Commerce Bank Offers Smart Holiday Shopping Tips

As the holidays and the biggest shopping day of the year approaches, Commerce Bank, "America's Most Convenient Bank", offers shoppers smart ways to shop this holiday season.

"Commerce has long been a proponent of financial education, and understanding and talking about money is the best road to fiscal fitness," Fred Graziano, Commerce Bank regional banking president, said. "Whatever your current financial situation, planning and saving are key to a happy holiday season and beyond."

Tips For Smart Holiday Shopping

• Create a budget and stick to it. Decide how much you can realistically afford to spend on all your holiday shopping. Don't forget to account for gift accessories. Gift wrap, bows, cards, ribbon and gift bags add up fast.

• Make a list of the people you want to get gifts for and what gift ideas you have in mind for each. Also, note your spending limit for each person, keeping within your budget.

• Shop early; avoid shopping in the evenings and weekends. During these times, parking lots and store aisles are jammed and stress levels are high.

• Open a savings account before the holidays. Add funds to it regularly.

• Choose a credit card with low interest rates and no fees- if you have to use one at all.

• Shop during sales. Use coupons and compare prices.

• Beware of emotional spending. If you are not sure about an item, don't buy it.

• Get a gift card if you're unsure about what to get someone. The annual National Retail Federation (NRF) Gift Card Survey, conducted by BIGresearch, found that more than two-thirds (79.7 percent) of consumers polled said that they plan on purchasing at least one gift card this holiday season and more than half (52.8 percent) said they would like to receive a gift card this year.

Getting The Most Out Of Your Gift Card

• Sign and register your card. Your personal registration information identifies you as the owner and may be used to authorize on-line purchases. Registration instructions typically come with the gift card.

• Keep track of your balance. This will help you manage your purchases and the balance available for more efficient transactions. It's important to know that most merchants are unable to tell you the remaining balance on the card. You can typically check your balance online or via a toll-free phone number that comes with the card.

• Split the bill. If you choose to pay a portion of a bill (such as a restaurant check) with your gift card, instruct the waiter or store clerk to ring up the exact amount of money that remains on the card. This "empties" the card and enables you to utilize the entire balance for the transaction.

• Use authorized amounts. Many businesses will place a temporary hold of a higher amount on a gift card (or debit card) transaction to ensure that you have the money to pay for your purchases. For example, restaurants routinely add a 20 percent gratuity to a check, and gas stations often authorize a transaction for $40 or more (despite the actual expenditure amount) when they initially run the card through; ultimately, after the authorization process, you pay only what you owe. If your gift card doesn't hold a balance high enough to cover the authorized amount, the card will be rejected. To avoid rejection, hand your card to the clerk or waiter and instruct them to debit the card for the exact amount (e.g., do not pay at the pump at gas stations).

Commerce Bank's more than 450 branches are open for business 361 days a year. Thanksgiving Day is one of only four holidays throughout the year on which Commerce Bank closes; the other holidays are Christmas, New Year's Day and Easter. Commerce will also open its retail locations at 6 a.m. on "Black Friday", November 23. Commerce Bank pioneered the concept of seven-day branch banking with extended hours. Its convenient locations are open Monday through Friday, 7:30 a.m. to 8 p.m.; Saturday, 7:30 a.m. to 6 p.m. and Sunday, 11 a.m. to 4 p.m.

Commerce customers also can bank 24 hours a day, seven days a week, via phone at 1-800-YES-2000 or online at www.commerceonline.com.

Commerce Bank, "America's Most Convenient Bank," is a leading retailer of financial services with 450+ convenient stores in New Jersey, New York, Connecticut, Pennsylvania, Delaware, Washington, D.C., Virginia, Maryland and Florida. Headquartered in Cherry Hill, New Jersey, Commerce Bancorp (NYSE: CBH) has $50 billion in assets. For more information about Commerce, visit the company's interactive financial resource center at commerceonline.com, or call 888-751-9000.

• Create a budget and stick to it. Decide how much you can realistically afford to spend on all your holiday shopping. Don't forget to account for gift accessories. Gift wrap, bows, cards, ribbon and gift bags add up fast.