I’m a Banking Expert: 4 Strategic Ways To Shop This Amazon Prime Day
Written by
Gabrielle Olya
Edited by
Molly Sullivan
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This year’s Amazon Prime Day will be the biggest one yet, with four days of savings kicking off on July 8. The annual sale is an opportunity for Prime members to score major savings on everything from vacuum cleaners to skin care — but the opportunities to shop savvily go beyond the markdowns.
GOBankingRates spoke with Lora Monfared, head of consumer card products at Bank of America, about the best ways to shop strategically this Prime Day. Here are her top tips.
Choose a Flexible Credit Card That Rewards Online Shopping
Whether you’re shopping on Prime Day or during another sales event at one of your favorite retailers, use a credit card that can make your money go further while you shop online.
For example, the Bank of America Customized Cash Rewards credit card now offers new cardholders 6% cash back in their category of choice each month — including online shopping — during their first year from account opening, making it a strategic option for shoppers who want to earn cash back on purchases from a variety of online retailers.
Take Advantage of Loyalty Programs
After you’ve selected the right rewards credit card, make sure you’re enrolled in shopping loyalty programs at the retailers you plan to purchase from during any upcoming sales. For example, becoming an Amazon Prime member allows you to enjoy perks like Subscribe & Save or promotional offers tied to Prime memberships.
Next, check to see if your bank offers a banking loyalty program, which can boost your credit card rewards earnings potential even higher. Layering your rewards and loyalty programs together can really help you score on all the best deals and promotions this summer on Prime Day and beyond.
Create a Prime Day Budget
With deals popping up everywhere, it’s easy to feel overwhelmed and tempted to make impulse purchases. Setting a Prime Day budget establishes clear boundaries, helping you prevent overspending and shop strategically.
A few things to consider when figuring out this budget: How much money are you spending during these summer months? Would you be able to make the purchase without sending your finances into a decline?
With that in mind, you’ll want to define your spending limits. Before you start shopping the sales, make sure you have a spending limit in mind based on your spending capabilities to avoid the trap of overspending.
Create a Wish List and Do Your Homework
Take inventory of your current possessions and then make a detailed wish list of items that you genuinely need or have been planning to buy. Think about upcoming expenses like back-to-school supplies, dorm essentials, electronics or even early holiday gifts. Prioritize these “must-haves” over “nice-to-haves.”
Once you finalize your wish list, research the regular prices of those items across different retailers. This helps you identify a true deal versus a manufactured discount. Use browser extensions, like Honey, Rakuten, etc., that show an item’s price history. This reveals if the “sale” price is genuinely low or if it’s been cheaper before.
And finally, before you buy on Prime Day, ask yourself: Is this something you genuinely need or have wanted, or are you just buying it because it’s on sale? Avoid the urge to make impulse buys and prioritize your budget, wish list and research.
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