How to avoid overspending during Amazon and Flipkart sale

Amazon India’s Prime Day & Flipkart Goat sales begin July 20, offering shoppers deals and discounts. However, the excitement of flash sales and limited-time offers can often lead to impulsive purchases and overspending. 

 

Adhil Shetty, CEO of Bankbazaar.com gave advice on how you can avoid overspending:

 

Plan ahead and set a budget

 

When it comes to online sales on e-commerce websites, one of the effective methods to avoid overspending is to set a budget before the sale begins. Though these sales are the best opportunity to buy things at cheaper price, but you can’t go beyond your budget. Determine how much you can afford to spend and stick to that limit. Creating a shopping list is another essential step. By identifying and prioritising your needs, you can focus on purchasing items that are truly necessary.

 

For example, you need to buy a big screen television (TV) worth Rs 1 lakh and air conditioner (AC) costing you Rs 50,000 but your budget for the sale is only Rs 1 lakh. In this scenario, you can decide what is your priority – TV or AC at the moment and decide to spend accordingly. This approach minimises the risk of impulse buying

Take stock of what you actually need; make a list and set a strict budget. This will help you resist the temptation of unnecessary purchases.

 

'Lightning Deals', with their countdown timers and limited stock, can create a sense of urgency that leads to hasty decisions. Make transactions when you need the product, and it is a cheaper deal and can fit your budget 

 

Only buy returnable items if your budget is limited and you need to make a big transaction quickly. 

 

Look for products that offer free returns in case you need to send something back. This gives you more flexibility if you change your mind.

 

Compare prices on different platforms for the best deals: While special offers give attractive deals, it's worth checking prices on other e-commerce platforms as well. Don't assume every discount as the lowest price.

 

Consider long-term value: While evaluating deals, think beyond the immediate discount. Consider factors like product quality, durability, and after-sales service.

 

Avoid browsing if you don't need anything: Aimlessly browsing deals can lead to impulse purchases. If you don't have anything specific in mind, it's best to avoid the temptation altogether.

 

Use credit cards where you are getting cashbacks and reward points. You can use these points to reduce your overall cost of purchases.

 

Get deals where you can earn rewards on your purchases: Try to use credit cards that earns bonus rewards on specific products you are planning to purchase.

 

Which credit cards are offering benefits rewards on sale

 

The best way out is to check the e-commerce websites and see which cards giving you cashbacks and rewards your purchases. Often all top public and private sector banks credit cards have 5-10 per cent cashbacks, could be higher in some cards. Another way is to look at the No-Cost EMI benefits, said Adhil Shetty, CEO of Bankbazaar.com 

 

Credit Cards offering good discounts on Amazon and Flipkart right now

 

1. ICICI Bank

 

2. Amazon Pay ICICI credit card

 

3. SBI credit cards

 

4. HDFC

 

5. IDFC

 

6. AXIS