Cyber Monday is sure to bring some fantastic deals, but it can also bring out some cyber criminals as well. Here are some tips for safe shopping, so you can protect yourself, your bank account, and your credit while doing your holiday shopping.
There are sure to be fantastic deals all over the internet on Cyber Monday, and many people will be taking advantage of the opportunities to be had. USA Today reports that Black Friday 2011 broke sales records and gave a much-needed boost to the economy. Cyber Monday is anticipated to follow suit; last year, Cyber Monday was the biggest online shopping day of the year. This is great news for consumers and merchants, but don’t let it be great news for cyber criminals who want to take advantage of the surge in online buying. Here are some ways you can protect yourself online.
First and foremost, use a good credit card for online shopping so you can have peace of mind for fraud protection. Some debit cards have fraud protection as well—some even give a similar level of protection as credit cards—but consumer protection varies on debit cards since lawmakers categorize debit cards differently than credit cards. Additionally, when there’s fraud on your debit card, there’s essentially fraud on your checking account.
Ideally, you should only spend on a credit card what you can afford to pay off when the bill comes. Alternatively, if it may be a few months before you can pay off your holiday shopping bill, chose a card with the lowest APR possible. If you have excellent credit, the Capital One Platinum Prestige Credit Card may be a good choice for you since it has 0% APR until February 2013 and $0 Fraud Liability protection. There’s no annual fee for this card, but after February 2013, you will be charged a 10.9% - 18.9% variable APR.
After you’ve armed yourself with the protection of a good credit card, you should make sure you’re only shopping on a secured connection (like at home or at work). Open WiFi connections at your local coffee shop do not qualify, since anyone with a WiFi scanner could access all of the information you’re transmitting while shopping. You also should never email personal financial information, including credit card numbers, since email is an unsecured medium. Legitimate online retails should never ask you to email credit card or bank account information.
Additionally, you shouldn’t save credit card information on your mobile phone, tempting as it may be. Not only do you have to worry about your card information being compromised if you lose your phone or have it stolen, other mobile applications on your phone may be able to access the card information as well—even if you haven’t directly given them permission.
If you take the proper precautions, Cyber Monday (and online shopping in general) can safely provide shoppers with significant savings—which you can then use to boost your investment accounts.
ING Direct is back with their annual Black Friday sales event. As part of this event, ING offerering over $250 in bonuses to consumers who open certain accounts.
ING Direct is back with their annual Black Friday sales event. As part of this event, ING offerering over $250 in bonuses to consumers who open certain accounts. This year, the bonuses are as follows:
$107 Electric Orange account opening bonus
Open Electric Orange November 25th - 27th and make a total of 5 purchases (either signature or PIN-based) using your Electric Orange Card or Person2Person Payments (or any combination of the two) within 45 days.
Your $107 bonus will be automatically deposited into your account on day 50.
Bonus only available for new Electric Orange checking. Only one bonus will be provided per household.
$27 Kids Savings Account opening bonus
Open a Kids Savings Account November 25th - 27th and receive a $27 bonus into your new account. Only available when you open a new account with at least one new Customer (either you or the kiddo must be a new Customer to ING DIRECT).
$27 bonus starts earning interest upon account opening, and is available for withdrawal after 30 days.
There's no minimum deposit amount required. 0.90% Variable Annual Percentage Yield effective as of 10/21/2011.
$32 MONEY account opening bonus
Open MONEY November 25th - 27th and make 1 Card transaction (either signature, PIN-based or with PayPassTM) using your MONEY Card within 30 days and you'll receive a $32 bonus into your new account. (Keep in mind, the teen gets the Card.)
Your $32 bonus will be automatically deposited into your account on day 35.
There's no minimum deposit amount required. 0.25% Variable Annual Percentage Yield effective as of 7/13/2011.
$100 401K Roll Over
Roll over your 401K with a Sharebuilder IRA and get $100.
Roll over or transfer in a qualified retirement account of at least $5,000 before 12/31/11 and you’ll receive a $100 bonus by January 16, 2012. Transfers from ING DIRECT, fsb and affiliates do not qualify. The bonus will count towards your 2012 contribution limit and will be reported on your Form 5498.
These bonuses last 3 days from Friday , Nov 25, 12:01am ET - Sunday, Nov 27, 11:59pm ET.
Local banks in Florida are offering some attractive savings account rates according to the BestCashCow database. The average U.S. local savings account rate has dipped to 0.22% APY while the average online bankrate is now 0.81% APY. We found some local Florida banks offering rates better or close to the best online savings rates. If you happen to live close to these banks, they are worth a look.
Biscayne Bank leads the pack with a 1.00% APY savings rate with a paltry $1 minimum balance. It wasn't so long ago that 1.00% was a pretty low rate but nowadays it's close to the top. The bank has two branches located in Miami, was founded in 2005, and has $232 million in assets. Assets have grown from $81 million in 2006. The bank has a Texas Ratio of 16.64% versus the national average of 21.06%.
First Florida Bank is offering a 0.85% APY savings account with a $300 minimum balance. The bank has two locations in Destin, FL, which is in the upper panhandle between Talahasee and Mobile. The bank's assets have grown from $27.5 million in 2006 to $175 million in 2011. Its Texas Ratio is 21.66% versus he national average of 21.06%. First Florida was founded in 2006.
Gulfsouth Private Bank is offering 0.80% APY on its savings accounts with a $1,000 minimum balance. Gulfsouth was founded in 2005 and has five branches located in the upper panhandle once again between Talahasee and Mobile. This areas seems to be the golden location for high savings rates in Florida. The bank has a Texas Ratio of 110%, which is much higher than the national average of 21.06% and should be a warning sign. High Texas Ratios can be a sign of bank stress. Assets have grown from $72 million in 2006 to $209 million in 2009 and have come down to $187 million in 2011.
Destin, Florida strikes again! Community Bank, Destin is offering a 0.75% APY savings accoun rate with a $100 minimum balance. The bank has one branch in Miramar Beach, FL which like First Florida Bank is in the upper panhandle between Talahasee and Mobile. The bank was founded in 2007 and has seen its assets grow from $35 million to $82 million in 2011. The bank has a Texas Ratio of 7.39%.
Don't Live Near These Banks?
Another option is to consider opening a savings account online. Online savings account offer attractive rates, low minimum balances, and the convenience of banking from home. Some featured accounts are:
Discover Bank is offering 1.00% APY with a $1 minimum balance.
CNB Bank Direct is offering a 1.00% APY with a $1 minimum balance.
Clear Sky Accounts offering a 1.04% APY rate with a $1 minimum balance.
Getting the best rate makes a difference. To understand how earning half a percentage point can put a lot more money in your wallet over time, please visit our financial knowledge section. It pays to get the best rate.
