Credit

Is it worth applying for a 0% Credit Card?

Is it worth applying for a 0% Credit Card?

A 0% credit card

Essentially means that you are not charged any interest on your purchases for a defined period of time. How long that time period is depends on the credit card company and the deal on offer. Whether getting a 0% credit card is worthwhile or not depends on your unique situation, what you want it for and how well organised you are when it comes to handling money and debt. Done correctly, 0% credit cards can actually save you money. However, if they are used incorrectly, you can land yourself in debt for a number of years.

Have a Reason to Apply for One

Getting a zero per cent card is worthwhile as long as you use it for the right reason. By this I mean that if you have fallen on hard times, getting any kind of credit card is not the right thing to do to help you to make ends meet at the end of the month. If anything, this can lead you into a spiral of debt that can be difficult to get out of. If however, you are in a reasonable financial position and you would save money by making a specific purchase with a credit card rather than paying in monthly instalments, this can save you money in the long run. For example, car insurance payments can often cost more long term if they are paid on a month by month basis. Significant savings can often be made if you pay for the whole year up front. By using a zero per cent credit card to pay a year worth of car insurance, assuming you keep up the payments, you can make significant savings.

Keeping Track

Keeping track of things is of the utmost importance if you choose a zero per cent card. Ensure that at the very least, you make the minimum monthly payment required on time. If you miss even one month, you can be charged a steep fee and in some cases, can even loose your zero per cent deal. This means from that point on, the credit card company can charge you interest. If this happens, obviously you will lose any savings you made by choosing to get this type of card. It is of the utmost importance that you keep a note of your end date. For example, if your zero per cent interest deal ends in 18 months, make a point of setting a reminder so that it is impossible to forget. For example, you can set an alarm on your phone or computer a few months before the end date. When your end date is approaching, make a point of either paying off the balance completely, or transferring the balance to another 0% card.

The Best Card

Assuming you have a good credit rating and are likely to be accepted for a credit card, the best deal you can get with a zero per cent card is the longest deal you can get. Look for a card that has the longest possible introductory deal at 0%. In most cases, the maximum time period is about 18 months. This way you will get the maximum benefit from your card. Is it worth applying for a 0% Credit Card? Assuming you have met all of the criteria laid out here, yes it is.


Mastercard Chargebacks explained

Mastercard Chargebacks explained

Mastercard is one of the world’s largest credit card providers, and it serves hundreds of millions of people all over the world.

Chargeback is a process that occurs when a card holder can prove beyond any reasonable doubt, that the quality, quantity or timeframe of a product or service, promised by a merchant has being violated. In order words a credit card holder can file a charge back claim with the card issuer for a refund, if they (customer) did not get exactly what they were made to believe they were buying during purchase, or if the order failed to deliver as advertised. And Mastercard, being a reputable, and one of the world’s largest credit card issuer has its own set of policies and guidelines that governs a chargeback compliant process.

Master Card Chargeback Process:

Immediately a chargeback request is forwarded to Mastercard by the cardholder, MasterCard will issue a ‘provisional’ credit to the holder, at the expense of the merchant until the issue is settled. Then an “auto resolve” process will be activated, this will first of all, send a request to the Acquiring bank for a document that supports the dispute. And until the documents arrive, the chargeback request receives a pending status.

Upon the receipt of the documents, MasterCard will send a formal letter of chargeback to the merchant, expecting the merchant to respond in-between 8-10 business working days. There will be no second warning. The response of the merchant must then include documents that will counter each of the claims of the cardholder, and a rebuttal letter that will convey their own point of view. In the event that the MasterCard’s credit department found the paperwork of the merchant to be intact, and the process leading to the purchase appears to be in order, a reversal is made on the chargeback, the merchant will be credited back, and MasterCard will now tentatively bear the chargeback cost.

However, if the documents supplied by the merchant do not prove a valid reason that can lead to the reversal, MasterCard will again contact the merchant for more explanation and information, but the merchant stays debited, and the first Reversal Process is activated.

The merchant at this point will now send a “Merchant Letter” to MasterCard with further proofs that the dispute should be reversed. Then one of two things is likely to happen.

