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Home >> Manage Your Money >> Personal Finance
Shopping Online Smarter and Safer
More and more people are doing more and more shopping online, and for good reason. There is often excellent pricing and you get the convenience of buying from your home computer. But there are risks when you shop online. There are also risks when you drive to the mall. But the online risks are different. This article is meant to help you shop online while understanding and mitigating your risks.
Tip 1 - Know what you are buying. Make sure when you find that item you want, that you read the description and don't rely on the small picture. Read the size, the dimensions, the weight and any other facts so that you can best picture what it is you will get.
Compare product pricing with sites like Froogle and PriceGrabber. And look at the total cost to include shipping. Some merchants offer free or low-cost shipping while others charge high rates, especially for faster delivery.
Tip 2 - Who is the merchant? This is generally not an online auction; it's shopping at an electronic store. You may be looking at a major retailer or someone making soaps in their kitchen and shipping them from their living room. Look for a physical address and a telephone number and search the web for comments about the retailer. If you are looking at a major retailer such as Wal-Mart or Target, you could make your purchase online and if the item doesn't meet your expectations, you can return it to a local store. This can save you time and money, and will expedite the refund process. If desired, you could ship the item back to the seller.
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Tip 3 - The little things. Look for items that are in stock and when they will ship. What are the costs for the shipping that will get you your purchases in time? This is a reason you want that physical address and telephone number. You also want to see a customer service email address. Feel free to call or write and verify that what you want is in stock and ready to ship. If it isn't, but you're willing and able to wait, ask when they will bill you. And when you make that purchase online, look at your browser window. Two things you want to see are an "s" in the URL address -- "https//..." means "secure" -- and on the lower right look for a golden padlock. These signify that a secure transaction is about to occur. If you don't see either of these, you may be entering your confidential buyer's information and exposing it to almost anyone.
Tip 4 - Debit or Credit. Always use your credit card. Credit laws provide your credit card purchases with protections that debit card laws do not. Many banks offer you zero liability on credit cards or in some cases you could have a $50 liability if you make a purchase and are dissatisfied with your merchandise. Some debit cards with the Visa or MasterCard brand also have zero liability, but only for transactions you don't authorize. Also, during any claims investigation your deposit dollars are tied up when using a debit card.
Another feature of many credit cards is the ability to obtain a one-time credit card number. This one-time number will be used only once and then expires. If it is discovered later by a thief, it will no longer work. Check with your credit card company to see if they offer this service.
Tip 5 - E-Clip Coupons. You may get a better bargain with coupons. There are web sites that offer online coupons. Two are CurrentCodes and RetailMeNot. These coupons are free to use and are often encouraged by the merchants. They want to bring in business and this is just one more way.
Published on BankingQuestions.com 12/14/06
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