Smart Spending
February 22, 2009
Credit card nowadays are available to everyone. It use to be a privileged on a few people. People who I think doesn’t need credit on the first place. They have the cash for it. But they are the first that was targeted by credit cards. Cash is obsolete they say in those times, plastic are in. Now everyone who gets a job, even the minimum wagers are given credit cards. Some don’t even need to apply. Pre approved they will say, But what happened when someone was unwittingly give a card. Unpaid debts and worse legal letters. People nowadays mistake credit card for something of a freebie. Free things that you just signed on it and no intention of paying for it. It’s wrong because you are ruining your credit standing. Credit has a lot of benefits if you just use your head. Beware of finance charge, use it only if you know you can fully pay it next month. Take advantage of promos and discount because of the card. Often times it is connected to gasoline discount. Get credit card with free annual membership only. Don’t ever use the card for cash advance unless it’s entirely an emergency and you really needed cash. Credit card is a privileged don’t ever let it be a burden.
Credit Card Rewards
February 13, 2009
Do you really think that credit card rewards are truly worth it? I mean if you are just charging stuff to get the points then that is wrong. But if you are an occasional user of the card, your points could expire and then your out those points.
I have never thought that the points or rewards were worth it in my case. Maybe if I was using the credit card to buy huge purchases, then I could rack up a whole lot of points and then find something cool to spend them on. But it seems to me that most of the cool items that you can redeem your points for are pretty high in points totals. And others just are not worth it, such as a $25 gift card to a store you like. If you are paying over $25 in interest or finance charges you are not gaining any thing at all. In fact you will be paying a lot more for the gift card than you realize.
Credit Card Interest
February 13, 2009
I was shocked the other day when I looked at one of my credit card statements on the amount of interest that I was being charged. I have 4 credit cards and use them every once in a while for bigger purchases or for online purchases. None of my cards have over $700 each charged to them, but I thought I would start to use just one card all the time so I could rack up points. Well that proved to be the wrong thing to do. Or at least I choose the wrong card to do that with. I never even thought to look at the interest rate. I just started charging hoping to rack up big points. Wrong thing to do.
I strongly suggest making sure you know what your interest rate is on all of your credit cards. Do not assume anything is a good deal until you have seen and read everything associated with your credit card. Or else you may be in big trouble.
Virtues of a prepaid credit card
February 10, 2009
Prepaid cards are a great way to be able to do all the stuff that you do with a regular credit/debit card, but without the hassle of monthly statements and overdraft fees. You can only spend what’s on the card, so it’s an ideal way to control spending. You can shop online, get cash from an ATM, and many other things.
Certain prepaid cards also let you build your credit history. The AccountNow card, for example, reports to credit bureaus if you make a bill payment with that card. It can be a great way for a young person, or a person with no credit history, to get their foot in the door and establish some.
Getting a prepaid card lets you do all of the fun stuff that a normal, unsecured card does, without all the hassles and pitfalls. I highly recommend them to anyone who likes the convenience of carrying plastic, but doesn’t like the hit that the monthly statement gives their wallet.
Cutting up Your Credit Cards
February 10, 2009
If you’ve ever had a credit card, you’ve probably overspent a time or two, and you’ve freaked out when you’ve seen the credit statement. You can’t go back and undo all the financial damage you’ve done, but you can plug the leak. Maybe it’s time to do away with the credit cards altogether.
I’ve never had a credit card, and I don’t intend to. To me, it’s too much like spending money that I don’t have. It’s all too easy to fall into the trap. Live within your means, and you won’t accrue any more debt. Start paying down your debt, pay more than the minimum payment on your cards. If you have more than one, start with the biggest debt first. That way you can feel as if you are accomplishing something.
Decide what you can live with and live without. Got a gym membership? Cancel it and work out at home.
Can’t live without your morning coffee? Skip Starbucks and brew a cup of joe at home. Little purchases add up quickly, and only serve to drive you deeper into debt.
