A record 187 million Americans will shop this week: Here are 5 simple ways to save

The year’s biggest shopping week is here — and it’s bringing in the highest shopper turnout on record.

An unprecedented nearly 187 million Americans plan to shop this Thanksgiving weekend, the National Retail Federation (NRF) found. Though debit cards are the most popular payment choice at checkout, per NRF, other methods could better maximize your spending. Let’s take a look.

Before you hit checkout at your favorite retailer, see if your credit card offers a limited-time discount you can use at that shop. Offers typically include targeted discounts, bonus rewards or statement credits.

For example, in the past, the American Express® Gold Card has offered cash back when you purchase from brands and retailers like Lululemon, Cava and more. Similarly, in the past, the Capital One Venture Rewards Card has offered cash back on items purchased from Apple, American Eagle, Old Navy, Samsung and more.

Typically, you’ll need to enroll in the offers you’re interested in before you shop. Otherwise, you won’t be able to activate the discount or reward and you’ll end up missing out.

And keep in mind that some credit cards even cover damaged or stolen packages. Benefits may include purchase protection, return protection and extended warranties, easing stress this holiday season. The Chase Freedom Unlimited® card, for instance, covers up to $500 per claim on eligible new purchases for up to 120 days from the purchase date (90 days for New York residents) at no additional cost. However, you’ll need to make sure the item was purchased with the credit card that offers these benefits.

Aside from scoping out discounts from specific credit card retail partners, you can never go wrong with a credit card that offers competitive cash back on any purchase. The Prime Visa card, for instance, offers rewards for Amazon and Whole Foods shoppers. You’ll earn 5% cash back on all purchases at Amazon.com, Amazon Fresh and Whole Foods — and, of course, that’s on top of any Amazon.com Black Friday markdowns. Many cash-back credit cards only offer 1% to 2% cash back for general shopping, so 5% cash back is fairly competitive.

The card also offers lower cash back rates across other categories: 5% back on Chase Travel purchases, unlimited 2% back at gas stations, restaurants and on local transit and commuting (including rideshare) and 1% cash back on all other eligible purchases.

Using shopping portals, browser extensions and cash back platforms is an easy way to get extra savings on top of sale prices. Shopping portals are offered by companies or their affiliates to encourage purchases by giving shoppers cash back or other rewards, like gift cards. To take advantage of these cash-saving opportunities, you usually need to visit a portal website, use a browser extension or shop through a mobile app. 

For example, Capital One Shopping works even for non-cardholders, helping you test coupon codes and earn sometimes as much as 35% cash back at retail partners. Capital One Shopping may also offer fixed dollar amounts back, like $50 back when you spend $50 at Kate Spade Outlet, Nike or Walmart.

Other cash back platforms, such as Rakuten and Ibotta, also offer cash back and coupons for in-person shopping and online orders. Plus, Rakuten is offered as a browser extension that automatically populates savings opportunities when you’re about to check out.

Buy Now, Pay Later (BNPL) services like Klarna or Afterpay let you split large purchases into smaller, interest-free payments made over the course of four to six weeks. BNPL can be especially useful for big-ticket items, like a couch or new TV. Just make sure you’re budgeting for whatever you’re buying so you can pay it off in time.

The hidden gem that can make using BNPL worth it for some shoppers is the ability to earn cash back and rewards points to redeem on their next purchase.

PayPal Pay in 4 currently lets you earn 20% cash back with a maximum of 25,000 points, or $250 cash back, per transaction and your cash back can be redeemed for actual cash. So, if you know you can repay your purchase on time and in full, you won’t be charged interest on your BNPL loan and your loan lets you earn cash back, BNPL may actually pay off for you.

Remember that BNPL is best used cautiously. Taking on multiple BNPL loans at the same time can lead to financial chaos, and missing payments can lead to fees or interest.

You’ve probably heard it a hundred times, but the best savings tip is often the simplest: Pause to think before you hit “checkout.”

This time of year, it’s easy to jump into purchases. To ensure you’re truly set on buying any product, ask yourself if you really need it, if it fits your budget or if you’d be just as happy waiting for a better deal. Some experts recommend using the 72-hour rule, which is where you wait 72 hours to decide if you really want an item and if you still want it after 72 hours then you can buy it without feeling like you purchased it impulsively. In the past, Black Friday and Cyber Monday used to be one-day events but now deals go on all month long. You may not miss out as much as you think you will if you just wait a few days.

At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. Every personal finance article is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of personal finance products. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics.

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