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Hack Your Data Plan To Save Money, Browse Faster

By Frugaling 4 Comments

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Hacking a Computer and Smartphone Data Plan
Hackers Gonna Hack. Photo: Mr. Cacahuate/Flickr

Cellular data plans still cost a small fortune for many users. Data (measured in KB, MB, and GB) is being sent from cellular towers to main Internet lines, and this process often begets a premium to traditional broadband or cable. Unlimited data plans are often more expensive than limited options; if you’re frugal, you’re likely sticking with a pre-paid option.

If you’re stuck on pre-paid, family, or limited data plans, you might have lofty bills, angry siblings, and/or go data-less if you’re over the limit. The inherent problem with many apps is that they are constructed to be data intensive, rich. All the flash and pomp adds up. This can leave your monthly data plan on empty. With some forethought and these three applications, you’ll see your data plan have new power.

1. Google Chrome for Mobile (Android/iOS)

Chrome for OS Data Plan
The All-New Chrome For OS Will Save Your Data Plan

Over the last week, Google released major updates to the iPhone iOS version of its app. Branded as Chrome for iOS, users can activate bandwidth compression technologies that can reduce your data traffic substantially and speed up browsing. Here’s some more information about this development:

By having your web browsing flow through Google’s servers, the company can compress your data (and especially images) to help you save up to 50 percent of bandwidth while you are browsing. Google will not, however, use the proxy for any connections to any sites that use secure connections (HTTPS). (Techcrunch.com)

Like the rest of these apps, some settings must be enabled to engage in data savings. Most everything that Google releases requires an opt-in (especially if it has new privacy implications). The Google Chrome Blog details the necessary settings:

To start saving data and turn on an even more secure browsing experience, visit “Settings” > “Bandwidth management” > “Reduce data usage.” Then simply turn the toggle to “On.” From this menu, you’ll also be able to track how much bandwidth you save each month as you browse on Chrome.

2. Pocket (Android/iOS)

Pocket App Logo Data Plan Savings Hack
Save Your Favorite Articles Offline For Easy Browsing And No Data Plan Usage

Oftentimes, when flying, in no-service areas, and/or nearing the end of my data plan budget for the month, I need an app that gives me access to news offline and on the go. That’s why Pocket is perfect! It downloads everything to the app, in the background (whether open or not). When I save an article on my computer, it automatically syncs the article to my phone for access anywhere, anytime.

The app works smoothly on every platform I’ve ever used and the staff is inspirational in their design. It could not be simpler to use and setup. Once you start syncing articles for access offline (pictures and all), you may find that your data use is escalating. That’s why you need to go into the app and enable a simple setting.

Start by going to “Offline Downloading” within “Settings.” Under this main section, slide the switch on to “Download Only on Wi-Fi.” Now, you can have all the news articles and financial info downloaded right to your phone – no more browsing necessary – and without the massive bandwidth usage.

3. Mailbox (iOS)

The founder of Mailbox app wanted to design a program that finally treated email in a new, functional way. Instead of slowly going through the massive piles of email, the creative team at Mailbox devised a way to organize the clutter for easy reading and task management.

Data Plan Mailbox App Savings
Mailbox App Putting Mail In Its Place And Saving You Data

Unlike most mail apps for mobile platforms, Mailbox strips all messages of rich text, images, and videos. By limiting the type of information to pass through the email system, your phone can receive messages that are comparable to the size of a text message (very small). Moreover, you can expect email to be delivered faster and with less latency. A pretty wicked combo!

What smartphone apps do you use to save data? Do you have any programs that hog much of your plan? Any other apps that you’d recommend?

Filed Under: Save Money Tagged With: app, apps, cellular, chrome, Contract, data, Gmail, Google, ios, mailbox, os, plan, play, pocket, smartphone, wireless

The 5 Minute Guide To Reading Credit Card Terms And Conditions

By Frugaling 7 Comments

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Flickr Photo Creative Commons
Photo: Philip Taylor PT

What Are Terms And Conditions?

I applied for my first credit card in 2007. On that fateful day, I was approved for a cash back card, a small signup bonus, and given a starting credit score – all with no annual fee. The glory days were here! I was finally an adult, with a credit card.

But it wasn’t until I received the credit card in the mail that I finally spent some time reviewing all the fine print – the terms and conditions. Printed on fine, tissue-like paper was a series of rules – all in small, black font – that extolled the consequences of misuse and the agreements that I must follow. What had I signed up for?!

