Archive | Credit Cards

Low Credit Score: Everything You Should Know

Credit-Score

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If you have a bad credit score, it can feel as though the world is against you. You have probably heard the word ‘no’ a million times since your score got low. Your credit history can affect all areas of your life, and you might feel like you have no options available to you. If you don’t know where to turn, you have to take action yourself. Sometimes, the shock of the situation can make things super tricky. That means that you need to think about what you can do right now to make a difference. Here is everything you need to know.

Credit cards can help you

Many people think that having credit cards is the cause of their problems. If you think that your credit card is an endless source of cash, you will get yourself into trouble. When you accept that your card is a finite thing, you can start using it to your advantage. For example, if you have to pay for an expensive thing, such as a vacation or a device, you should do so on your credit card. Immediately afterward, you  need to pay off the outstanding balance. If you do this a few times, you will find that your credit score improves.

Talk to your bank manager

The first thing, you should do, is talk to your bank manager. You may have avoided taking this step in the past, but now it is time to take action and do it. You should not fear what the manager will say. Go in there with an open mind and ask for help. The bank penalizes people who don’t seek their help. In fact, if you don’t talk to someone about what is going on, you could find that they start to charge you. It will feel much better once you have booked an appointment and taken responsibility for your finances.

You can work on your score

Do you realize that you can work on your credit score? Some people think that there is no way they can boost their score. They believe that once they have damaged their score, it is too late to do anything about it. That is not the case at all. In reality, there are many ways you can boost your credit score. If you start to make a plan of action, you will find things easy. Think about ways in which you can improve your credit score and start from there.

It is possible to lease a place

One of the great many myths about credit history is that it will prevent you from doing necessary things. Some people will tell you that having a poor score will stop you from leasing a house. That is not true. Sure, some companies might be dubious about your financial situation, but you can lease a home with damaged credit. It is myths, like this one, which prevent people from moving forward and taking control. When you fear that things might get worse in the future, you will find it super hard to do anything at all.

Money management is key

You need to start managing your money. When you are ready to deal with your finances, management will be critical to your issues. If, in the past, you have found it difficult to track your spending, now is the time to do something about it. Start keeping a spending journal each day. It might sound a little silly, but it will help you to understand where your cash is going. If you have a written account of your expenses, you will find it simple to start cutting back and saving money.

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Why using Debit Card is beneficial

Not many years have passed from the time when people went to go to the bank to get cash from the bank account only after they filled out a withdrawal slip. However, this was solved in the 1990s, when the level of technique was ready to perform ATM, the automated teller machine. This machine gave you a necessary amount of cash when you used a special plastic card linked to your account. The bank issued you this card when you opened an account, so you could easily withdraw cash at any ATM. The first logos of plastic cards were Visa and MasterCard. The clients could use them wherever they were accepted. Also it was possible to cover the spending on purchases directly from the bank account. From that time consumers did not have to carry much cash. Moreover they stopped worrying about their debts accumulated on a credit card due to the option of this new card. It pulled out cash directly from bank account. That was the first example of debit card. And now you benefit with using your debit card. Here we have some differences listed, so you may easily choose the most appropriate variant of using your money:

  1. A credit card allows you to control your budget. If you have a special card for your purchases, it will be easy to check all your bought items according to the monthly report. In such way you can understand where your money is spent and there will be a possibility to create a better budget.
  2. You spend just that amount of money that you have. Comparing with a credit card, a balance of your account is always reducing when you use it. So you will have no possibility to spend more money than you have.
  3. If you need some extra money on urgent purchase, you may always apply for online loan at NorthnLoans.ca. This will allow you to take definite amount you need and spend only this money. Such financial step will not hurt your budget, but solve your financial emergency.
  4. Despite that both credit and debit cards have the similar level of fraud protection, the security offered by debit card is higher. Unlike a debit card, using which you need to confirm your PIN, you are just required to put your signature when using a credit card. It is not so difficult to guess your signature, especially if it is on the back of a card. But to guess a PIN is much harder. Also today banks provide even more security to debit cards, requiring entering a password when you use them.
  5. With debit card you can spend only the money you have with no making debts. But paying with a credit card you can become short-sighted and make many unnecessary purchases. And you will have to cover all spent cost as well as the special fee.
  6. With your debit card you will never become a debtor. You make no long-term obligations, so it is impossible to put yourself into a debit hole.
  7. You can use a debit card for all financial necessities you may have. And it is free from interest rates. So you can spend your money with no worrying about the repayment date and covering fees.

