All posts in Credit Card

For Many The Credit Card Is A Way Of Life

By blogger on

At this time using credit cards for most people from across the world is undoubtedly a way of living. Individuals favor small plastic cards instead of carrying cash because it’s much more simple and convenient. A lot of people know how to use correctly their own cards and because of this they are never in the situation in which they need to be worried about having to pay something. However not all the folks are acting in such a manner. There are certainly individuals who are purchasing much to expensive things using their credit card and because of this they do not possess the ability to pay their monthly obligations. To be able to make use of the benefits that a credit card can provide there are lots of aspects which need to be taken into consideration. Try to make all your payments on time simply because in this manner you’ll avoid unwanted debt and fees.

Also a vitally important element is to pay your balance in full each month. When you don’t pay your balance you risk to get credit debt. If you recently have made an expensive purchase try for a time not to obtain anything pricey with the credit card. If you will not take into consideration this particular basic regulations you risk to get a bad credit score. If you find yourself in such a situation you truly must think about repair bad credit. What you need to know is that the entire process of obtaining a good credit score can not be accomplished in one night. Normally it takes up to a year or maybe more. This is exactly why to prevent getting a negative score the most important thing you need to do is to pay out each and every month your financial obligations.ns.

When it is not used appropriately indisputably that a credit card can give you lots of headaches. However if you use it properly it can prove to be extremely helpful. To avoid getting a bad credit score you really need to pick a card that is the most appropriate to you. You can actually pick from a multitude of credit cards such as reward credit cards,student cards, business cards, balance transfer cards. Every one of these have plenty of benefits and to take advantage of them you really need to know how to use them in the most appropriate method. Whether you choose the student card or the balance transfer card in the end it really does not matter because if they aren’t utilized properly you are in the unpleasant situation in which you have to repair bad credit. That’s the reason be a responsible persons when working with such a tool and always pay your financial obligations promptly.

Learn how to get a positive credit score by taking a look at this site on repair bad credit.

How to Save Yourself From Drowning in Credit Card Debt

By blogger on

Credit card debt has been widely recognized as the primary reason why people are suffering from low credit scores in the country. The most likely reason why many people suffer from this vicious cycle of debt is that it is difficult to keep a track of all the points of expenditure through credit cards. This is especially true when a person is struck with some form of a medical or even non medical emergency. In such situations, it is impossible to think of the consequences of expenditure because expenses like medical bills cannot be avoided at the cost of life or fitness. Therefore, most people in a medical emergency end up getting trapped in debt. Fortunately, while it takes some doing, it is not very difficult to get rid of the problem. All it takes is a little bit of common sense and diligence. Consider the following steps through which you can get rid of your credit card debt, if you are stuck in one.

1. Find some good refinancers and pay each of them a visit

The first step of your strategy to get rid of credit card debt is to find and visit good refinancers in the region. The loan refinancing industry has grown significantly as the number of people getting trapped by different types of debts is increasing. Therefore, it would not be difficult for you to find some good refinancers in your region. You should shortlist the best ones and arrange an appointment with each one of them. During your meetings with these refinancing professionals, your job will be to try and get as much information about the kind of credit card debt settlement plan that they think would be good for you.

2. Analyze the credit card debt settlement plans that they have set out for you

After you have met with all the refinancing firms, you would have rough information on the credit card debt settlement plans that they had devised for you. If you are smart, you can get a lot of very useful information from a refinancing firm’s representative. You should analyze all the information that you have gathered in terms of different instruments, different schedules and, in a nutshell, the whole settlement plans’ structure.

3. Combine the positives of all the plans strategies and create your own

Finally, you should combine the good aspects of all these strategies that you think fit your specific situation and formulate your own customized settlement plan. Ideally, the best way to get rid of credit card debt would be to pay the debt. However, sometimes the debt is so large that it requires some manipulation through refinancing loans and other credit cards. Your own settlement plan would consist of this kind of information. Furthermore, since you took the positives and most suitable aspects from all the restructuring and refinancing plans offered to you, you would find that your customized plan would be better than all of them because it is designed to your specific needs by you.

Use cards sensibly to improve credit score

By blogger on

The average Indian shopper today is likely to have at least two credit cards in his wallet. In fact this number has been on the rise with banks and credit card companies sending free lifetime credit cards with -attractive features’ to anyone who they think fits the bill. These cards sometimes come as a -surprise gift’. p>

As a customer you have the choice to use the card or return it. If you receive a credit card, which you had not asked for you just need to cut it into two and send it back to the bank, declining the offer.

The more cards you have the more tempted you will be to avail the offers on each of them and at some point in time discipline could give way to reckless spending leading you into a maze of spiralling debt before you realise what hit you.

For a spender who is not disciplined in prompt repayments, debt can mount in accelerated proportions.

If you use your credit card extensively or even if you use it once in a while, it would be prudent to access your credit report from Cibil (Credit Information Bureau (India) Limited). You can manually access your credit report by placing a request with Cibil, details of which are available at www.cibil.com.

Though currently you can pay for this report through Cibil’s online payment gateway, you cannot access your credit report online as of now but this will be enabled in future. Once you make your payment Cibil will send you a hard copy of your credit report to your postal address.

Having access to credit reports is a definite step for the genuine borrower with an excellent credit profile to increase his negotiating power. So, how can you ensure your credit report gives you this negotiating power?

Well, what can be the doom for a reckless spender can be an excellent tool for the disciplined borrower. It depends on how you use your credit card. This can be the single most important factor in improving and increasing your credit score.

