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Black Friday, Cyber Monday shoppers gear up for Thanksgiving weekend

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The internet and social networking have hiked up e-commerce business manifold. Today, phones have not just remained for browsing, rather the belief on online shopping has fired up hundreds of times now. The warming sales on online shopping sites is a significant proof of it. Black Friday, Thanksgiving sales and Cyber Monday don’t require any introduction in today’s time – unrealistic giveaways, eye-charming gifts, huge discounts, special offers and what not – there would be no exaggeration if we say – world’s biggest shopping festival is here!

For bargain hunters, these days are gems, where they get juicy deals of their choice. Almost every product gets sold like hot cakes as everything has a perfect deal from fashion segment to home accessories. It has become easy to hike online sales because online shopping has become a status symbol.

This online shopping culture is all that has grabbed the entire attention. Even brick & mortar stores are not getting fruitful results, as the online business has taken the cream. Online shopping has seized the attention of consumers. Their way of targeting is striking.

With a unique manner, they target their consumers and spike up the sales. But how do they do it?

Their first captivation is mind-blowing, i.e., glittering offers. Consumers don’t get such deals on regular days, what they get on these unusual days. Gifts are usual, and you will get it on almost every item. These offerings are eco-friendly & extremely stylish to carry along with the product you are going to purchase. These gifts pay the worth of your money. Secondly, discounts on almost all the items are again icing on the cake.

Have you tried it earlier? If not, then try it sure this time. Without any compromise in quality, dealers offer excessive discounts, which is the point of attraction for many users. On branded items too, alluring offerings automatically pulls the consumers to purchase those things.

So, I am sure nobody would want to miss these huge discounts and offers in this shopping festival, right? Last but not the least, promotion schemes. While purchasing online, what you focus upon? On quality? No. Surely your focal point is schemes & offers by the seller. Keeping this thing in mind, on these special days, dealers warm up the sales with coupons, special pricing, product combinations and much more. This is how they hike up sales on these days.

This is the strategy of every company through which it encashes the festival season very conveniently. In the year 2016, as per Adobe Digital Insights, from Thanksgiving day to Cyber Monday, people had spent around $12.8 Billion. This amount was 15% more than 2015 sales figures. This time on Black Friday, the sales are expected to rise about 47%, which is a huge hike, Isn’t it?

Some Interesting Facts about World’s Biggest Shopping Festival

Strange facts about Thanksgiving sales

Thanksgiving is an official holiday in the US. People usually do dinner parties, get together on this day, and many others are busy in shopping, especially online shopping. However, these are common facts, right? Here, are some mind-blowing facts, which will undoubtedly amaze you:

  • Thanksgiving is a one day celebration, But do you know, for the first time, it lasted for three days?
  • In Canada, Thanksgiving is celebrated on the second Monday of October.
  • As per the estimations of the American Automobile Association, for Thanksgiving day, around 42 Million Americans travel to celebrate it & goes 50 miles.
  • Because of bulk cooking on this day, per person dinner costs around just $5.
  • For Thanksgiving, around 280 million turkeys are usually sold every year.
  • On Thanksgiving, 20% of all the cranberries in the US, are eaten.
  • On Thanksgiving, in Good Luck ritual, the wishbone of the turkey is being used.
  • The most noticeable drinking night of the entire year is the night before Thanksgiving.
  • After Christmas, it is the second most famous holiday in America.
  • Heard the song ‘Jingle Bells’? This famous song was made for Thanksgiving song.

When did Black Friday initially start? Why do they call it Black Friday?

best cyber monday offers, how cyber monday works

Numerous myths may come to light regarding Black Friday. Let us assuage all your queries today. In 1960, to kick off Christmas sales, ‘Black Friday’ was coined up. In the same year, the police complained about the blockage of streets by pedestrians and motorists, and hence given the name ‘Black Friday.’ This day also has been relating to the 1869 financial crisis, when the whole gold market got collapsed.

But why ‘Black’ has been used? In accounting terms, profits are recorded in black ink. So, its name indicates the day when the sellers get unlimited profit in hand. The reality relies on this fact that, it is the day when sales get boosted excessively and some dealers even get more than 50% profit for the entire financial year, on Black Friday.

How Cyber Monday become a rage in the tech world, what time to start shopping on Cyber Monday?

Cyber Monday is the most prevalent because, before Christmas, it is the last day when people get the exceptional deals on various products. Being the well-known phenomenon of UK, all the dealings of Cyber Monday are done online. People don’t face any hassle of the street crowd and all, as it is Cyber Monday, means all dealings on the web only. No offline transactions are done at all. It is the last resort for people, who missed fantastic deals on Black Friday.

This time, it is getting started earlier & from Thanksgiving day, Cyber week will begin. If you want to know the best time to start shopping on Cyber Monday, then consistently check out best deals on Google. Here you will come to know the best time for amazing deals & offers in promotions like, ‘Deal of the Hour.’

