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Online deals take center stage as pandemic numbers surge

By Tamas Mondovics
Editor

In a recent release Wallethub, an online research organization put holiday shopping stats in perspective. To start with, the group mentioned that JCPenney, Macy’s and Kohl’s were 2020’s Best Places to Shop on Black Friday, or Cyber Monday offering an average discount of at least 52 percent.The release predicted that nearly 11 percent of items at major retailers will be more expensive on Black Friday than their current Amazon.com prices, while consumer packaged goods will offer the most value on Black Friday 2020 relative to their current prices. Computers and phones were expected to have the least rewarding deals.

According to WalletHub’s 2020 Coronavirus and Holiday Shopping Survey, nearly 1 in 3 consumers are forgoing holiday gifts this year due to COVID-19. Interestingly, Starbucks, Target and Fandango top the list of 2020’s Best Gift Cards, while consumers can save $300 and up with one of 2020’s Best Credit Cards for Holiday Shopping.

“Some consumers already have access to little-known credit card benefits that can come in handy over the holidays, including price-drop protection and coverage for damaged or stolen items,” the report stated, adding that more than 99 percent of store credit cards do not charge an annual fee, and the average card offering rewards in the form of discounts gives patrons more than 17 percent off their first purchase, according to WalletHub’s 2020 Store Card Landscape Report.

There is also a caution when it comes to financing. More than half of the major retailers offering zero percent financing reportedly use a dangerous feature called deferred interest, which has the potential to make holiday purchases up to 27.5 times more expensive than expected.It is safe to say that while the holiday shopping deals are out there caution and vigilance are a must have to ensure a safe and happy season.

For more information please visit www.wallethub.com.