Mar
25
Using your credit card to make purchases is a more secure option compared to others but it is not entirely safe. Credit card related fraud has become very common therefore you need to make sure it has some features that make it safer.
One of the most essential features is a zero liability policy. This feature will ensure lost funds are reimbursed if you report any authorized purchases that are credited to your account. The feature is offered by all the major credit card companies but their coverage usually varies. The stolen money is reimbursed by the card issuer.
A temporary purchase number feature is also worth it if you have a credit card. This allows you to create some virtual numbers to use for every purchase you make especially over the internet. The temporary numbers are connected to the real account but you get to determine the constraints under which they are used.
Mar
3
Every person has different need for the credit card. You must know what you require and what the repercussions are if you fail to pay back the debt on credit card. To be on a safer side check the following before getting a credit card:
• Check the bank that is offering the credit card. The credibility of the issuing bank is important for a getting a good credit card offer.
• Take the credit card that is suitable for your pocket. There is no requirement to go for the cards that have more credit limit if you don’t need it. It will unnecessary burden for you as you have to pay more fees for it.
• The billing cycle can help you to actually get the best deal. A low billing cycle will give you less credit period.
• Pay the bills on the due date to avoid the charges. Some banks charge very high on a defaulter. Check that before taking a credit card.
Apr
15
Settle your Credit Card Debt even after Death
Filed Under Credit Card, Credit Counseling, Debt Settlement | Leave a Comment
Very often, it happens that when we die, debt collection agencies try to collect the money from our relatives. They will use many tactics, the most famous one is that they show great sympathy and collect the money. They will assure that everything will be okay only to ring back the next month and collect the money.
And we, honoring the deceased, continue paying on these debts. But there is a catch. The debt is buried in the same grave as you were. The collection agencies can approach others only if had co-payees on the loan account. Otherwise, it is none of your business to pay the debt of the deceased.
While your insurances and assets may be used to collect the debt, in no way are your relatives responsible for the debt you took for yourself. The next time the debt collector calls you, ask him to bring in relevant details. Check out if any co-payee is named. If not, then tell him not to bother you again. And they will not, because the law says so.
Dec
6
What to do in Case of Unmanageable Credit Card Debts – Part Two
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Many a times, the method discussed in the first article in this series does not work. The first article asked you to avail a personal loan and clear as well as close all the credit cards except one, which you will use only in case of emergencies. But sometimes it is too late. Your credit rankings fall thereby making it difficult for you to avail a personal loan of the required amount. Let us look for alternatives then.
One of the best alternatives is to make use of the competition among the online moneylenders. These moneylenders are currently competing against each other fiercely. You can make good use of this to turn the competition into your favor.
These moneylenders offer personal loans even if you have a bad credit. This solves your problem. You can also repair your lost credit by way of this loan, which you take to pay off the credit cards and close them. If you pay off this loan in time, you can see your credit ranking going up.
Of course, you will have to pay a heavy rate of interest, but as you now know, the unsecured credit cards carry a rate of interest, which is many times higher than the bad credit unsecured personal loan.
All the Best!
Dec
3
As mentioned in the second part of this series, availing a credit card is very easy. The more credit cards you hold, the more purchasing power you hold. Many people do not think much about the interest and all until they have exhausted the credit limit. Then they go for another credit card and the same routine repeats until the person finds that almost all of his income is going towards the payment of the interest of the cards.
Most of the people also find themselves unable to pay the monthly interests. They desperately need help. What would you do under such conditions? My advice is to take a personal loan, pay off the credit dues, and cancel the credit cards with an oath that you will not use another card until it is absolutely necessary. It is essential to keep a credit card however, as it serves in times of emergencies but do not again misuse it.
Nov
29
How helpful are the Credit Cards – Part 2: Future Plans of the Bankers
Filed Under Credit Card | 3 Comments
Almost every financial magazine carries the news these days that the bankers are worried about the bad credit. This means that people, who take the credit card, use it to the maximum and then are unable to pay the interest. Many of them are not even able to pay the minimum surcharge. This leads to bed debt. The credit rankings of such customers are also spoilt. But bankers are not concerned about your credit rankings. They are only concerned about how to get the money back and how to avoid such circumstances in future.
There have been several conferences among these bankers and here are the possible results that may apply to the future of the credit cards:
• The customers will be convinced to apply for secure credit as against unsecured cards.
• The interest rates on unsecured cards will be increased further, thereby forcing the customers to go for the secured credit cards.
• The credit limit on the unsecured and student cards will be lowered up to 50 per cent so that even if the banker suffers any loss, it will be less compared to the current losses.
Nov
26
Credit cards offer you some kind of financial freedom. You can use the cards in case you are out of cash. Thus, you are never out of the purchasing power. Credit cards also increase your purchasing power.
The plastic cards carry an interest rate. Apart from the interest rates, the vendor who accepts the cards, charges some extra fee for processing the transaction. In effect, you end up paying more than the value of the item you purchased. Always keep this in mind. Avoid using credit cards for items of lower values.
Credit cards are easily available these days owing to the competition among different bankers. You need fulfill some criteria to get the card. This criterion is only a formality. Once you get a card, it becomes easier for you to apply for even more cards. More cards mean more purchasing power.
The more cards you hold, the more glamour you command. Many people do not know that using credit cards without any restraint can lead you into a debt trap: one, which can ruin your whole credit record. Also, do you know that these credit cards, though they claim that they have a small rate, carry an interest rate, which is much higher than the unsecured bad credit loans?
Nov
23
Nowadays you can see everyone flashing out his or her card at the cash counters. People love to carry credit cards as they offer much ease than carrying cash.
Credit cards, also called plastic money, are small and fit into your wallet or handbag easily. As each card has some associated credit limit to it, you are virtually carrying more cash than you usually carry. For example, if the credit limit of your credit card is 2000 dollars, you are carrying 2000 pounds with you. This is one of the many reasons people carry credit cards.
If you are going on a shopping trip and you carry cash, you make an estimate of the total value of items you will purchase and carry that much cash only. In case the item rates go higher, you have to return empty handed. In case you were carrying a credit card, you would have purchased the goods and have returned satisfactorily.
You get monthly statements on the usage of your cards, so you need not worry about keeping a record of your expenditure. Your card company lets you know how much you spent by way of cards.
Nov
14
Managing Your Credit Card Debt
Filed Under Credit Card, Debt & Finance, Debt Settlement | 1 Comment
Credit card seems to be the ultimate resort when you want to surprise your beloved with a lovely pendant at the end of the month. But if your fail to utilize it responsibly, then credit card debts will surely reward your with sleepless nights.
Before choosing credit cards, make sure that you are opting for the right one. If you are flattered with all the promotional offerings, make sure that you check their expiry date as well. Always make sure that you pay more amount than the bare minimum. The interest-free period at your disposal would help you to reduce your debt. Failure to implement these steps can surely land you up in a big financial crisis.
Nov
6
Availing a High Limit Credit Card
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Availing a credit card with high limit is not an easy task. However, you can get your desired credit amount by following the few tips given below:
• First you will be required to apply for a credit card which advertises higher credit limit than the rest.
• If you are facing much difficulty in getting a higher credit limit with a single card then opt for multiple cards.
• With the application of multiple credit cards, you will also be able to experience the accumulated benefits like different limits, introductory offers and comparatively low rates of interest.