Now that we are in the first week of November, retailers all over the country are preparing for about two months of shopping frenzies. Most Canadian shoppers will be pulling out their credit cards to complete their holiday purchases. But why would that particular payment method come in so handy at this time of year?
Some credit cards offer price protection.
Most holiday shoppers are savvy bargain hunters. Scouring the internet for the most significant discounts is part of many a consumer’s holiday shopping regimens. Credit cards that offer price protection assist such smart shoppers with saving money. As Steven Porello of The Motley Fool Canada points out, with price protection, a credit card provider will refund the difference for a product purchased at one price and found for a lower price later on.
“For instance, let’s say you bought a new pair of kicks for $120,” he explains, “A week after you started wearing your new shoes, the price goes down to $90 a pair — same retailer, different price. Obviously, you can’t take your shoes back (that would be gross). But if you bought your shoes with a credit card that has price protection, you don’t need to: your credit card provider will refund the $30.”
Many credit cards allow for balance transfers.
Holiday shopping and larger-than-normal credit card bills go hand in hand. For many Canadians, the holiday season encourages them to feel comfortable splurging on gifts for their loved ones. Credit cards that offer balance transfers come in especially handy for such shoppers. They enable their users to transfer large balances to accounts that have lower interest rates. As a result, paying off holiday purchases can be done stress-free.
Shannon Terrell of NerdWallet recommends that holidays shoppers struggling with debt try out balance transfer cards. “These credit cards have promotional periods with low interest rates for a designated period of time,” she informs, “Transferring your debt to one of these cards lets you pay it down without necessarily incurring a lot of interest. But be aware that once the promotional period is over, the interest rate will increase to the card’s regular rate.”
Credit cards allow for flexible payments.
For most Canadians, the holiday season is the time when they spend more money than at any other point in the year. For many, a little leeway in paying off those expenses is very helpful. Unlike cash or debit cards, credit cards allow consumers to pay their balances off over time. With the extra time offered to make those payments, larger purchases are made easier.
“Buy now pay later plans help you pay for large purchases in manageable chunks,” reports creditcardGenius, “You're charged a small fee to break the payments down into installments – and now, most credit cards offer them. This helps you save money on credit card interest and still be able to afford big-ticket necessities.”
Do you accept credit cards as methods of payment in your store?
At Unity Payments, we proudly offer Canadian merchants a variety of high-quality payment terminals to enable them to accept credit cards and debit cards. They include the Poynt Newland 910, the Ingenico Desk/5000, the Ingenico Move/5000 and the Poynt C Smart Terminal. To learn all about your options, please don’t hesitate to call us at 1-800-661-3761. You may also email us at info@unitypayments.ca.