As per the predictions of Adobe Digital Insights, this year in Cyber Monday sales, there would be the rise of 9.4% as compared to previous year and exceed 16.5% will be spent by shoppers. Cyber Monday will overtake Black Friday with $6.6 Billion earnings, while the latter will get $5 Billion online.

Best Black Friday deals on Amazon

Amazon has already shared a vast list of flawless deals on Black Friday. Here is the list of some confirmed deals:

  • Amazon Echo Plus
  • Kindle Paperwhite E-reader
  • Amazon Cloud Cam Indoor Security Camera
  • All-New Fire HD 8 Tablet with Alexa
  • Echo Dot (2nd Generation)
  • Echo Show
  • New Amazon Echo
  • All-New Fire 7 Kids Edition Tablet
  • All-New Fire HD 8 Kids Edition Tablet
  • Fire TV Stick with Alexa Voice Remote
  • All-New Fire TV with 4K Ultra HD
  • Alexa Voice Remote
  • Kindle E-reader

This time, as per the predictions, heavy competition will occur amidst online retailers. Keep your eye on each online shopping site to get exquisite deals. It’s time to do extensive Christmas shopping on these special days, Thanksgiving, Black Friday and Cyber Monday.

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Education

What Is CIBIL Score and How It Is Calculated!

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Improve Credit Score, cibil score improve, document for sibil score, pan card not working credit score, documents for credit card

Till now, you had to spend Rs 500 to Rs. 1200 to know your credit score or CIBIL score, but do you know, now you can check your CIBIL score for free? Yes! You can check your credit score on the official website of Credit Information Bureau, without spending a single penny and can quickly know that as per your CIBIL score, at what interest rate and monthly EMI, you can take the loan from the bank.

Why good credit score is important: In the recent years, almost every bank has changed its policies and added a clause for good credit scorers. According to it, good credit scores will not only help in getting the loan on easy EMI terms, but also will assist in getting concessions in interest rates. For example, People having CIBIL score more than 760 in home loans for Bank Of Baroda, will get the loan at 8.35% interest rate only.

If your CIBIL score is not good, then you may face hurdles in getting your loan approved. As per the latest policies regarding credit score, if your previous loan repayments and the transaction record is stable, then the bank can even lessen your monthly EMI.

Frequently asked questions about Credit Score: Due to lack of the proper information regarding credit score, many people have doubts regarding it, like, what is CIBIL Score, how much CIBIL score is considered good, how to check CIBIL report online and how to improve credit score?

There would be many who need to know how credit score is calculated, if one has done negligence in previous transactions and loan repayments how to handle this situation of lousy track record. Here, in this article, we are bringing an answer to each of these questions & that too in straightforward words so that you can understand each term easily.

If you still have any query to ask or have valuable information about CIBIL score to share with our readers, then you can post it in the comment section at the end of this article.

What is a Credit Score?

Credit score analysis, credit score check online, sibil score online calculate, credit card issue guideline

How does CIBIL Bureau work: Trans-Union Credit Information Bureau India Limited (generally known as CIBIL) is India’s first ever credit information company, which keeps the transaction record of loans and credit cards, as provided by the banks in India.

CIBIL keeps the record of all reputed banks, creditors, commercial bodies and not only this, more than 2400 financial institutions are part of it. CIBIL maintains a complete record of above 550 Million accounts & credit records worldwide. Amazed, right? This huge database is the very reason behind the high credibility of CIBIL credit scoring algorithm.

हिंदी में पढ़ें: सिबिल स्कोर कितना होना चाहिए

These records are submitted by banks and other creditors to CIBIL on a monthly basis, and this information is then used to prepare the Credit Information Report (CIR) of creditors and to decide credit score so that lenders can judge the loan application of person by their financial records.

Why is it necessary to have a good CIBIL score?

Credit/CIBIL score plays a significant role in the loan approval process in any bank. Whenever you fill a loan application form, then the lender bank or the lender company inspect each detail of your credit report regarding your previous loan history. After analyzing your repayment capacity, lenders decide whether to lend you a loan or not. If your credit score is too low, then the lender will immediately deny to give you any loan.

How credit score is calculated: In simple words, CIBIL score presents your credibility in financial dealings, that whether you have repaid the previous loan amount by following the guidelines of the bank timely or not. If you have not paid EMI correctly or have not paid the loan as per the terms and within the stipulated period, then this behavior may add up to a bad credit score and can have adverse effects on your future loan approvals.

How much Credit Score is good?

As per CIBIL, the measure of credit score can be from 100 to 1000 points. Points less than 650, are considered as poor, that means, if your score is less than 650 then you may face difficulty in getting credit cards and loans. On the other hand, points more than 750 are considered as a good credit score. You will not face any hassle in getting loan from various banks or getting the credit card if your score is above 750 points.

Good credit score, how to calculate and Improve credit score

  • Excellent Credit Score: 750+
  • Good Credit Score:700-749
  • Fair Credit Score: 650-699
  • Poor credit Score: 600-649
  • Bad Credit Score: below 600
What would be Credit Score if there’s no credit history

What if you never had a credit card or loan before: If you are applying a loan for the first time or applying for a credit card, then in the column of credit score in CIBIL table, N/A will be written. In this situation, the bank will check out your monthly income, bank statement of the previous six months and by estimating your payment capacity, the bank will set credit card limit or can approve or disapprove your loan.