Here are some pointers on what to do and what not to do in order to achieve this.
1. Judicious use: Making use of a credit card judiciously will help you improve your credit score. Just make sure to choose a card that is suited for you from a well known brand.

2. Low credit limit: Keep a tab on the credit limit of your card. Open a credit card account with a company that will provide you with the highest credit limit possible. High credit limits, even if they are not used, will add merit to your credit score and improve it.

3. Closing credit card accounts: The number of years you hold a credit card account has an impact on your credit scores. So keep your oldest credit and if you must close a card opt for the most recent cards and close them one at a time, maybe once a month over a period of time, as closing them too quickly could also affect your credit score as your available credit limit will take a dip in one go.

4. Bargain for a lower interest rate: If you have never defaulted on payment for a few years, make use of your good repayment track record and speak to the bank officials for a better bargain. Request them to lower your interest rate citing the good track record.

5. Request for hike in credit limit: The most recent card has the highest credit limit. The oldest card has the lowest credit limit. What do you do? In such instances, if you have a good repayment track record, approach the bank and negotiate for a higher credit limit especially since you have been their customer for quite a few years. Most banks will facilitate such a request. You can then go ahead and close your most recent card.

6. Keep a self imposed credit limit: Never exceed 40% of your credit limit. This has a beneficial effect on your credit score. This shows your credit limit is high but you have not burnt it up and have plenty in reserve. This logic helps you attain a much higher credit score. The same logic suggests you should not close any credit card accounts, as they collectively will provide you a high credit limit, which is good for the score.

7. Paying off credit card dues quickly: This will dramatically improve your credit score. Try not to accumulate too much credit card debt. Be wise and pay the dues quickly and keep rotating your cards. Paying off dues timely will spike your credit score.

Small Business Credit Card Processing Warning

By blogger on

Before You Choose the WRONG Credit Card Processor

Whether your business is struggling or thriving in todays challenging economy, it is still vitally important you get the best Merchant account credit card processing program for your small business. Credit card Processing for your small business is a must have service. It has been proven over and over again that you will make more sales by increasing the ways your customers can pay. But while it can be quite easy to acquire Merchant Services from a credit card processing provider it can be quite difficult to tell which ones are telling you the truth about the actual costs.

The competition for your Credit Card Processing business is growing fiercer everyday. New Merchant Service providers are popping almost daily. The majority of the credit cad processing companies are third and fourth party. This means they can be sales agents for a sales agent for a company with the actual agreement with VISA and Mastercard. Why should this concern a small business owner? With every new layer between your business and VISA and Mastercard there will be another sales and administrative workforce that will need to be paid. It does not take a rocket scientist to figure out that it will be the small business owner who will be paying for those salaries.

What are a few of the things to look out for when you are approached by some of the Merchant Services providers? Several of them will employ what is referred to as using a Blitzkrieg approach. They hire a team of hard-sell, high pressure sales reps who come into a city or town in groups. They sweep in, cold call and use everything in their arsenal to make the small business owner take action right then and there to change to their company. They will often lead the merchant to think that this great deal is only good for that day. Some small business owners have remarked that their heads were still spinning long after the sales rep had left with the signed paperwork. The honest sales reps will allow you to take the time you need to make an intelligent decision.

Probably one of the biggest complaints leveled against some of the credit card processing companies is their use of hidden fees. Some merchant services providers have as many as 21 different types of fees they can charge your account. Unfortunately many of the merchant account statements are confusing to read and unless you are trained on how to read them you wont see where you are being charged extra or unnecessary fees.

Whether you are a small business owner who wants to start accepting credit cards or you are an established business owner who wants to keep as much of your profits as possible, you need to know what to look for in a great merchant services program. Talk to a Merchant Service Specialist. The honest ones will disclose all the costs involved with you accepting credit cards for payment. And they will be willing to put it in writing. Dont be the victim of hidden fees and misleading sales reps. It is your money. You deserve to keep as much of it as you can.

When it comes to small business credit card processing you must talk to an expert.

The Lowdown on the Orchard Bank Secured Credit Card

By blogger on

When your credit history is proving to be a hindrance to your financial well-being, perhaps it is time for you to get a secured credit card. One of the cards worth your consideration would be the Orchard Bank MasterCard secured card issued by the HSBC Bank of Nevada.

This card targets customers with poor or limited credit ratings, and aids them towards improving their credit histories. A secured credit card works by requiring the card holder to deposit cash into their credit card account prior to utilization. This way, this credit card prevents its card owners from incurring more debt whilst helping them re-establish their credit history.

An additional advantage unique to this card is that the deposits in the account are paid interests by the bank. In the effort to establish a healthy credit rating, customers must bear in mind that late payments must be avoided, and they have to be aware of the current annual percentage rate for the card as the APR of the Orchard Bank Secured Credit card is based on a variable rate. Although, the regular rate now stands at 15.90%, the actual rate is dependent on the Prime Rate. APRs for cash advances are higher than most cards at 23.40%, with a minimum rate of 19.99%.

Interestingly enough, the annual fees for the Orchard Bank Secured Credit Card is lower than other most unsecured credit cards. Balances above $1000 will only incur fees of $35 whilst card holders who have charged more than their credit limits will only be charged only $29. Also, there are periodic reviews of the credit limit for each account, so regular payments will enable the card holder to obtain higher credit limits and at the same time improving their credit history.

Finally, the Orchard Bank secured credit card also offers a lot of perks not evident in other competing credit cards. These would include Internet services, emergency replacements for stolen cards as well as numerous protection services against fraud and identity theft.