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More Americans are opting for ‘buy-now-pay-later’ this holiday shopping season — beware of these pitfalls

Americans are relying on buy-now-pay-later to make holiday purchases this year. That could spell trouble later on, experts told MarketWatch.

Shoppers checking out in stores have traditionally been offered an incentive to save on their purchase if they sign up for the store’s credit card. These days, consumers shopping online are being tempted with the option to buy merchandise now and pay for it later in a series of interest-free installment payments. 

And during this holiday season so far, consumers are falling head over heels for these payment plans.

“We are doing more transactions today, in a single day, than during Klarnas first 4 years combined,” Sebastian Siemiatkowski, CEO of Klarna, a buy-now-pay-later platform, said on Twitter
TWTR,
+1.20%

on Black Friday. He added that “regularly during the day over 100 transactions per second” were made.

On a competing platform, Afterpay, consumers generated 1.2 million clicks on Black Friday as

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  • December 3, 2020
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How to Protect Against Fraud While Online Shopping

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This holiday season is far from normal, but one tradition is sticking around: online fraud. 

Studies show increased shopping volume typically results in a rise of fraud attempts over the holiday season. But online fraud has already been increasing for much of 2020, as more shoppers flocked to online shopping amid stay-at-home orders and ongoing public health concerns resulting from the pandemic. As a result, the record volume of online purchases predicted this holiday season could result in a similar record number of fraud attempts.

“Every year, we monitor a spike in the holiday season,” says Shai Cohen, senior vice president of global fraud solutions at

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  • December 2, 2020
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More Americans are opting for ‘buy-now-pay-later’ this holiday shopping season — here are the pitfalls to watch out for

Americans are relying on buy-now-pay-later to make holiday purchases this year. That could spell trouble later on, experts told MarketWatch.

Shoppers checking out in stores have traditionally been offered an incentive to save on their purchase if they sign up for the store’s credit card. These days, consumers shopping online are being tempted with the option to buy merchandise now and pay for it later in a series of interest-free installment payments. 

And during this holiday season so far, consumers are falling head over heels for these payment plans.

“We are doing more transactions today, in a single day, than during Klarnas first 4 years combined,” Sebastian Siemiatkowski, CEO of Klarna, a buy-now-pay-later platform, said on Twitter
TWTR,
+0.34%

on Black Friday. He added that “regularly during the day over 100 transactions per second” were made.

On a competing platform, Afterpay, consumers generated 1.2 million clicks on Black Friday as

Read More
  • December 2, 2020
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Navigating the 2020 Holiday Shopping Season

Two in five holiday shoppers are taking a different approach to gift-giving this year, according to a recent Chase survey. That includes 55 percent who plan to focus on quality rather than quantity and 36 percent who are planning to buy practical gifts for their loved ones.

Most of that purchasing will take place online, says our sister site CreditCards.com, which found 71 percent of holiday shoppers will make most of their buys online (up from 51 percent a year ago).

Timing

We thought much of that activity would be pulled forward into October, making it a much longer holiday shopping season than the usual sprint from Black Friday to Christmas Eve. Almost half of consumers told CreditCards.com they would begin their winter holiday shopping prior to Halloween.

However, the Commerce Department reported October retail sales were up a mere 0.3 percent from September. That’s concerning for retailers, particularly since

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  • November 30, 2020
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3 under-the-radar winners amid a limp start to the holiday shopping season [Video]

Not every retailer — or consumer company that sells products into major retailers — has received a lump of coal in the kickoff to the crucial holiday shopping season.

Make no mistake though, there has been a lot of coal handed out already to many players since Thanksgiving Day as consumers spend cautiously amid rising joblessness and avoid store crowds altogether during a resurgent COVID-19 pandemic. Online sales on Black Friday rose 21.6% year over year to a new record of $9 billion, according to data crunched by Adobe Analytics. But, the sales result fell far short of Adobe’s high-end estimate of $9.6 billion.

Online sales on Thanksgiving Day clocked in at $5.1 billion, up 21.5% from a year ago, but short of Adobe’s $6 billion forecast.