These are some common beneficial options of a debit card. More information can be found at any bank, so it is up to you to choose the financial opportunity.

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Ways To Get High Credit Score With Strategical Use Of Credit Card

Credit Card Rate

Credit Card Rate

There are different advantages associated with the use of the credit cards. They help you in providing monetary service. There are varied aspects related with the use of these cards. One of them is a credit score. The concept of credit score is such that helps in determining your credibility when you apply for a loan. It is a proof that you have a financial life that is stable. However, unplanned and reckless use of your credit card can result in having a poor credit score. You can also make sure to improve your credit history with the strategical use of credit cards. Also, you can build credit score if you are new in using the cards.

The necessity of the report

First step towards repairing or building your score is to get a copy of the credit score report regularly. In accordance with the law, you are entitled to get a free report. You need to make sure to study the report in a comprehensive manner. Sometimes there are errors in the report. The accounts that are not yours are added. If you find any such mistakes, make sure to report that to the company and clarify the doubt. Then, have a detailed summary of the bad accounts that you have neglected. Also, note those accounts that require immediate payments. Besides, also check the accounts that require a minimal amount for closing.

Using the card

There are many that often leave the aspect of paying the bill for the last moment. Well, that is not something you should do, if you want to have a good score. Make sure that you clear your bills on time, always. The credit card debt has an influence on the score. Take advantage of this feature, if you are capable of paying the full money back. Keeping your debt low can help you in building your score. The cash advantages are lucrative features of the card. However, refrain from using them unless you have an extreme emergency. They reflect an adverse effect on your score.

Considering the credit limit

There is a certain limit in your credit card till which you can take a loan. Make sure not to cross the limit often. It will reduce your score, and it will also take a long time to get repaired. It is advisable to keep a margin of 30% below the credit limit when you are using the card. It adds on to your score and also strengthens your future aspect. Furthermore, using of the card for many accounts together is not a desirable act. Limit your use to a certain level. Moreover, diversify the use of the card for taking the credit.

The other aspects to consider

Using of credit card also involves the mode of payments and the payment ratio. Furthermore, the aspects of credit card type also have an influence in determining your credit score. You can also take help of financial advisors to build an excellent credit score through your credit card.

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Finding the best credit card for your needs

It important to know which credit cards are best for you before you start applying for one. Not all people applying for credit cards get it approved, and even the ones who do get through do not know whether what they opted for are the best that they can get. Before applying for the one, you should know which credit cards are better and which offers the best rates along with additional benefits. It is important to compare rates; this can differ from anything between a great credit card rating and bad credit score.

Look for the best credit card rates

For getting a card with the best rates can result in a good credit connection between you and your bank and you will conclude in using the card constantly in future. You don’t have to be an expert to find the best credit card rates. The banks and credit card companies all send the rates through the mail, you will get several credit card promotional offer in your on your inbox all year round. Some financial institution might also give you a pre-approved card, which means that you do not have to go through the application procedure. You can use this card straight away after the activation is complete. You have to make sure that the rates suit your lifestyle and budget. Pre-approved cards do not always mean better rates; they give-away attractive introductory rates and then jump to normal rates few months later.

Minimum monthly fees not required

A credit card that charges the lowest interest rate may not be the best there is. A credit card that charges minimal finance charges each month are not want you want especially if you like to pay the balance in the full. The best credit cards doesn’t charge minimum monthly rental they only charge you on the interest rate that gets added on the unpaid balance at the end of a billing cycle. If pay the balance in full no extra finance charges should be applicable. But if you go for a card that charges the monthly finance charges, you will have to bear that amount whether or not your card is paid fully at the end of the month’s billing cycle.

Online bill paying facility of credit cards

Getting a credit card statement in your mailbox and paying through a written check has become an old fashioned procedure for handling credit card payments. The best credit cards companies offer statements through the mail, and you can clear the payments online. Check whether the companies charge fees for card payments online. The best credit card companies give you the services for free. Some credit card offers and promos are subjected to change, so it is advisable to read the offer documents carefully. Check for the validity of the offers before applying for a credit card.

A good consumer can save a lot of money by looking for the best offers around. Apart from the mentioned tips always remember to maintain a good credit card score by meeting with the payment deadline in time. If have a bad credit history, you may not be liable to get a new credit card upon applying. Remember that credit cards are a good way to cope with your finances, with proper use you can manage your expenditures very well.

