Mobile shopping can save you both time and money.  You can use your cell phone to help you shop around and get the best deal possible or you can use your mobile device to purchase things online.

The use of your cell phone to help you shop and get better deals is quickly catching on with younger and even older generations. Mobile shopping is becoming increasingly popular as cell phone technology and network speeds continue to improve.

There are many tools out there to help you, and we will go over a few different ways to use your cell phone to help you be a better shopper.

Product Research

Doing your research is key if you want to save money when you’re out shopping. Some people do plenty of research before they leave their house about the best deals, but there area always certain products and deals that come up while you are out shopping that you did not research. Epinions is a great website to access from your mobile web browser to help you perform product research on the go. The website is comprised of a social network of users that write product reviews and rate each other’s reviews its usefulness.

Comparison Shopping

One of the hardest parts about shopping is that you get caught up in the moment of a good deal. You may find the LCD TV you want for a given price, and it looks to be a good deal, but you’re unsure if you can get it for a better deal somewhere else. Using your cell phone helps you figure this out right away, not when you get back home after you bought the TV.

Try Price Grabber on your mobile web browser to compare products and prices. FruCall is another great website that gives you three different options for comparing prices and products. You can call their 1-800 number, text them the ISBN number, or check out their mobile website.

Capturing Information and Social Shopping

My first experience with using a cell phone to help me shop was when my wife took a picture of a kitchen appliance that we had been looking at and sent it to my phone to view. Many of you have cell phones that capture photos and videos, but watch out, because many stores don’t like you taking photos or video of their products. They don’t want it getting in the wrong hands, their competitors! So, try to respect the wishes of a retailer when taking photos or videos of a certain product.

Dressing rooms are becoming social networks at places like Bloomingdales and the Gap. This article from Forbes Magazine talks about retailers beginning to offer interactive dressing mirrors that will take a photo of each outfit you put on, so you can look at it again later after you’ve tried everything on. Bloomingdales and Prada are also installing webcams and microphones into the dressing rooms to allow friends or family members to log on to their website and see you in your new outfit in the dressing room. I sure hope those webcams have good security on them!

Shopping On Your Cell Phone

mShopper is a newer web application that you can access from your cell phone to shop online. mShopper will search for the best online deal and help you make a quick purchase straight from your cell phone. You set up your account’s financial information and shipping information and saves it. When you want to buy something, type in your pin number, and your item will be purchased and sent to your door step.

You can also use your mobile web browser to shop online and buy items straight from your cell phone. You may want to check a store’s website first before you purchase it, because many retailers offer web deals to encourage online spending. Retailers save money when you purchase online, because it costs them less to deliver the good or service to you.

Mobile Shopping & Banking

So, are you ready to start shopping on your cell phone? Take the time to learn the ins and outs of mobile shopping and you can save yourself both time and money.  Cell phones aren’t limited to just shopping, you can use them to access your money as well.  For information on mobile banking, check out our mobile banking review.

I’m convinced that someday we will be able to perform every task imaginable on our cell phones. Apple is getting close, but there are still some functions you can’t perform in your every day life with a cell phone. The break through of mobile banking technology on your cell phone is just another attempt at helping you perform another every day function from the convenience of your cell phone.

Do you need to transfer money from one account to another? Do you need to check your available balance before making a large purchase? Mobile banking is the way to go for those of you who don’t want to use the automated robot that answers the customer service number. In this article, I’ll highlight the major players in the mobile banking sector, costs associated with it, the capabilities available, and benefits/consequences of mobile banking.

Major Banks Offering Mobile Banking

• ING Direct
• Bank of America
• Citi Bank
• Chase
• Wells Fargo

Which is the best? I haven’t tested all of these, because it would require me to have a bank account at all of these institutions, which I don’t. I’ve tried Bank of America’s, and it’s pretty basic. For someone that has an iPhone or another phone that displays the internet as it appears on computers, simply logging into online banking is the easier way to go. Many of these banks listed offer a text message option that gives you basic information such as account balance and recent transactions made.

Capabilities

• Quickly check account balances
• Transfer funds from one account to another
• Online bill pay
• View recent transactions made
• See if a check has cleared
• Look for a nearby ATM

How To Sign Up

You must be signed up with the bank’s online banking system in order to use their mobile banking application. For instance, if you have a Bank of America online username and password, you would use the same user name and password to log in to the mobile banking application. Some banks such as Citi Bank and Wells Fargo require that you enroll in their mobile banking application online while signed into your online banking account. This is so you can also use the texting feature that gives you a basic snapshot of your account just by texting a certain number.

Benefits and Considerations

The benefits to mobile banking are obvious. Convenience is what we all strive for in life when it comes to technology. We love technology that makes our life easier. The fact that we can access our bank accounts, make money transfers, and pay bills all from the convenience of our cell phone is a beautiful thing. it might also prevent you from getting more bank fees, because you can constantly update yourself on your account balance.

The considerations of mobile banking are security, ease of use, and reliance on a cell phone signal.

Security – All of the major players claim to have high levels of security on their mobile devices, but the reality is that you are still transmitting financial information over the air waves. Plus, some of your financial information could be stored on your phone without you knowing it, and if you lose your phone, that could be trouble.

Information Week took a look at what some of the providers are doing to secure mobile banking:

Citibank: Transactions conducted using its Citi Mobile service are secured with 128-bit encryption, the same technology that’s used at Citibank.com. The cell phone doesn’t store any bank account information.