Underwhelming online sales numbers for Thanksgiving Day and Black Friday suggests sales at physical stores remain under severe strain as shoppers maintain a

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  • November 30, 2020
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The beginner’s guide to airline shopping portals



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Editor’s note: This is a recurring post, regularly updated with new information and offers.

If you’re new to the points and miles game, it’s easy to assume that the only way to earn points and increase your loyalty with an airline is to fly them frequently or carry their travel rewards credit card.

However, that’s a common misconception for beginners — there are plenty of alternative ways to earn points and miles, one of the most effortless through online shopping portals. That means you can earn extra rewards without even stepping foot outside your door.

New to The Points Guy? Sign up for our daily newsletter and check out our beginner’s guide.

Not only is this

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  • November 28, 2020
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The appeal of shopping during Black Friday as it continues in LC

Veronica Martinez, Las Cruces Sun-News
Published 4:33 p.m. MT Nov. 27, 2020

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The coronavirus pandemic is keeping crowds thin at malls and stores across the country on Black Friday, which is notorious for large crowds. (Nov. 27)

AP Domestic

LAS CRUCES – Reyna Espinoza and her husband usually avoid big box stores the day after Thanksgiving.

“This year will be our first time in 20 years (buying during Black Friday) because we don’t like it,” Reyna said while the couple waited in line Friday outside of the Walmart on Walton Boulevard.

Why take advantage of the Black Friday deals in person this year of all years?

In New Mexico, stores must limit their capacity inside to help mitigate the spread of the SARS-CoV-2 coronavirus. That means no crowds, no pushing, no fighting inside.

“We thought since they’re only letting some people in it would be OK,” she said.

Still,

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  • November 28, 2020
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Buyer Beware: How to protect your information while shopping online during the pandemic

Security experts at Unisys said online sales are expected to jump by 33%, but less than one in three (31%) of Americans expressed concern about their data

Jamie Luster is a mom who lives in York County. The day after Thanksgiving, she’s normally hitting stores armed with a game plan of stops to check off her holiday list.

But in 2020, she’s armed with a keyboard and a credit card, as she is doing her shopping 100% online. 

“We have a family we know that has been, they have tested positive for COVID. And, this morning they posted all over their Black Friday deals they got this morning,” said Luster, who added that’s just one more reason why her family decided to stick to cyber shopping this holiday. 

Luster admits she will miss the mall, but she has been quarantining since the beginning of the pandemic. 

“I have a 3-year-old,

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  • November 27, 2020
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Shopping this Cyber Monday? Check out these Oregon businesses

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While Black Friday may look a little different this month, these services help find deep discounts at retail stores and online.

USA TODAY

Businesses large and small have fortified their online presence to adapt to the COVID-19 pandemic, opening up new opportunities to keep holiday dollars local. 

Cyber Monday follows Thanksgiving and Black Friday, and has become the biggest online shopping day of the year on an international scale. But big industry names like Amazon are not the only retailers that will offer digital deals on this day. 

The Salem Chamber of Commerce recently published a column on the benefits of buying local, saying that buying locally puts twice as much money back into the community as buying at a chain store.

Local businesses hire local employees, pay local taxes and are more likely to donate to local charities, according to Salem Chamber of Commerce membership manager Zachary Sielicky.

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  • November 27, 2020
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COVID-19 changes the look of annual local shopping day

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Washington Street is pictured on Sept. 29, 2020, in Green Bay, Wis. Downtown business owners say they’re seeing fewer customers following a surge in coronavirus cases throughout Brown County. (Photo: Sarah Kloepping/USA TODAY NETWORK-Wisconsin)

The holidays are approaching fast, and with them, Small Business Saturday.

This year, shoppers have a few new ways to support small while staying safe. The four business districts in Green Bay: Downtown Green Bay Inc., On Broadway Inc., Old Main Street Inc., and the Military Avenue Business District have joined together with the City of Green Bay and Fox Communities Credit Union to offer a ShopHere app and a bingo card to encourage shoppers to go small. 

The ShopHere app allows residents to shop at local stores online and pick up their items curbside. It was intended to reduce the need for residents to go into local businesses during the pandemic. Additionally,

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  • November 27, 2020