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Looking For The Best In Prepaid Credit Cards Visa

Prepaid Credit CardsIn this fast-moving world of card swipes and electronic funds, it can feel downright embarrassing to pay with cash. Why not use a prepaid card and save yourself all that fumbling at the checkout line? Here are just a few reasons to consider switching to plastic for your next payment.

Quick and Convenient

Prepaid cards are easy to use and even easier to load: Depending on the brand, you can add funds through everything from online bank transfers to cash deposits, and then you’re immediately ready to go.

Built-In Security

If you have trouble sticking to a budget, prepaid cards were made for you. They’ll only allow you to spend what you’ve already loaded, meaning you’ll never have to worry about impulse shopping sprees or overdraft fees.

Sleek and Discreet

Prepaid cards are designed to look exactly like real credit cards, meaning no one will know how you’re really paying for your goods. Some brands, like the KAIKU Card, will even offer features typically reserved for “real” cards, like direct deposit options and in-network ATMs.

Personal Monitoring

Unlike paying with cash, where you can only keep track of your purchases if you write everything down, certain kinds of prepaid cards will send you text messages or offer monthly records of all your financial activity.

A Brand You Can Trust

From Canada to Columbia, Visa cards are accepted all over the world, and that’s not including all the online retailers who also welcome their business. If you’re looking for the best in prepaid credit cards Visa is the way to go!

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Leaving Credit Cards Behind – Is it Really a Good Idea?

Credit cards can be very tempting to those of you with bad shopping patterns. When you realize that your credit card has gone out of control, you may feel that the best thing you could possibly do is to simply cut off those credit cards.

However, that is not entirely true.

First of all, the advances made in technology and the Internet have made it possible to buy things online even if you don’t have the actual card on you. All you would have to do is sign in to your e-commerce account and all the detail will be there. Since you haven’t actually closed your credit card loan account (or at least, not officially), you will feel tempted to buy unnecessary things again.

Secondly, even if you do contact your lender to close the accounts, leaving your credit cards behind may still not be a great idea. The main reason is the fact that these cards influence your credit score and that, if you do plan to take a loan in the future, your trustworthiness in the eyes of the lender will diminish.

The explanation behind this fact is quite easy to understand: your credit cards and your debt on them are in tight relationship with how you are perceived by credit agencies. For example, if you have two credit cards, each of them has a limit of $5,000 and you owe a total of $3,000, the ratio will be $3,000/$10,000. If you close one of the accounts and transfer your debt unto your remaining credit card, the ratio will be of $3,000/$5,000, which is obviously riskier for any lender out there.

Furthermore, if you do decide to close at least one credit card account, make sure that it is the one you have opened most recently. By keeping your oldest credit cards you will not simply delete the years of being a good utilizer who has paid his bills on time.

The key to being debt-free and having a good credit score due to your credit card is to be very determined not to spend on anything you do not actually need. However, if you still feel that your credit card is a big source of problems for you, do close down the accounts. Getting into more debt for the sake of your credit score is definitely not something you should do.

Leaving Credit Cards Behind – Is it Really a Good Idea?

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Qatar anticipating the FIFA World Cup credit card boost!

Credit card boost

Credit card boost

Qatar is continuing the slow build-up to the FIFA World Cup competition which the Gulf state is hosting in 2022. Even at this very early stage, the prestigious soccer extravaganza, which is being held in the Middle East for the very first time, is much-anticipated across the region. So is the spending power of the millions of fans certain to attend the event. By then, many will have been saving their hard-earned income for months, some maybe even for years, just so they can support their teams in person. During the duration of their stay, too, the vast majority of fans will likely be using debit and credit cards in local hotels, shops and restaurants, thus providing an incredible boost for the local economy.

Today’s soccer fans are much-travelled and they know using a credit card in Qatar, or anywhere else overseas for that matter, is a smart move. Financing the trip that way means they don’t have to worry about currency conversion, for example, or be weighed down carrying lots of money around. However, not every small shop or market trader has card facilities. So they also know it’s still a good idea to have a little cash with them, just in case.

Even although Qatar has an extremely low crime rate, nevertheless it’s advisable to take precautions. Pickpockets and thieves will invariably target anyone they see splashing the cash or who show off their wealth by unwisely adorning themselves with expensive jewellery, watches and the like. If your credit card is stolen then you can immediately take action. Simply report the theft to your bank and from then on they’ll put a stop on any unauthorised purchases.

