Three Smart Ways to Lower Your Shopping Bills This Diwali

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A penny saved is a penny earned – an old adage that remains relevant when making purchases big or small. With the holiday season shopping in its prime, it will pay off to have a few hacks on hand to save big bucks on shopping bills.

Besides the great discounts offered by e-commerce sites, mint Tells you three buying strategies that can help maximize savings on purchases, not just during the holiday season, but throughout the year.

Big savings on credit cards: Credit cards are a great place to start saving money on purchases. Raj Khosla, founder and managing director of Mymoneymantra.com, said purchasing by credit card could generate additional savings of 5-15% on top of the usual branded offers available online and offline. For example, payments made with Axis Bank, Citibank, ICICI Bank, and Kotak Mahindra Bank credit and debit cards will get you an instant 10% discount on Flipkart, while Amazon offers a flat 10% discount. Prime buyers who use HDFC Bank credit and debit. cards.

Even outside of the holiday season, e-commerce businesses offer discounts on credit card purchases, albeit below around 5%.

Credit cards fall into different categories and therefore not all cards can offer rewards or discounts on every expense. Therefore, alternating the use of the card depending on the type of expense will improve your overall economy.

“You can categorize credit cards into broad categories like travel cards, lifestyle and entertainment cards, online spending, and purchasing cards,” Khosla said.

Also, the savings may not always be fixed discounts, but can be offered as no-cost IMEs, cash back, etc. store, restaurant before swiping your card. A few minutes invested in research can net you a free gift or big savings, ”Khosla said.

Gaurav Chopra, founder and CEO of IndiaLends, said cardholders should watch out for discount days designed especially for them. “Credit cards, especially retail credit cards, come with special discounts on certain days of the month. Sometimes you may also receive offers made especially for you in your mailbox. Go through the rewards program and plan to shop on these days to maximize your savings. “

Another simple hack that can help maximize the benefits of credit cards is keeping an eye on your credit card bill date, Khosla said. “After generating your card statement, your due date is set at approximately 15 days. Thus, you have 45 days to pay the monthly contributions. Therefore, if you have multiple plastics with varying payment cycles, you can alternate card usage and maximize free credit limits, especially for expensive purchases. “

Explore offline, buy online: Online shopping is clearly becoming a preferred choice for buyers. However, it is not for those who still prefer to touch and try the products before they buy. Of course, most ecommerce sites allow easy returns if you don’t like the product, but the added task negates the convenience of shopping online.

A smart tip is to go to the nearby mall at your convenience, try out the items you want to purchase, and check the availability of those items online. Most of the time, you will get a 20-50% discount on the MRP of the product available in the store.

Buy from third-party sites: Instead of directly visiting the ecommerce site you want to buy from, you have to go through a third-party coupon site to get additional 5-30% discounts.

Websites like CashKaro and GoPaisa have links with e-commerce companies and charge them a commission for the traffic they redirect from their platforms. A portion of this commission is returned to customers.

“We give over 65% of the commission as cashback to our users. The amount of commission depends on the brand and its individual offers. On branded products, the Cash Back Rewards we offer can reduce the overall purchase price of the product by 40%, ”said Ankita Jain, Co-Founder and Chief Marketing Officer of GoPaisa.

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