How to check credit score online?

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To know your credit score, go to the official website of CIBIL, https://www.cibil.com/freecreditscore/ and fill your PAN Number, Date of birth, monthly income and other necessary details and then click on submit. After submission, a new page will open up. Here again, you will have to fill your information; however, details regarding PAN card will automatically get filled.

After it, you will get an email from CIBIL, in which you will get a link and password for your CIBIL account. After clicking on the link, you will be directed to a new page, here do login by filling your email id and password that you got in your email. After getting logged in, you will be asked to change your password. After setting the new password, your CIBIL Account will be logged out.

Then, login again with your new password. After login, you will get your credit score. Remember, through this process of checking CIBIL score; you will get information about credit score only. For any further detail, you have to pay fees of Rs. 500 to Rs. 1200.

How to improve your credit score?

Although, it’s not an easy task to improve your bad credit, as it takes a huge time to cover up, yet, your continuous efforts to fix credit score can prove fruitful to you. Here are some essential points, you should consider to improve your credit score:

  • Firstly, thoroughly review your credit report by requesting its free copy. By doing so, you will come to know all the loopholes, errors and other faults. In case of errors in the credit report, you can confidently tell your point to the credit bureau.
  • Make your payments on time & set proper reminders for it. You can enroll to automatic fees and get your loan installments, or EMIs paid on time.
  • Make a proper payment plan, wherein, mention your budget, all accounts, loans taken, their interests, etc. In this way, you come to know about credit with the highest interest & can manage to lessen loans by maintaining the accounts accurately.
  • Don’t put a negative impact by delaying bill payments. If you have neglected it before, then start making bill payments on time. Your these efforts will fade the earlier negative implications.
  • Anyhow, if you are facing problem in setting your credit score, then it’s better to take the help of a credit counselor. This way will help you improve your credit score.
  • Outstanding debt is dangerous. So keep your credit card balances low always.
  • Pay the credit card balance on time. Don’t delay.
  • You can raise your scores, by showing unused credit cards, so don’t close these down.
  • If you don’t need those, then don’t issue new credit cards. More accounts mean less average account age, as it can prove risky for credit scores. So, if you can manage credit within the short span, then don’t open new accounts.

These are pretty hacks to improve your credit score. If you follow these thoughtfully & don’t open new accounts often, make payments on time, don’t leave any outstanding credit card balances, then slowly, you will be able to get your credit report improved.

(With inputs from Komal Singla)

Also Read: How a good credit score is calculated by FICO

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How a good credit score is calculated by FICO

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Good credit score, how to calculate and Improve credit score

People often ask – What is good credit score? In simple words, a good credit score is something that makes you ‘credible’ in the business. Lender use credit score to decide to grant loans to their customers and their credit limits. A good credit score can save your money and lower your interest rates. A credit score of 700 or above is considered good with a range between 300-850. Different lenders define good credit score differently according to the size of organization.

What is Credit Score: A credit score is a statistical method to determine the likelihood of an individual paying back their money he or she has borrowed. A good credit score involves low risk for lenders and investors and the business itself.

How credit score is calculated

FICO score is the measure that is mostly used by lender to determine the risk involved in particular loan. FICO score is created by Fair Isaac Corp. Fair Issac does not reveal exact formula I uses. It operates within the range of 300 to 850 within that range, there are different categories which are :

  • Good credit score, how to calculate and Improve credit scoreExcellent Credit Score: 750+
  • Good Credit Score:700-749
  • Fair Credit Score: 650-699
  • Poor credit Score: 600-649
  • Bad Credit Score: below 600

What makes up your Credit Score

When you borrow money, your lender sends information to credit bureau in the form of Credit report from the information in the credit report, bureau determines credit score based on five major factors. These factors include in credit score calculation, They are not given equal weighting.

35% – Previous credit Performance
30% – Current level of indebtedness
15% – Time credit has been in use
15% – Types of Credit Available
5% – Pursuit of New Credit

These factors are positive for you then you get a good credit score. You can also improve these to get good scores. You can’t assume that your score is good if you met the obligation on time. Your credit rating is checked. You can get your credit score free at Credit.com . This information is provided to you at no cost with your consent.

How Your Credit Score Affect Your Mortgage

How individual with varying credit score will pay dramatically different interest rate on similar mortgage amount. Your credit score affect your mortgage in many ways like.

Score Rate Monthly payment
720-850 5.49% $ 851
700-719 5.61% $862
675-699 6.15% $914
620-674 7.30% $1028
560-619 8.53% $1157

Good credit score gives you leverage to negotiate a low interest rate on your credit card or a new loan. It makes your credit card limit increased. You have more negotiating power. Therefore,To make good credit score you have to maintain low level of indebtedness having a long credit history, make bills payment on times.

(With inputs from Shaweta Narang)

Also read: How To Check CIBIL Score

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