PolicyTray

Insurance Blog

Tips for safe online shopping



Money going digital has brought in a lot of benefits as well as threats.

Here’s how you can protect your family from identity theft and other online scams.

1.      KNOWLEDGE

It’s true that knowledge is power. In fact, the more you stay educated and open minded about these things, the safer you are. Know that the two main ways that using money online can hurt you is – deception and invasion. The risks you face while shopping online are much, much different compared to the risks that you face when you shop in a physical store. You not only need to protect yourself, but also your information.

 

Also Read: Personal finance for Teens

 

2.      INVEST

Buy a good anti-malware program.

It’s funny how many people fail to install good anti malware devices, but still they complain about their computers and bank accounts being hacked!

It is critical – and absolutely mandatory that you have all your devices secured from Viruses and other attacks.

Keep updating your antivirus soft wares, and make sure that your PC’s security settings are optimised. 

3.      CREDIT CARD

Although we have covered several articles on avoiding the sue of credit cards, it is suggested that you use your credit card while shopping online, because credit cards can be a safer choice for online shopping. When hacked, it causes less damage than a debit card – because of the very obvious fact that it is not directly linked to your bank account!

And more over, credit cards have a spending limit, and thus it works both ways – you are safe and you end up saving!

WRITTEN BY: BALAKARTHIGA.M

Also Read: Five money habits you need to master

Using credit cards wisely



Using your credit card wisely, is extremely important because it can save you from a pit hole of debt, later.  In order to survive the set of deadly traps, it is important that you set of essential skills that protect you against potential pitfalls.

So, here are some few tips with using credit cards, wisely.

COST INCURRED

You need to know that credit cards are actually high interest incurring loans – but in disguise. Credit card doesn’t mean easy money. In fact, it’s the exact opposite! It means loaned money.

When you buy a card, select a card that is low on interest. If you own a card that has a very high interest rate, it means you are simply not being intelligent with your credit card!

Make sure that you repay your credit card bills on time so that you don’t end up having a huge pile of late fee and other penalties.

Read the fine lines and between them when it comes to credit card agreements.

REGULAR CHECK UP

Review your bills and statements every month or as regularly as they are needed.

Credit cards are only tools that allow you to have your money in different ways. Use them with some common sense and clear financial decisions. Keep track of all your bills and purchases. Having an eye out for fraudsters can sure help keep your wealth safe. If you notice something even remotely suspicious do not be afraid to call the customer service up and ask for help.

EMERGENCIES

It is advised that you can cash whenever possible, and keep your credit card away as a source of emergency fund. Minimising the use of credit cards can decrease your debt. We know that it can be easy to pull out the card and swipe it whenever you make a purchase, but that’s only going to make your interest rates grow out of control.

In short, do not make credit cards a habit.

Do not use your card like it is a free source of money. 

POSTED BY: BALAKARTHIGA.M