The holiday rush can make it easy to overspend or overlook your rights as a consumer. As we head into the holiday season, these are some of our top consumer tips to save money, buy smarter and exercise your rights during this busy time of year.
Our top consumer tips for the holidays
1. Keep gift-giving and hosting simple and don’t overspend
A good way to avoid overspending is to set a realistic budget. Consider gifting experiences or services instead of presents (babysitting coupons, home-cooked meals, movie night IOUs, etc.) or set a family-wide limit on spending ($20 per person).
You can also manage costly hosting spending by asking friends and family to bring a dish for a potluck style dinner. For many folks, the most memorable parts of the holidays are traditions and shared experiences, so try to focus on those things instead of purchases!
2. If you are going to borrow, borrow mindfully
Before borrowing money or carrying over holiday spending debt, consider all your options. If borrowing is necessary, make sure you understand the costs before making your decision. Some credit products are more expensive than others because of their high interest rates and fees. Before you make a decision on any credit product, there are some important things to think about.
You may also be surprised to learn that “buy now, pay later” plans may not be as “interest free” as they sound. The plan may offer a low, promotional interest rate of 0% to start. While this might sound appealing, keep in mind that if you miss a payment or donât pay off the balance in time, the rate may increase from 0% to 37.99% or include costly fees, depending on your agreement.
3. Know which gift cards can expire
Did you know that some gift cards are allowed to expire under BC law? Before grabbing a couple gift cards for your holiday shopping list, make sure you brush up on the rules.
Most gift cards you buy for friends and family canât expire or have added fees, so the value stays put until itâs used. The only exceptions are cards for a specific service (like a spa treatment or class) or promotional/bonus cards, which can have expiry dates.
When gifting, consider gift cards with a dollar value if you want the full legal protections. And when using a card youâve received, donât hesitate to ask about the balance or push back if the terms donât seem right. BCâs laws are there to protect you. Learn more about BC’s gift card laws.
4. Learn your rights for online shopping
Ordering some presents online? When you buy something online, you are usually entering into something called a distance sales contract. This âcontractâ may look like an order confirmation or digital receipt.
We oversee certain rules for these contracts, including your cancellation and refund rights in some situations. You can cancel your order and request a refund if the goods are not delivered to you within 30 days of the delivery date noted in the contract OR if you werenât given a delivery date in your contract and the order doesnât arrive within 30 days of the purchase.
Learn how to cancel your contract and request a refund using one of our official forms.
Where to go for more information
The Financial Consumer Agency of Canadaâs website has great tips, resources, and tools to help you save money.
Explore our website for more info on which topics we can help you with directly, including online purchases and gift cards.
Feel free to ask us your questions in the comment section below or explore some of our other blog posts below.
Did you like this? You might like these posts too!
Tips to help you save money this holiday season
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Buy now, pay later plans: what you need to know
How to get a refund if your online order never arrives
About Consumer Protection BC
We are not-for-profit regulator responsible for overseeing certain industries and specific consumer transactions in British Columbia. If your concern is captured under the laws we enforce, we will use the tools at our disposal to assist you. If we canât help you directly, we will try to offer a referral to a relevant organization, if one exists. Other times, court or legal assistance may be the best option. Explore our website at www.consumerprotectionbc.ca.