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Don’t Store Your Credit Card Information Online Without Reading This First

By U.S. News & World Report

Nearly 100 million Americans have their credit card or debit card information stored on a website or in an app to help them make purchases faster in the future, according to a recent study by CreditCards.com.

[See: 10 Ways to Protect Yourself From Online Fraud.]

It shouldn’t be surprising. We all have to-do lists that are a mile long, and anything that will help us take items off those lists more quickly is like a gift from heaven — even if it only speeds up things a little. Storing your credit card information can do just that. No more worrying about whether that monthly subscription gets paid. No more fumbling through your purse to find your card. No more squinting to read the security code on the back of the card. You simply go to the site, give it your credit card information and you’re on your way.

While it might be convenient to store this information, is it wise to do so?

As with so many questions involving your money, the answer is this: It depends. For the most part, storing your information on a shopping site should be just fine. However, it is not without some risk, and it’s important that you understand that before you entrust a retailer with your precious data.

Here are a few things to think about before storing your credit card information online.

[Read: 10 Ways to Keep Your Phone Safe.]

It’s easier for hackers to use, too: There’s no doubt that storing your credit card information on a site or in an app makes it easier for you to make your purchase and move on to the next thing on your to-do list. Often, all you have to do to is select the stored card from a pull-down menu, and you’re set. You don’t even have to enter the card security code. It’s easy and convenient. The problem is that if your account gets hacked, it makes it easier for bad guys to shop there using your card, too. That’s about the last thing you want.

Not all stores are created equal: When you’re in an unfamiliar neighborhood in real life, you probably handle yourself a little differently. You’re just a little more cautious, just in case, and you’re a bit more likely to trust your gut when things don’t feel right. Shopping online should be treated the same way.

It’s one thing to store your card information at familiar sites, such as Amazon, Apple or Netflix. However, it’s a totally different thing to save your credit card details on a site that you’ve never heard of, gets bad reviews online or generally gives off an icky, something-just-doesn’t-feel-right kind of vibe. That doesn’t mean that you should only use the biggest name-brand shopping sites. It just means you should take a little extra care when you veer off the beaten path. So maybe, for those sites, take the time to enter your card info for each purchase rather than storing that info online.

[See: 10 Completely Careless Credit Card Mistakes You’re Making.]

Better to store credit cards than debit cards: When it comes to online security, credit cards are always a better choice than debit cards. It’s simple: If a bad guy gets hold of your debit card information, he can steal real money out of your bank account and cause you real problems when you’re trying to pay those oh-so-real bills. Sure, you’ll almost certainly get that money back thanks to banks’ zero-liability policies, but it might take a while. In the meantime, you might have to scramble to figure out how you’re going to get those bills paid. With credit cards, that’s not an issue. Oftentimes, the fraud amounts to not much more than a nuisance. You’ll get a new card and may have to make a few phone calls or change some numbers on a few websites, but that’s a whole lot easier than dealing with missing cash.

Yet another reason to be diligent about your accounts: The more you put your information out there, the more you need to work to keep an eye on it. Check your credit report regularly at AnnualCreditReport.com, just to make sure everything is in order. Also, visit your credit card issuer’s website and your bank’s website at least once a week to check for any unauthorized charges. Yes, we’re all incredibly busy. However, we still find time to check Facebook, Instagram and Pinterest 10 times a day. Just carve out a couple of minutes once a week — even if you have to put it on your calendar to ensure you do it — and you’ll be taking a big step forward in protecting yourself from credit card fraud.

More from U.S. News

What to Do If You’ve Fallen (Way) Behind on Your Credit Card Payments

12 Simple Ways to Raise Your Credit Score

Basic Money Lessons You (Probably) Missed in High School

Don?t Store Your Credit Card Information Online Without Reading This First originally appeared on usnews.com

Don’t Settle for Student Loans to Pay for Online Education

By WTOP Staff
Online college programs are becoming a more popular choice for prospective students, with one study finding that more than 6 million students enrolled in at least one online course in fall 2015. The popularity of these courses can be attributed in part to their flexibility with working adults' schedules, students' ability to progress more quickly through online programs and, oftentimes, cheaper tuition. [See 10 low-cost online bachelor's programs for out-of-state students.]Online degrees can be beneficial to many college students, but some studies have shown online learners complete their programs at lower rates than students at traditional brick-and-mortar campuses. Individuals with student loans but no degree comprise two-thirds of defaulted borrowers. Though these numbers are not encouraging, just like for traditional programs, there are ways to reduce how much you'll need to borrow for an online program to ensure you won't become one of these statistics. Don't just settle on borrowing student loans to cover the whole cost of your program and living expenses. Instead, start thinking about how to cut costs and cover your balance in different ways, such as the following. -- Grants and scholarships: Even though you are taking an online course, you can still apply and receive grants and scholarships. But your first step should be to complete the Free Application for Federal Student Aid, commonly referred to as the FAFSA, which will allow you to receive a Pell Grant if your expected family contribution is low enough. The EFC criteria and award amounts are adjusted annually, but the 2017-2018 academic year awards range from $606 to $5,920, which could significantly lower the amount you borrow annually. Your next step is to apply for scholarships. You can start by checking online scholarship search engines, such as the Salt Scholarship Search, College Board's BigFuture and Peterson's. But don't forget to take advantage of local organizations and your school's financial aid office. Both may offer scholarships that you can't find with a national scholarship search. [Review these 10 sites to kick off your scholarship search.]For instance, organizations like the Elks Club, Knights of Columbus or the Rotary Club typically offer scholarships annually to local students. Just because you're going to school online doesn't mean you're ineligible. Visit your local library for scholarship listings, and ask around town. You might be surprised how many local organizations offer scholarships. While these scholarships typically aren't large, every little bit counts. Each dollar you receive in a scholarship is a dollar you don't have to borrow and pay interest on. -- Work-study: Another option for online students may be work-study awards. Not all students enrolled in online programs are eligible, but students at some schools -- including, for example, SUNY Empire State College and Liberty University -- are. Work-study awards are not given upfront like scholarships and grants. In most cases, they are an offer to earn up to the awarded amount if you secure an eligible work-study job. While there is a misconception that all work-study jobs must be on campus, students can work for off-campus, nonprofit or public employers as long as the work is in the public's interest. You may be able to work for a for-profit employer if the job is relevant to your course of study. No matter who the outside employer is, it will need to have an established agreement with your college for you to receive work-study funds. Remember, to be eligible for federal financial aid, you must be enrolled and pursuing a degree or certificate. If you're not working toward a credential, Pell Grants and work-study won't be option, but you may still be able to take advantage of private scholarships -- just be sure to read the eligibility criteria carefully. [Explore what to know about financial aid in online programs.]-- Pay as you go: One of the great benefits to enrolling online is the flexible schedule, which can allow you to complete your college coursework around your responsibilities. But prospective students often overlook using their part- or full-time job earnings as an option for paying for college. Almost 80 percent of college students in 2015 worked at least part time while attending classes, according to the National Center for Education Statistics. By budgeting and thinking strategically about your college costs, you can likely reduce your dependence on student loans by paying a portion out of pocket. Many -- but not all -- online programs are less expensive than traditional programs and often have shorter payment periods. Six, eight or 10 weeks are common course durations. Because of the frequency of payments in an online setting, you may be well-placed to pay as you go and possibly avoid borrowing altogether. Attending college online and avoiding student loans may be challenging, but if you are willing to put in the effort, you can limit the amount you need to borrow. More from U.S. News Q&A: Understanding Student Loan Discharge Eligibility Student Loan Refinancing Isn't Right for All Borrowers
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