, second-hand items can be almost as good as new. Vintage clothing expert Vivien Tang also shops on resale websites, noting that many items are barely used or even brand new. “The condition filter now helps you find items in nearly perfect condition,” she said.
A recent survey found that 63% of people would be comfortable receiving second-hand gifts, and 26% felt neutral about the idea. So, if you’re shopping for presents, don’t rule out buying pre-loved items as a more sustainable and cost-effective option.
Be Mindful of Debt
While it’s tempting to use credit cards or overdrafts to finance your purchases, this can lead to a greater cost in the long run. Financial experts caution that the interest on credit card balances could outweigh the savings from a so-called bargain. For example, a £300 purchase made on a typical credit card, paid off at £20 a month, would take over a year to pay off and cost an additional £55 in interest.
Using an overdraft often comes with even higher interest rates. To avoid this, experts recommend paying off your credit card balance immediately from savings before any interest is applied. Not only will this save you money in interest, but it will also offer more protection when purchasing items over £100.
Watch Out for Scams
Cyber Monday and Black Friday can also be a breeding ground for fraud. Criminals know that shoppers are eager to snap up deals and often create fake websites or social media accounts to lure in unsuspecting victims.
According to Lloyds Bank, the number of purchase scams spiked by 29% last year during the sales events. Liz Ziegler, fraud prevention director at Lloyds Bank, advises shopping only with trusted retailers and using a credit card for the best consumer protection. “Always pay by card for the greatest protection,” she said.
Be cautious of websites that seem too good to be true, especially those that have suspiciously low prices or unfamiliar names. Which? suggests checking that the web address matches the official brand before entering any personal or payment details. You can also use domain checkers to verify when a website was created, which may help you identify scams.
Recognize Red Flags
Be cautious if a website looks new or if you encounter posts from recently-created social media accounts. Such red flags could indicate a scam. Experts warn against buying from these sources, especially if the deal seems too good to be true. If a price is significantly lower than expected, it’s worth double-checking whether the deal is legitimate.
In conclusion, while Black Friday and Cyber Monday may offer some attractive discounts, it’s important to do your homework. Many of these deals aren’t unique to these shopping events and can be found at better prices throughout the year. Consider second-hand options, be wary of debt, and watch out for scams to ensure you truly get a bargain.
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