 

Bank of America: Customers using its mobile banking service are protected by the bank’s SiteKey security technology, where they would have to answer a series of questions to access their account. Information remains encrypted when it’s sent between the phone and the bank.

 

AT&T: Once the carrier rolls out mobile devices with a pre-loaded banking application, which will include access to banks like Wachovia, BancorpSouth, Regions Financial, and SunTrust Banks, it will have the ability to remotely wipe the device clean of personal data if it’s lost or stolen.

Ease of Use – Some of these applications, including the ING mobile banking, have been criticized for not being easy to use. However, I am sure that many of these problems are solved when using a phone with a full QWERTY keyboard.

Signal Access – The other consideration is that many people might start relying on mobile banking as their sole way of managing their bank account, but cell phone signals are still not omnipresent. It’s tough to get a signal in tall buildings and there are many gaps in the country and in the mountains.

Costs Associated With Mobile Banking

As far as i know, the only costs associated with mobile banking are standard text messaging rates when using the text feature to retrieve basic information about your checking account or credit card. Enrolling in mobile banking is completely free for all of the major banks that offer the service.

Will it Catch On?

According to Bank of America, they have over 800,000 mobile banking customers and counting, yet they over 25 million customers total so that’s a small percentage. Most of their mobile banking users were people under the age of 35, which doesn’t surprise me, because Generation Y prefers doing all of their business over the internet.

Personally, I don’t use mobile banking, because I’m never far enough away from a computer throughout my day to need to do my banking business online. However, I don’t have a nice cell phone with mobile internet use. I’m sure if I had an iPhone or a Blackberry, I’d be more interested in using the feature. We want to hear from you. Do you use mobile banking? What was your experience with it?

What is True Credit?

True Credit is a credit monitoring service that allows you to check your reports and scores from all three credit bureaus each month.

Do you really need to monitor your credit reports?

Well, depending on who you ask this service is either a valuable lifeline or a total and complete waste of money.

Let me be frank: If you are able to walk into any bank or auto dealership in America and have them roll out the red carpet for you, then you do not need this service! You can simply check your free credit reports once a year, look for inaccurate information, and give yourself a well deserved pat on the back for expertly managing your credit.

However, if you are like the rest of us, and your credit score needs a little work, then yes, this service should be invaluable to you.

Personally, I monitor my credit each month through a service called True Credit. Using this service has allowed me to raise my credit score over one hundred points (yes you read that correctly) and it has prevented me from accidentally lowering my score by applying for things I might not get approved for. Forewarned was forearmed in my case.

The Lowdown:

For $15 a month True Credit bought me access to all three of my credit reports and scores in an easy to read format. The sad fact is, not all of my creditors were reporting to all three bureaus, and I was shocked to find that my score varied wildly from place to place.

How True Credit Helped Me:

1. As soon as I signed up I was able to look at my reports from all three credit bureaus. It turns out, I had incorrect information on all three credit reports. I was able to immediately challenge an incorrect past address, and several old collection accounts that had already been paid off but were still reporting as open accounts. That is what raised my score.

   Now, it is important to note that you do not have to pay for a credit monitoring service to challenge items on your credit report – that is free. However, having everything in one place, printable, and easy to compare side- by- side made the process much easier for me. In my opinion that alone was well worth the $15 because it saved me time and stress.

2. I had a former friend who stole my personal information and used it to open an account in my name. I had previously resolved that issue, but keeping tabs on my report each month lets me be very, very sure that they do not do it again. Once your personal information has been stolen, you can never really be sure that the thief won’t use it again, or give it to someone else.

   Using True Credit gives me enormous peace of mind. No more identity theft here – I’m going to know it as soon as it happens and be able to take action on it. They also give me the ability to freeze and un-freeze my credit report with the click of a button. If I ever do notice suspicious activity, I can stop it right then and there.




3. Knowing my credit scores has save me from making several bad decisions. Once I knew what my score was I stopped applying for credit card offers that I probably could not get approved for, like platinum cash back rewards cards. Before, when I did not know my credit score, I always figured,

   “What the heck? Maybe I will get approved and that is a good offer!”

   Now, let me tell you that was the wrong way to go about it. Applying for any new loan can lower your credit score so while I was happily applying (and getting rejected) for several cards a year, my score was plummeting.

4. True Credit allowed me to time the purchase of our last car. I was able to wait until my score had gone up some (and because I monitored them, I knew exactly what all three of my scores were). Because of that, we were able to finance at a better interest rate than we would have gotten several months earlier, and we came out on top of the deal.




5. I noticed an interesting psychological effect - Once I started paying to monitor my credit, I started taking my score more seriously. I felt more in charge, and more comfortable with the credit side of my finances. It would be interesting to know if any of you have had that same effect come from monitoring your credit? Did you notice any change in the way you handled things while you were monitoring vs. when you were not?

Now, again, paying for a service like this may not be your cup of tea. I can only tell you that I have found it to be an essential part of rebuilding my score. If you are facing some similar challenges, then it will probably benefit you to take a look at it.

Free Trial: True Credit is offering a 30 day free trial that will let you try out the service and see your TransUnion credit report and score for no charge. Click here to get the free trial.

I also found an excellent walkthrough on YouTube. It’s about eight minutes, so if you’re at work, you may want to wait until you get home to watch it. It gives you screenshots, guides you through the process of looking at your reports, and even covers some additional features that I didn’t mention here.

How about you? Have you ever used a credit monitoring service?
Do you think it’s worth the money?

Leave us a comment below and give us your opinion!

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