Credit and debit cards come in all sorts of flavours nowadays with many tailored to suit individual lifestyles. If you’re part of the super-rich set then you could be offered a card made of gold and studded with real diamonds. Not kidding! Such a Visa card was issued by Russian banking giant Sberbank to their top 100 customers in booming, energy-rich Kazakhstan. The story was featured in Britain’s Sun newspaper towards the end of last year.

Each card, says the newspaper, weighs between 40g and 50g and costs around $100,000 – $65,000 for the card itself, with the remainder of the purchase price acting as credit. The card is embedded with 26 diamonds totalling 0.17 carats. However, despite the massive price tag, it lacks a magnetic strip and cannot be used in cash machines, making it only work for chip-and-pin transactions. It is intended as an accompaniment, not replacement, for plastic Visa Infinite credit cards, one of the finance firm’s more exclusive offerings.

Sadly, most of us lesser mortals have to make do with the simpler and cheaper pieces of plastic. And if you do intend taking a credit card with you on vacation, whether at home or overseas, then you can minimise any risks with a few simple precautions.

Watch out particularly for skimming, which involves stealing your card information through the use of a swiping machine or even a smartphone app. Keep an eagle eye on the person taking your card away and watch out for any suspicious behaviour.

When you do get your card back, check it out carefully to make sure it really is your card and not a similar card belonging to someone else. Otherwise you may not notice your card has been swapped until much later, perhaps when a payment has been declined.

You can check out the Sun newspaper story here.

Qatar anticipating the FIFA World Cup credit card boost!

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Top 5 Benefits to Consider When Choosing a Credit Card

Choosing a Credit Card

Choosing a Credit Card

Choosing a credit card (CC) is a very important decision that can not only affect your current financial situation, but also your credit rating for years to come. The card you choose needs to be one that adequately suits your needs and one that you can afford, so you won’t end up in a constant cycle of taking out new cards to pay off old debts. Not all credit cards are the same and not all of them offer the same advantages. You need to decide what it is you’re looking for in a card first, then narrow your search down to the ones you can qualify for, that fit the bill.

Here are the top 5 benefits you need to consider:

1.) Annual Percentage Rate (APR)

Contrary to popular belief, a low interest rate is not necessarily the most important benefit to every cardholder. These low rates are most suitable for those who tend to keep at least a small balance running on their card or are transferring a larger one over from another card, with a higher rate. There are other benefits not typically associated with low interest cards, which may be more useful to someone who pays off their balance in full each month, such as reward programs. Before you jump at the first low APR offer you see, think about whether this is something you’re really going to benefit from.

You should also be aware that some cards offer a fixed rate APR, while others offer a variable rate APR. With a fixed rate card, the interest rate will generally be the same month after month, while the one on the variable rate card can fluctuate. Just remember that even if you have a fixed rate card, that interest rate might still go up if you’re late on a payment or you go over your credit limit. They can also change it just because they want to, as long as they notify you of the change, so be sure to read your agreement thoroughly.

2.) Rewards

When it comes to reward programs, there are a lot to choose from. There are cards that offer dining certificates, airline miles, gift cards, items from their own online store and even cash back. The trick is to find the one you’re actually going to use. If you really do eat out that often, maybe a diner’s club credit card would help you save some money. By the same token, airline miles are great for travelers, but not for someone who will allow them to expire. For the most part, the type of rewards almost everyone can use are gift cards and cash, although there may be certain restrictions and limitations that you should first be aware of.

3.) Credit Limit

How much credit do you really need? Can you foresee those needs changing in the near future? Take a really good look at your spending habits and make sure that the card you’re looking into will be able to meet those needs, because some low interest cards will have higher fees and interest rates that kick in, if you go over your credit limit. Additionally, it’s much easier to keep track of the fees and expenses on one card that actually meets your needs, than having to keep up with several, because neither one of them will extend you sufficient credit.

4.) Fraud Protection

Don’t ever assume that your credit card won’t ever get stolen or that you would never be irresponsible enough to leave behind, at a store or restaurant. It can happen to anyone and you should always read the fine print in your agreement, to make sure you’re covered.

