How to maximise your savings during the 2021 Black Friday sales

Maximise your savings during the Black Friday sales with these top tips that will help you get ahead on your best buys.

If you think a massive discount from stores is the best deal you can get this weekend during the Black Friday and Cyber Monday sales, think again.

You can multiply your money gains by using loyalty programs and other strategies when hitting the shops or your screens.

It’s all about double dipping – and often triple dipping. Let’s say, for example, you buy a Black Friday special at Big W. You get the discount, then at the checkout swipe your Everyday Rewards card to earn $10 off a future shop or 1000 Qantas points for every 2000 points earned.

You can triple the benefit by paying for it with a rewards credit card, which typically pays at least one point per dollar spent. Each point can be worth up to 3c for flights with a frequent flyer program at Qantas or Virgin, or half a cent for redeeming gift cards.

Black Friday discounts are only the beginning of your potential savings.

Here’s the lowdown on multiplying Black Friday benefits.

CREDIT CARD REWARDS

American Express’s Australian vice president, consumer acquisition, Will Thorne, says sales events online and in-store are a great way for shoppers to get more from their spending.

“With people doing their Christmas shopping anyway, purchasing on a credit card means they’re also making use of their credit card benefits and increasing their points balance,” he says.

“Do make sure you can pay off your balance in full when due, though.”

People who but cannot repay the card debt will lose more money in interest than they gain in benefits, but for savvy cardholders the benefits can be huge and there can be large sign-on bonuses.

Try to keep across the evolving rewards landscape. American Express recently launched a deal with PayPal where members can use reward points for PayPal purchases – with each point worth half a cent.

“This is the first time Australians are able to shop with PayPal using a rewards points from a non-PayPal card,” Thorne says.

Loyalty Republic’s Katrina Gravelle recommends leveraging loyalty programs during the sales.

Loyalty Republic managing director Katrina Gravelle says only about one-third of Australia’s credit card accounts issue points on all spending and “debit is still Australia’s favourite form of payment”.

LOYALTY SCHEMES

Everyday Rewards and Flybuys are the two biggest retail loyalty schemes but there are thousands of others across retail, accommodation, travel and telecommunications, plus a growing range of apps offering points and deals. Pick programs you’ll use the most.

“The best way to get benefit from Black Friday sales is to leverage the loyalty programs that allow you to double dip,” says Gravelle, whose app allows people to earn points on debit purchases and redeem them for gift cards and other benefits.

“Choose a payment vehicle that allows you to earn points on all purchases, boost points with partners via shopping online, join in-store loyalty programs such as Everyday Rewards and double dip with points earned in apps like Loyalty Republic, Cashrewards and ShopBack,” she says.

CASHBACK PROGRAMS

Shoppers can get cash refunded into their accounts when buying already-discounted items online or in-store if they join cashback programs, which earn commissions from retailers and share them with members.

Unlike individual retailers’ cashback offers where you may have to send in a coupon to claim cash back, these programs are automatic and Cashrewards says the average cashback is about 7 per cent – ranging from 1 per cent at Chemist Warehouse and 1.5 per cent at Apple to up to 12.5 per cent at Myer.

Cashrewards’ Sophie Stickland advises sticking to known cashback programs.

Cashrewards head of client services Sophie Stickland says cashback platforms have rapidly gained popularity.

“Once a retailer confirms you’ve made an eligible purchase, we credit your Cashrewards account and you can withdraw your cash into your bank or PayPal account,” she says.

“Stick to known programs that you can trust, read the reviews from websites such as Trustpilot, and make sure you read the terms and conditions and are comfortable with the cashback process.”

PRICE MATCHING

A majority of retailers will match a competitor’s price, and sometimes beat it, just to get your business – even on discounted items.

Arm yourself with knowledge about what competitors are charging, and don’t be afraid to haggle.

Consumer group Choice says some price guarantees can have tricky terms and conditions.

“It pays to always read the fine print,” says Choice editorial director Marg Rafferty.

“For example, we’ve found terms and conditions that stipulate a very tight definition of who a company’s competitors are, meaning just because it’s cheaper elsewhere doesn’t mean they’ll price match it,” she says.