Cutting up your cards won’t get you out of debt, but it will keep you from digging yourself deeper.
Necessary details to check before you start using your Credit Card
February 10, 2009
How excited did you feel when you received your first Credit Card? Very excited and felt financially powered, isn’t it. Most of us get the same feeling. Don’t be over glad and make necessary check before using the Credit Card for any transaction.
Carefully check the packet of your courier; is it tempered, opened or the documents are visible from the transparent window. In case of any doubt of security of package simply don’t accept the packet and return it, remember unless you receive it by giving your identification details like Tax ID or Driving License Number the card will remain inactive and any wrong transaction will not held you liable for this. When you receive the transaction PIN again check the seal of the document before receiving it. Before starting transaction make sure your back side of Credit Card is signed by you.
Such small steps will minimize the risks of wrong and fraud transactions.
Is it possible to hack the Credit Card Nos online?
February 10, 2009
Hackers, do they live a king size life, do they have lots of money to use and why don’t they become the richest people on earth, if they can really hack any sort of details? What’s the reality of online hackers, Credit Card is probably the most attractive asset to be targeted by them. How do they do it? I am not a hacker but based on my experience when I worked in a financial services company, I can just assess the things which normally come under the probable activity of a hacker and against which a financial service organization develop their security system.
The first task of a hacker would be to analyze all security systems used commonly and then he should study the concerned languages and codes used to design the security system and finally they need to guess the pass code of the server. It’s a huge task and they should be rewarded for that but they are put behind bars if at all they are trapped. I think hackers should be hired for making the security system then they can think beyond the normal practices.
Safe Credit Card Transaction in retail stores
February 10, 2009
News papers, magazines, emails from banks always keep on sending communications to the customers regarding online scams and frauds and instances where the online shopping has made some one its victim. Do you feel that only online transaction can fool you or are there other ways when customers can be cheated? Have you ever been cheated by a retail store, can you imagine that, most probably you answer will be no. But mind you, there is an equal chance of getting fooled by a retail store counter. You can’t imagine and a teenager with pimpled face may swipe your card twice and you are cheated. You will never come to know instantly unless you keep a close watch because a customer gets a slip to put his signature which is a virtual proof of the transaction, but what about the transaction for which you don’t get the transaction slip.
To avoid the retail store fraud you should get your mobile number registered for instant messaging regarding any small or big transaction. It also helps when you card is stolen or used without your knowledge.
Safe use of Credit Cards: Protect your details
February 10, 2009
Do you use your Credit Card safely? Have you been cheated by online shop or a retail market ever? Many customers have faced the Credit Card blues due to some minor mistakes or negligence. What are the things you should remember while using your Credit Card, so that your money should not be lost.
First of all keep your Credit Card details secret and don’t write it down any where, some persons have a habit of writing their details in diary, calendar or even on some loose papers, don’t do such things and be a safe user of Credit Card. Never share the details like your pin number, your secret question or any password of your card, don’t share it with your children also, they may miss use it due to lack of awareness and due to curiosity. If you are doing online transaction, always leave the site after logging out all your ids. Don’t store your details in your mobile, it may go to wrong hands in case your mobile is lost and you may not be aware unless the bill arrives.
How to plan a budget to repay your Credit Card debt?
February 10, 2009
In addition to other monthly and regular spending a customer should plan for a Credit Card repayment budget as well. It’s not difficult to repay the Credit Card debt if planned well, taken well and repaid well with in time. Fix an upper limit to your Credit Card budget to a maximum of 10% of your salary. Exceeding from 10% is not safe for your financial wealth.
Try paying your bills within first week of every month or at the most by second week to avoid delay in payment. Normally if you have the money and you get tempted to purchase some thing then you will not be able to hold yourself from spending, so always give first priority to your Credit Card bills just like your regular and planned purchases. If possible try finishing the debt once for all in order to safe guard your monthly budget and some contingency plans which may come at any point of time. It’s always wise to use your savings rather than pushing yourself to a costly Credit.
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