5.) Fees

Finally, you need to find out about any fees associated with the cards you’re considering. There are over-the-limit fees, annual fees, ATM fees, application fees, late fees and balance transfer fees that you can get hit with at one time or another, if not repeatedly. Not all credit cards charge every one of these fees and the amounts they do charge will vary from one card to another, so it’s best to find out first what you’re getting into and make sure it’s still a good deal. Remember that if you’re not planning on using the card very much, it doesn’t make a lot of sense to get one with a hefty annual fee. Similarly, if you’re going to pay so many fees on the card that they’ll cancel out any benefit from your reward program, you might consider a different card.

Ultimately, choosing the right credit card comes down to reading everything in those long and boring agreements, to make sure you won’t end up burying yourself in a pile of unwanted debt. Within that tiny print lies all the information you need to make an informed decision, while taking into consideration what you plan to use the card for and how well you’re able to manage debt. It’s really all about money coming in and going out of the same account. Your job is to make sure you get your hands on the right card, so you can keep it all in balance.

Jeff Noble has extensive experience as a personal finance consultant. His articles predominantly appear on personal finance periodicals online. Visit the CC link to find out more.

Top 5 Benefits to Consider When Choosing a Credit Card

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How to Get Your Credit Card Rate Lowered

Credit Card Rate

Credit Card Rate

Credit cards can be of great advantage. Very often it is convenient than cash. You buy clothes, jewellery of your choice, go for holidays and pay later. With a credit card it is very easy to track the expenses and to keep a proof. They are very useful during emergency and sometimes they are the only way you can pay. But side by side it encourages impulsive buying. They tend to wean your financial status as they come with very high rate of interest. You have to pay back the credit within a stipulated period or else the interest goes on mounting. Burden of exorbitant rate of interest is the biggest drawback of credit cards.

So you have to lower your APR’s (Annual percentage rate).It is the simple interest rate for the whole year. Credit card companies make their business by the interest you pay for failing to pay within date. The higher the interest goes on increasing, higher is their profit. So before accepting a credit card you should very well know the terms and conditions of the credit card. A burden of debt can take extract all your savings away.

How to lower your APR

A small cut in APR can bring down the annual interest rate. Interest rates of credit cards are negotiable. To lower your APR’s you have to contact the customer care of your issuing bank. Talking to them can save 1000s of dollars of your hard earned money. If you are a long time card holder, always pay on time, and have a high credit score, it is very likely that the customer care representative would lower your interest rate. Also find out if the interest available is with immediate effect or later. Sometimes lowering of interest is just temporary for promotional interest only.

Check all hidden clause

Once you get your interest rate lowered verbally, try to get it in writing to have the valid proof. A verbal commitment means nothing. Sometimes lowering of interest rates come with a lot of clauses which can increase your interest rate much higher than the original rate. Always check for the hidden clauses. So lower your APR’s prudently and be aware of all the clauses attached with it. Once you have lowered your APR, be careful in spending money. The money you save should not go for other purchases. You should be free from the debt you already are in.

As credit card companies make huge profit out of interest received from unpaid balances. So they would not like to lose a customer. So bargain to lower your APR’s. Also be aware of the interest rates attached to credit cards of other banks. This would help you to negotiate your terms. Try to talk to the right person in non-aggressive way explaining your view point. This just requires a little extra effort and sometime of yours. If you fail in your effort, there is nothing to lose. But the extra effort might saves your hard earned money and minimise the burden of debt considerably.

How to Get Your Credit Card Rate Lowered

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Credit Card Debt Consolidation: Easy Option To Achieve Freedom From Debts

Credit Card Debt Consolidation

Credit Card Debt Consolidation

You will want to avoid that and set it on the program you have prepared to get out of debt. Which means that people overspend and get into credit card debt. So it makes no sense for you to put something as valuable as your house as collateral. You must most likely not consolidate your personal debt for this explanation by yourself however. Instead of a credit card, this is a loan that you can use to pay off all other debts, including consolidating credit card debt. By consolidating, they could be producing reduce month-to-month payments than they would be if they did practically nothing. One other issue with investing in this type of loan is lots of people wind up repeating their same undesirable habits and increase more credit card debt.

Consumers who utilize these less-than-upstanding organizations will actually often end up in a worse financial position. Even non-profitable groups can be dishonest. For this reason, they would prefer to recoup the money over the long term than lose everything due to a money-grab. When you can do that, then the debt consolidation program having a lower interest may match your situation. There are several credit history card firms and banks that would like to aid you with your ask for. It depends all on your own personal circumstances as to which financing solution works far better to pay off your debts.

