How to Make the Most of Amazon Prime Day

Here's how to snag great deals and reap savings.

It may be fair to say that Amazon Prime Day is the most anticipated shopping event of the year. This year, the two-day event is scheduled for July 12 and 13, and in the course of those 48 hours, consumers have an opportunity to score deals on hundreds of items, from toys to apparel to electronics.

Ideally, you've been saving money in advance of Prime Day so you can benefit from those great deals without racking up debt. (If not, you may need to skip Prime Day this year.) But hitting it big on Prime Day may also require the right strategy. Here's how to make the most of those bargains once they start rolling in.

1. Do your research beforehand

You may have some big-ticket items you're hoping to snag on Prime Day. If so, do yourself a favor and research them in advance. That way, you'll be able to see if the prices being advertised are really a bargain.

It also pays to see what other retailers are charging for those same items, or similar ones, ahead of Prime Day. That way, you can do a quick comparison and know whether to act on a deal or pass.

2. Sign up for alerts

A big part of Prime Day is Amazon's lightning deals. Think of these deals the same way you would Black Friday doorbusters. The savings tend to be substantial, but the quantities tend to be very limited. As such, if you don't act quickly on a lightning deal, you could end up losing out.

Now, if you have an actual day job to hold down, you may not have the option to sit there staring at your laptop screen waiting for deals to stop. But what you can do is sign up for alerts using the Amazon app or Alexa. That way, you can get notified when specific items you want go on sale.

Keep in mind that if you miss out on a lightning deal, you can sign up to join its waitlist. It may be that many consumers added a lightning deal item to their cart and need time to contemplate that purchase. If some opt not to complete it, the item will be released and those on the waitlist will get first dibs.

3. Use the right credit card

You don't have to be an Amazon Prime Rewards Visa Signature Card holder to shop on Prime Day. But it pays to use that credit card if you have it, or apply quickly if you don't.

Normally, that card gives users 5% on Amazon purchases. But on Prime Day, you can snag an extra 1% cash back for a total of 6%. That's a nice way to offset the cost of your purchases.

Although some people will tell you that Prime Day is overhyped, the reality is that there probably will be savings you can reap. Use these tips to score the right purchases, avoid missing out on deals, and snag some awesome credit card rewards in the process.