Sherry Damatarca: The holiday season is back with Canadian shoppers looking for the perfect presents for friends and family. But the spirit of spending could become overspending if you are not careful. Nancy Marescotti is with BMO Bank of Montreal Mosaik MasterCard group and says, "This year be a smart shopper and put a plan in place before you buy."
Nancy Marescotti: We all know how easy it is to overspend when we want to try and find that perfect gift. But a holiday joy can quickly become holiday hangover when the bill comes in in January. What I recommend is that if you set a spending plan, and that means that you think about who you want to buy for, how much you want to spend and set a realistic budget and stick to it. And once you do that, I think, you will find that you have a lot better peace of mind and your bank account is going to be much better for it.
Sherry Damatarca: Marescotti says, it can be easy to overspend when you leave things to the last minute. So start early when you have more time for comparison shopping and when stores have lots of selection. And if bumping shoulders and crowded stores sounds less than appealing, consider shopping online.
Nancy Marescotti: Most major retailers do offer online shopping if you have a valid credit card. You just need to make sure that you factor in the delivery time which can vary depending on the retailer. And to protect against unauthorized use online, make sure you choose a credit card that offers some protection.
Sherry Damatarca: Some credit cards like BMO Mosaik MasterCard offer purchase protection against theft, loss or damage and extended warranty insurance at no additional charge. Credit cards that offer loyalty rewards can help you stretch your shopping dollars.
Nancy Marescotti: It's nice to stick with one credit card for your holiday shopping. If you are earning rewards on your card, by consolidating your spending, you are going to get to go a little faster. Sticking to one credit card also has other advantages, it means you are only going to get one credit card bill in January. So that's a lot less hassle, and it also makes it a lot easier to track your expenses.
You want to make sure about that you are using the correct credit card. And if you tend to carry a balance, then you should consider a card that has a low interest rate. If you have already made your holiday purchases using a higher interest credit card, you should consider leaving the balance to a low rate card or to a line of credit. That can bring a lot of savings in the interest charges.
Sherry Damatarca: But of course, consumers aren't the only one shopping around during the holiday season. So are criminals and funsters on the prowl for unattended packages, open purses, unlocked cars, and even your personal identification number or pin.
Nancy Marescotti: We tend to see a rise, in fact, in fraud during the holiday season. To protect yourself, don't carry large amounts of cash and consider making the purchases with the Debit or Credit card. Although the Mosaik MasterCard offers protection through Zero Liability and through Identity Theft Assistance.
Sherry Damatarca: Holiday shopping doesn't have to be complicated and the benefits are obvious. Better money management for you are chance to earn rewards and great gifts for your loved ones. Sherry Damatarca reporting.
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