How to make the most of Amazon Prime Day

It can be said that Amazon Prime Day (Amazon shares - ticker AMZN) is the most anticipated shopping event of the year. This year, the two-day event is scheduled for July 12 and 13, and during those 48 hours, consumers have the opportunity to bid on hundreds of items, from toys to clothing to electronics.

The ideal would be to have saved up for Prime Day, so that you can take advantage of the offers without accumulating debt. (If not, you may have to skip Prime Day this year.) But the right strategy may also be needed to hit Prime Day. Here's how to make the most of opportunities when they start to arrive.

1. Do your research in advance

You may have some very valuable items that you are hoping to grab on Prime Day. If so, do yourself a favor and search for them in advance. This way, you will be able to tell if the advertised prices are really a bargain.

It is also useful to see what prices other retailers charge for the same or similar items before Prime Day. This way you can make a quick comparison and know if you should act on an offer or let it go. .

2. Turn on alerts

A big part of Prime Day is Amazon's flash deals. Think of these deals as the Black Friday flash deals. Savings tend to be substantial, but quantities tend to be very limited. For this reason, if you don't act quickly on a flash offer, you risk losing.

Now, if you have a real daily job to maintain, you may not have the ability to sit staring at your laptop screen waiting for the offers to stop. But you can subscribe to alerts using the Amazon app or Alexa. This way, you will be notified when the specific items you want are on sale.

Keep in mind that if you miss a flash offer, you can join the waiting list. Many consumers may have added a Flash Sale item to their cart and need time to think about their purchase. If some choose not to complete the purchase, the item will be released and those on the waiting list will take precedence.

3. Use the right credit card

You do not need to have an Amazon Prime Rewards Visa Signature card to make purchases on Prime Day. However, if you have such a credit card, you should use it or, if you don't have one, apply for it quickly.

Normally, this card offers users 5% on Amazon purchases. But on Prime Day, you can get an additional 1% cash back for a total of 6%. It's a great way to offset the cost of your purchases.

While some will say Prime Day is over-hyped, the reality is that some savings are likely to be made. Use these tips to make the right purchases, avoid missing out on offers, and grab great rewards with your credit card.