And, sadly, there are even other people that are almost nothing but scams. You can consider the loan with a fixed interest rate, which means the interest will probably be due at the end of the word that was set. Another thing to consider is making sure the account you consolidate to has a low interest rate during a long enough duration and doesn”t jump up to a high rate after only a couple of months. If you can get a far better fee on a consolidation than you at present have, then there is no explanation not to consolidate.

The most common loans and bills debtors seek to consolidate are credit cards, personal loans, medical bills, gas cards, automobile loans, department store cards and back taxes owed. So what”s the catch? Counselors will help you know how transferring your balance to zero interest rate credit card is helpful in credit card debt consolidation. Opt for the companies that do not charge you for giving you a proper analysis of your debt status and suggest you a loan accordingly. You can aquire a unsecured loan without running a home or having collateral for repayment of the loan.

Credit Card Debt Consolidation: Easy Option To Achieve Freedom From Debts

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Credit Card PPI Reclaim

Credit Card PPI Reclaim

Credit Card PPI Reclaim

A credit card is a form of borrowing that is often availed by clients. However, not everyone is aware that it gets bundled up with PPI coverage. It is usually used on a regular basis for groceries and large purchases. Thus, credit card dues often keep adding up although it poses no problem if you are earning regularly.

The problem starts though when you lose your regular job. Suddenly, life seems so much more difficult because of the loss of your income. This is where having a PPI comes in handy since it gets to cover your repayments in case you lose your job or your capacity to pay.

However, there are case when you take a credit card, you will most probably be asked by the company if you are willing to get payment protection insurance as well. This is not the best way to protect your loans. Huge amounts of profits are made by lenders from payment protection by simply adding the coverage to your credit card. Thus you are going to pay not just the interest generated by using your card loan but the cost of protection as well.

Lenders allow protection up to a certain amount and this is the sum that you are going to receive when you make a claim. You have to be incapacitated or unemployed for a certain period before you can receive payouts. The term is usually from 30 to 90 days. Some lenders will ensure that you do not lose out by backdating the policy to the day you lose your job or become incapacitated. The payout would then continue from one to two years. The income replacement given by payment protection insurance during this period is tax-free. PPI may have caused many controversies because of misselling but it can still be a very valuable protection to have in case you become incapacitated or unemployed.

Credit Card PPI Reclaim

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Contactless Cards: What You Need to Know

Contactless Cards

Contactless Cards

The banks are trying to get consumers to accept a vision of the future where cash is no longer required and we all reply instead on waving a card loaded with our money at the store keeper. Before we all abandon the notes in our wallet and rely on technology to pay for items, it would seem a good idea to know a bit more about contactless cards, so here goes.

New Technology

Well not quite, as the Chinese, who have a passion for gadgets and technology that is almost unsurpassed, actually introduced a system called the Octopus card in 1997 for use on the transport network, an idea that has of course been adopted by other countries since then. To satisfy the inner geek in many of us, there are two types of contactless cards, which is essentially a credit card sized card with integrated circuits that process and store data whilst being able to communicate with terminals via radio waves. One type is the memory card with some built in security logic which for obvious reasons is not revealed and the latest contactless cards contain a re-writeable smart card microchip that can be converted to send data through radio waves.

The Benefits

The most obvious advantage is that you do not have to carry cash if every shop or retailer were to accept them, you could soon forget about going to the ATM and simply wave your card around to get the goods or services that you want. For the time being the main use for contactless cards is low value transactions of no more than $100 max, allowing you to in theory complete a purchase quickly and efficiently without scrambling around for the right change. Using a contactless card could actually save you some money in the long run, as you are only taking the exact amount out of your account each time rather than drawing out a $20 which then seems to vaporize into nothing in particular.

The drawbacks

The main problems with the technology so far is the failure rate of processing payments. Waving your card in the general direction of the counter at your local drive-thru and not being able to collect your burger and fries because the payment has failed, is irritating to say the least. The other issue that many people do not think about but should be aware of is the “Big Brother” conspiracy theory which is that using a smart card to pay for your transport and living costs means that your privacy is open to scrutiny as there is a record of everywhere you go and what you have bought. In Finland the Data Protection Authorities actually blocked the transport operators from collecting this information, so if you do not want authorities knowing or tracking your movements, a contactless card is probably not for you at this time.

Author Bio:

Hayley Spencer contributed this guest post on behalf of EasyFinance.com – Discover more account options here. Hayley is a freelance writer. Her articles mainly appear on finance blogs.

