News Releases
TORONTO, December 18, 2008 – Despite the current economic decline, Canadians are rushing to complete their holiday shopping. BMO Bank of Montreal offers the following Do's and Don'ts for the last minute holiday shopper:
Don't Panic – You still have time, but don't leave everything until the weekend. Keep your shopping list handy and try to pick up one or two items each time -- during your lunch hour or after work. A call ahead to the retailer can confirm whether or not your item is in stock. Ask them to hold it for you so you can get in and out of the store quickly .
Do Cap your Spending – Develop a budget and stick to it. Set a budget for each family member and ask them to make a list of gifts that fall within the allotted amount. This will help you stay within your means while shopping, and set a realistic expectation about what they will receive.
Do Take Advantage of Store Sales and Coupons – Overpaying is overspending. Retailers are anxious to clear their inventory before Christmas so watch for significant sales this week. Many retailers will discount their merchandise from 20 per cent - 50 per cent or more. Comparison shop before and look for store sales to ensure you're getting the best price.
Do Use a Credit Card and Debit Card that Rewards you for your Purchases – Even if you pay full price, you can maximize the value of your purchases by using a credit card that offers rewards for every dollar you spend. Some cards offer attractive 'cash back' options while others let you redeem your rewards for travel or merchandise. BMO's MasterCard offers the best of both, with CashBack reward options or AIR MILES Rewards which can be redeemed from a comprehensive choice of more than 800 redemption items from movie passes, CDs and DVDs, electronic merchandise, sports and recreation, travel and more.
Don't get Scrooged when you Shop Online – Shopping online can save you time and money but stick to the reputable sites and beware of sites you don't know. Pay close attention to shipping dates and build in extra delivery time so you won't be disappointed. For added protection, consider purchasing your gifts with a credit card that offers some form of insurance, which will cover you if gifts you buy get lost, stolen, or broken.
MasterCard SecureCode from BMO Bank of Montreal, lets you shop online safely at SecureCode-enabled merchants. When you provide your SecureCode during your online transaction, BMO will authenticate and confirm that you are the individual making the purchase.
BMO Bank of Montreal customers who make purchases over the internet at participating retailers can have their purchases debited directly from a BMO Bank of Montreal chequing or savings account that is linked to their debit card for the purpose of making payments, adding another convenient way to earn AIR MILES reward miles by using their debit cards to pay for online purchases.
Do Stick with one Credit Card – Keep it simple. You'll find it easier to track your expenses on a single bill at the end of the month if you put all of your holiday purchases on just one credit card. And if you're a Loyalty Rewards Collector, consolidating all of your purchases on a single card will help you reach your rewards goals faster and redeem sooner.
Don't let Interest Charges Pile Up – January bills can bring February blahs. Don't let interest charges on your credit card balances eat up your holiday savings.
Do Pay the Piper – Ideally, you should always pay your balance in full by the due date to avoid interest charges altogether. If you expect to carry a balance however, minimize your overall costs by making purchases with a low-interest credit card or by transferring your balances to a low-interest line of credit.
Don't Wait to Report a Lost or Stolen Card – Protect yourself by keeping a copy of your credit card number and the contact information for your credit card issuer so that you can quickly report a lost or stolen card.
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