Now, as a frugal, thrifty, and penny-pinching maverick I’m here to tell you a simple truth: You need to read the terms and conditions before you signup for a credit card. Isn’t that simple? When you signup for a credit card, you’re entering a formal contract with a bank to repay all debts – no matter what. As a member of this contract, it’s important to spend some time reviewing these documents to make sure it’s a fair deal.

The Schumer Box

The Schumer Box for Terms and Conditions
The Schumer Box for Credit Card Terms and Conditions

In 1988, Senator Charles Schumer from New York introduced the concept of a box (“The Schumer Box“) that would graphically outline the details of credit card agreements and accompanying materials. The Senator’s idea became a law and took effect in 1989. Essentially, the Senator was pioneering what education and literacy experts were arguing for: An easier way to read financial documents.

Included in the Schumer Box:

  • Any annual fees
  • Annual percentage rate (APR)
  • Other APRs (i.e., balance transfers, cash advances, default APRs)
  • Grace period
  • Other transactions fees

Jargon and complicated contract law had largely prevented people without excessive degrees – or letters behind their name – from understanding what the heck was being said. The Schumer Box was an easy interface for everyday people, and it increased comprehension across socio-economic divides.

But in 2007, as I applied for my first credit card, the Schumer Box didn’t help me.  I wasn’t paying attention, and was just too “grateful” to realize I need to critically evaluate the documents in front of me. These days it’s easier to find out more information online. For example, you can read a review of the Chase Sapphire Reserved card and get some critical details at a glance. This is key: Better to prepare than react when it comes to finances and debt. Actually, it’s better to prepare in every facet of life – finances should be no different.

The Credit Card Act Of 2009

In 2009, the Credit Card Act was signed into law. The goal of the legislation was to

“…establish fair and transparent practices relating to the extension of credit under an open end consumer credit plan, and for other purposes.”

With the lofty desire to enhance the transparency of credit card terms and conditions, the CARD act encouraged companies to create shorter documents that were easier than ever to understand. A variety of stipulations such as overlimit fees and distress-inducing repricing actions were nearly eliminated. These fees normally hit low-income and lower-middle-class households. They were being nickel and dimed by a variety of these increases and fees – with a seemingly unregulated market for swift changes that targeted consumers trying to pay off credit card debt.

Isn’t it ironic that a law aiming to increase transparency used direct financial jargon to explain the purpose? Nonetheless, “open end consumer credit” is a credit card and/or revolving line of credit that is issued by a bank to a consumer (you). The Act told credit card issuers to find ways to explain their products, terms, and liabilities in plain English. But like so much legislation in Congress, it didn’t have teeth.

“One of the expressed goals of the CARD Act was to improve transparency in the credit card market, but the Act did not explicitly mandate any changes in the length and form of credit card agreements.”

Despite the cautious recommendation to streamline and enhance comprehension, credit card companies actually conformed to these new standards and tended to aid in the presentation of credit card terms and conditions. Between 2008 and 2012, the average word count of agreements fell 24.4% (see picture below).

Average Word Count Decreased Between 2008 To 2012 For Terms And Conditions
Average Word Count Decreased Between 2008 To 2012 For Terms And Conditions
Flesch-Kincaid Reading Analysis of Credit Card Terms and Conditions
Flesch-Kincaid Reading Analysis of Credit Card Terms and Conditions

Along with shorter agreements, the banks issued terms and conditions that were easier to read. In 1948, Rudolf Flesch introduced a simple mathematical formula that suggested a grade level equivalent for the amount of text, sentence structure, and word choice. Using this method of analysis, the credit card companies have lowered the average reading level from 11.5 to 9.8 from 2008 to 2012. By doing so, the banks made agreements more accessible and easier to understand; frankly, they became fairer instruments, as both parties could better understand what they were agreeing to.

What Does This All Mean For You?

Next time you’re thinking about signing up for an awesome rewards credit card, think about the terms and conditions you’re ultimately agreeing to. Scientifically speaking, it’s easier than ever to understand and comprehend what a credit issuer is offering. By taking some time to critically evaluate what’s being shared, you can save yourself lots of heartache down the road. Use the Schumer Box to check for ancillary fees and exorbitant annual percentage. Use the CARD Act’s regulations to read carefully through the agreement and don’t hesitate to ask the issuer questions before you sign the dotted line.

Do you read the terms and conditions before you signup for a new credit card?

Filed Under: Best Credit Cards Tagged With: Banking, Banks, Card, Conditions, Contract, credit cards, Guide, Help, Information, Reading, Regulations, Rules, Schumer Box, Signup Bonus, Terms

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