Contactless Cards: What You Need to Know

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Prepaid Gets an Edge

Prepaid Cards Gets an Edge

Prepaid Cards Gets an Edge

When it comes to choosing method of payment, there are definitely a lot of options out there for you for. While many people use traditional credit or debit cards, prepaid cards have become much more popular in recent years. What do prepaid cards have to offer that other payment methods do not? Let us count the ways….

Anyone Can Use Them

One of the big advantages of using prepaid cards is that anyone can use them. They do not issue them based on your credit profile, like credit card companies do. Instead, you get to spend based on how much money you have deposited into your account. If you deposit money, you can spend it with your card. This makes the card much more accessible than some of the other types of cards that are available. When getting a prepaid card, you do not have to go through any credit checks or any other processes.

Can’t Overspend

Another advantage of using prepaid card is that you cannot overspend with it. The card only allows you to spend as much money as you have deposited into your account or this means that you don’t have to worry about insufficient funds fees like you do with debit cards. You also don’t have to worry about getting into debt like you do when spending with a credit card.

Anonymity

In some cases, you can actually use prepaid cards without disclosing your identity. With a prepaid card, you simply put money on it and then start using it. You don’t have to register your identity with anyone and you can start spending right away. This makes it ideal for online purchases.

Reloading the Card

Another nice feature of prepaid cards is that you can reload them easily. Typically, you can reload them at a merchant or online. You can simply add money to the card directly from your bank account, or with another card. Then you can start using the card to make purchases. This makes it easy to use the card again and again.

Green Dot

One of the most popular prepaid cards in the industry is the Green Dot card. With the Green Dot card, you can get a prepaid Visa or Mastercard, and you don’t have to worry about a credit check. You should be able to use the card anywhere that credit order cards are accepted. You can even have your paycheck automatically deposited onto the card. If the card is lost or stolen, you don’t have to worry about losing access your funds. You can get another card and you’ll be able to get your money back.

If you want to apply now, the process is pretty easy. You simply have to provide some personal information and then fund the card. At that point, you’ll get your card in the mail and you can start spending with it right away. Once the card is activated, it works just like a debit or credit card and you can use it without having to worry about anything.

Prepaid Gets an Edge

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Credit Card Debt Consolidation

Credit Card Debt Consolidations

Credit Card Debt Consolidations

Funds will build up until one of the creditors will accept what is in your fund like a full payment of the debt. Such people often live from paycheck to paycheck. It is truly person to person lending. So, does credit card debt consolidation work? There are for example the student”s consolidation loans and the home finance debt consolidation. Banks that offer debt consolidation loans will loan an individual the money the need in order to pay off most or all of their debt, and they can then pay only one bank back with only one payment a month. Think about the stress-free life after you get out of debt.

Along the way, though, essential to your long-term financial health is to gain the knowledge you need to survive. If you are plagued with this common malady of severe credit card bad debts, heal with a suitable debt consolidation loan. The summation of all these various debts, will give you the total debt. After you have established an association with a credit counselor you’ll sit back and go over your entire income and debts. This is real the gist of the tale. If your accounts have been past due, many creditors will reflect your accounts as current after 1-3 consecutive payments.

It will depend all on your own personal circumstances as to which financing solution is acceptable better to pay off your financial situation. You may have to search out an entirely new credit card in order to get rates that are reasonable. Debt relief plan is designed specifically for people who can no longer afford their minimum monthly payments. They treat credit cards as free money. This can be done by transferring balances from your high interest cards to the one having the lowest interest rate. That’s a lot of debt!

It is all too easy to rack up debt on the credit cards again, leaving you with the original debts to deal with in addition to the consolidation loan. When an individual does this, the house is a piece of collateral used to back the loan. You should do oneself the honor of acquiring the best offer out there to making your consolidation as worthwhile as doable. Like a mortgage loan, you will be applying for another loan to pay off your credit card debts. So, if you have many small debts that are eating away most of your wages every month.

Credit Card Debt Consolidation

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Getting to Know Your Credit Cards

Getting to Know Your Credit Cards

Getting to Know Your Credit Cards

With just a swipe, you can have what you want, anywhere you are, and at any time you wish. The best part is, you can still tackle financial crisis even with little savings. All that can be achieved through a credit card. It has surely come a long way in boosting your purchasing power.

In spite of the advantages of owning a credit card, however, using it generates debt. For you to know what you are up against here are various types of credit cards you can choose from:

General Credit Cards

A general credit card is not a staple name for a certain type of credit card. But for the sake of grouping two of the most common credit cards, this will be used for now.

