Avoid These Financial Mistakes While Shopping on Cyber Monday

Cyber Monday, which is on December 2, 2024, is one of the biggest online shopping days of the year, offering incredible deals and discounts that make it easy to fill your virtual cart. 

In the rush for deals, many shoppers may make financial faux pas that can lead to overspending, missed rewards, and more. Here are some of the most common mistakes to avoid, so you can make the most of your holiday purchases! 

Shop Cyber Monday deals with confidence by avoiding these 5 mistakes 

1. Skipping price comparisons on gift list items 

One of the biggest Cyber Monday mistakes is buying the first discounted item you see without comparing prices across multiple retailers. Retailers often price items differently, and sometimes a "sale" price might not be as low as you think. Before you hit "buy," use price comparison tools and websites to make sure you're truly getting the best deal. Many apps and browser extensions can help you compare prices instantly, so you don’t miss out on savings. 

Create a shopping list for your gift items, then check multiple stores for each item on your list to see where you can get the best deal. This way, you’ll not only save money but also avoid impulse buys that can stretch your budget. 

2. Overlooking digital wallets for secure payments 

Cyber Monday is also prime time for fraud attempts. When you’re entering payment information into multiple websites, it’s essential to keep your financial data secure. Digital wallets,¹ such as Apple Pay®, Google Pay ™, and Samsung Pay™, are a safer option for online shopping. They encrypt your payment information, making it harder for hackers to access your account details.  

By using a digital wallet, you’re adding an extra layer of protection without the hassle of typing in card information on every site. 

• Is Cyber Monday only online? No! While it’s primarily an online shopping holiday, many stores will have special promotions and discounts to get customers in the door. You can use your digital wallet to make in-store purchases, too!  

3. Missing out on credit card rewards 

A popular way to maximize your holiday shopping is to use a credit card that offers rewards. Every purchase you make on Cyber Monday can earn you points, miles, or cash back if you use a rewards credit card.  

General Electric Credit Union’s Visa Signature® card offers 2x the points on every qualifying purchase.² Our Gold card is ideal for cash back lovers. Earn 2% back at U.S. supermarkets and wholesale clubs, 1.5% at gas stations, and 1% on all other purchases—like Amazon or other retailers participating in Cyber Monday.³ 

By using a GECU credit card strategically and paying off the balance each month, you can rack up rewards and get more value out of your holiday spending. But remember, credit cards aren’t the only way to earn rewards on holiday purchases! 

4. Not taking advantage of debit card rewards 

If you prefer to shop with a debit card, you can still make the most of your spending with GECU’s Simply Free Checking account and Round-Up. Every time you make a purchase with your debit card, your purchase will be rounded up to the nearest dollar, and the difference will go straight into your savings account. Plus, GECU matches your Round-Up funds by up to $350 a year!⁴ That’s free money toward your savings goals. 

5. Not setting and sticking to a budget 

Cyber Monday deals are enticing, but it’s easy to spend more than you intended when everything is marked down. Plan your purchases in advance and set a holiday budget to help prevent impulse buys or overspending. With GECU’s Money Management platform,⁵ you can even track your top spending categories to see if you’re close to or already over budget!  

Don’t let financial mistakes get in the way of making the most of Cyber Monday deals! Consider taking advantage of GECU’s range of financial tools, like our rewards-earning Visa Signature® and Gold credit cards, Simply Free Checking account with Round-Up, and digital wallet compatibility to keep your information secure. With these tools, you can navigate Cyber Monday confidently, knowing you're spending smartly, securely, and with maximum rewards. Happy shopping!