Online shopping is now easier than ever before, thanks to payment methods such as credit cards and e-wallets that allow shoppers to complete their purchases in no time at all. Credit cards, in particular, are also able to give online shoppers more value out of their every spend through generous rewards programs and cashback offers, driving up online purchases further.
The Landers Cashback Everywhere Credit Card from Maya, for instance, is a strong contender for the best credit card for online shopping in the Philippines given its generous cashback offers that can help you save money as you shop. This credit card can give you up to 5% cashback at Landers, 2% on dining spends, and 1% on all other qualified transactions.* Cardholders can also enjoy a generous annual cashback cap of PHP 200,000, making the Landers Cashback Everywhere Credit Card one of the best cashback credit cards for online shopping available in the market today.
That being said, irresponsible use of credit cards can also lead to impulsive purchases and going over the budget. To avoid such scenarios, it’s essential to practice mindful shopping and always be critical of each purchase you make. Here are some tips for becoming a more mindful shopper and ensuring that your online shopping habits won’t break the bank.
1. Shop with a Budget in Mind
Before you open your shopping app or visit an online store to buy an item, set a clear budget in mind first. Doing this ensures you’re in control of your finances as you shop online and allows you to prioritize necessary expenses over impulsive splurges. When planning your budget, do make sure that your necessities such as rent, utilities, groceries, investments, insurance payments, and other important payables are accounted for first before you take out money to spend on your shopping.
2. Compare Prices Across Platforms
Taking the time to compare prices across various shops can help you get the best deals and save more on your online shopping expenses. For instance, if you're shopping for a specific brand of shoes, check multiple stores first to see the variations in cost. Doing this can also give you an idea of the fair market price for the item, ensuring that you won’t end up buying from an overpriced retailer.
As you’re comparing prices from different sites, do take into account additional discounts or freebies such as free shipping, platform or merchant discounts, or bonus accessories as well. A particular store may list the item as slightly pricier but if it comes with free shipping or bonuses, then it could still be worth purchasing from them over other sellers.
3. Use Discounts and Cashback Offers Wisely
The best credit card for online shopping is one that can help you save even as you spend. As such, make sure you take full advantage of the promotions and cashback opportunities that your credit card can give you each time you shop. Check with your credit card provider if they have partnerships with particular brands so you can enjoy exclusive deals and save money, especially during sales holidays like 4.4 summer sale, Labor Day sale, back-to-school sale, and others. Likewise, always be mindful of your current points or cashback credits so you can use them at opportune moments. For example, you can easily check the cashback vouchers you've earned using your Landers Cashback Everywhere Credit Card via your Maya app so you don't forget to redeem them the next time you visit a Landers store.
However, beware as well of the temptation to spend more just to qualify for a discount. For example, some stores may offer free shipping only if you meet a minimum amount spent. If adding more items to your cart to get the free shipping will put you way over your budget, then you’re better off just sticking to your original purchases.
4. Research Before Purchasing
Mindful shoppers also take the time to research the item they intend to purchase first to set their expectations and avoid disappointments once they receive it. For instance, if you’re planning to buy a specific smartphone model, first read up about its specifications and watch vlog reviews that thoroughly showcase its features to determine if the unit or model is able to meet your requirements. Doing this also reduces the likelihood that you’ll need to initiate a return, which can be time-consuming and could ever incur additional costs.
5. Avoid Shopping When You’re Emotional
Shopping with high emotions can cloud your judgment, leading to impulsive purchases. As such, it’s important to recognize if you’re shopping only because you think it can relieve your stress or sadness, and consider looking for other outlets for your emotions instead. For example, rather than buying a new gadget you don’t need just to cheer yourself up, consider talking to a friend or indulging in a hobby instead to try and settle your mood. Recognizing emotional triggers can help you break the cycle of impulsive retail therapy and promote mindful shopping.
6. Review Your Cart Before Checking Out
Before placing the order, review every item in your cart. This buffer can act as a reality check that lets you assess whether or not you truly need each item you’re planning to check out. Remove anything that was added impulsively or isn’t part of your budget. Check the total cost as well to gauge if you’re well within your budget or if you need to cut back more. It might also be a good idea to leave the items in your cart for a day or two just so you can reconsider your purchase with a clearer, more rational perspective later on.
By adopting these mindful practices, you can indulge in online shopping without falling into common traps of overspending. These tips promote financial responsibility while making sure your purchases still align with your financial goals, fostering a more mindful approach to online shopping.
*Transactions that don’t qualify include: cash in, cash advance, quasi cash purchases, casinos and gambling, fuel, supermarket, pharmaceuticals, utilities, telco, and government.