General credit cards refer to Standard and Platinum Credit Cards. Standard credit cards bear an amount or balance that is bound by a credit limit. The purchases you make with your Standard credit card are replenished once you complete your monthly payments. Failure to pay on time subjects you to cover incurred charges.

Platinum Credit Cards run on the same niche, with additional features of higher credit limit, rewards for purchases, upgrades and bonuses despite a higher annual fee. Usually, these are offered to loyal account holders or those with commendable credit score and minimum income.

Corporate Credit Cards

Corporate Credit Cards are inclined to a corporate purpose; hence, it is recommended for businessmen. This is used like any other general credit card, but the reasons of purchase should be related to corporate travel expenses, trainings, and entertainment, depending on the agreement clause.

Secured Credit Cards

You control your credit limit for a secured credit card. If you put $1000 on your account, this will be regarded as the collateral. And so, the bank will provide you a credit limit that is equivalent or a percentage above your collateral.

Not all banks though participate in giving out secured credit cards.

Balance Transfer Credit Cards

Balance Transfer credit card is a good option if your goal is debt consolidation. This card can assume debts from your other credit cards so that you only have to handle one bill with a low interest rate. However, the interest rate may increase in due time, which may even sink you in more debt if you cannot pay your debts at a favorable interest rate.

Charge Credit Cards

If you want no limit on your spending, and you are confident that you can pay off all your incurred debts, then a Charge credit card works best for you. All your purchases within a month will be charged accordingly. Consequently, you are required to pay the balance in full. But, your agreement still includes penalties for late payments which can be messy.

Prepaid Credit Cards

Prepaid credit cards work similar to a debit card, except that it is not connected with a checking account. All you have to do is load the card first with a balance which can be withdrawn to cover up your expenses. Some people opt for this type of credit card, since it has no finance charges or minimum payments.

So what type of credit card do you own or you’re planning to own? How’s it going for you? Share it by posting a comment below.

About the Author: Thirdy Rosales is doing marketing consultation for Debtconsolidation.com.au. This financial institution provides assistance to some personal monetary issues such as dealing with bad credit loans, providing debt consolidation loans and handling bankruptcy issues. You can follow him on Twitter @Tweetendshout.

Getting to Know Your Credit Cards

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Should You Use Credit Cards for your Monthly Mortgage

 

Use Credit Cards for your Monthly Mortgage

Use Credit Cards for your Monthly Mortgage

When you are experiencing cash flow problems, the tendency is that you will use your credit card to generate the funds needed to meet your financial obligations. A recent industry study has shown that more than a million of homeowners in UK have relied on their credit cards to avert default on their mortgage payments.

However, this practice ultimately do more harm than good to a significant number of households, and in several instances, even leads to losing their homes altogether. If you find yourself in a similar situation, carefully assess your options before using your credit card to address your need for extra cash.

Why are we so inclined to rely on our credit cards for such financial commitments?

If we closely assess the results of the industry survey, then it would be quite obvious that most Brits see it as the most convenient solution to their cash flow problem, and when one comes out short on his or her budget for monthly payments and other recurring financial obligations, the use of our credit cards provides an easy way out of our financial bind.

Of course, one sees it as the better alternative to defaulting on his or her mortgage payment. We normally cannot muster the strength and resolve to tell our lenders that we are having problems coping with our monthly payments. This explains why we find it more appropriate to go for our plastics in case we don’t have the funds needed for our monthly expenses. Of course, we are looking at paying off credit card debts as soon as we are able to sort out our cash flow problem.

Unfortunately, you are not making things any better when you use your credit card.

While there are several undeniable advantages of using our credit cards as long as we don’t abuse them and use them the right way, they are still way too expensive when we borrow money for our mortgage payments.  In whichever way you look at it, using credit cards is an unwise choice. It will only provide momentary breathing space and will ultimately drag you deeper into your proverbial financial sinkhole with increased debt exposure. In most cases, you will find yourself in a woeful situation where you are weighed down by higher interest payments and credit card debts that you cannot easily pay off right away.

So, how do you handle such financial challenges?

It is important that you change your mindset and apprise your lender about your financial situation. You may also seek free financial advice from the Citizens Advice Bureau. Visit www.onlineloanadvances.co.uk and check an instant cash solution for your short term cash flow problems and unforeseen exigencies.

Should You Use Credit Cards for your Monthly Mortgage

 

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