It is either the MasterCard Chargeback Analyst found the request as invalid and then put a “Request Denied” on the status before closing the phase, or he deems the response of the merchant to be valid, and then reverses the issue back, debiting the account of the merchant back.

These processes of chargeback require a lot of back-and-forth from MasterCard, the Acquiring bank and the Merchant, which cannot only take a lot of time, but could be tiresome. The only option available to the customer is patience, with the understanding that MasterCard will go to any length to ensure that his interest are being protected and well taken care of.


Payday Loan and it’s Contribution to Our Day to Day Life

Payday Loan and it’s Contribution to Our Day to Day Life

Payday loan is something that everyone longs for, in order to get rid off the over dosage of financial crisis. Let’s have an authentic discussion over U.K market, how the citizens over there get rid off it and which sorts of companies are capable to help us out.

Payday loans were an American phenomenon and have emerged in theUKover the last 5 years.

They are advertised as a short term lending solution which they are more than happy to point this out on their daytime TV adverts. While they are intended as a short term fix, the relative ease in which a consumer can obtain one has turned it into a massive long term headache for British consumers.

The original purpose for Payday loans was to help towards vehicle repairs, paying off a larger than usual phone/utility bill or to see you through your last week before that much needed payday.

Now they have become a way of borrowing money to pay off other debts.

Consolidation of other pay day loans:

TheUKpayday loan market has grown massively in the last 5 years as more and more people are struggling with unsecured debts and day to day living expenses. The interest charged on payday loans has also encouraged the growth of the market.

Current statistics show just how popular and easy to obtain high interest payday loans are:

1) Each year 1.2 million people take out a payday loan in the UK.
2) A total of £1.2 billion is borrowed every year through payday loans.
3) People owe on average £1200 on payday loans.
4) People who have a payday loan usually have 4 on average.
5) 40% of people borrowing money on payday loans were using it for day to day living costs.
6) Most social demographics use payday loan companies such as: pharmacists, teachers and accountants.

*Source Consumer Credit Counseling Service:

The figures show that payday loans are now a massive problem for British consumers and poor money management is only going to lead to more people taking out a payday loan. The figures also show that it’s not just people on low incomes who need payday loans but people on higher salaries are also falling victim to the promise of quick money and crippling interest rates.

Interest rates:
As discussed above the interest rates on payday loans are the highest in the industry. This is justified by the lenders by stating it is only short term lending. Short term lending or not the interest rates are astronomical and once you take one out it is very hard to escape it’s clutches. There are currently no caps on payday loan interest rates so the companies are free to charge whatever they want.

Interest rate examples;
• Wonga – 4214%
• Payday UK – 1737%
• Kwik Cash – 1737%

These interest rates are fixed and represent a huge outlay of interest for consumers. The high interest rates are the primary reason people struggle and are tempted to take out other payday loans to pay off the ones they already have.

Your options in tackling payday loan debt:

Most people realize they are struggling when their scheduled payment is due to leave their bank account. This usually leaves the consumer with no money to pay for day to day living expenses and drives the temptation to take out the payday loan again.

Harrington Brooks are one theUK leading debt resolution companies and specializes in tackling payday loan debts and understands the struggles and problems people who are over committed go through.

Article by Patricia..


What are the Benefits of a Prepaid MasterCard?

What are the Benefits of a Prepaid MasterCard?

To use a prepaid MasterCard, like most prepaid credit cards, you simply load a set amount of money onto the card and use it to make purchases just like you would with an ordinary debit or credit card.  You never get into debt with it (there are no overdraft facilities or loans and no credit is given by the card company): the money on the card is yours and once you’ve spent it there will be no more funds available.

They’re designed to help you to budget because with standard debit or credit cards it can be very easy to lose track of how much you’ve spent.  It can also be tempting with a debit or credit card to spend more than you have or can afford because the cards can still be used and you tend to tell yourself that you’ll be able to make up for overspending later.

Another benefit to owning a prepaid MasterCard is that it is safe to use online and safe to use in shops thanks to its chip and pin system.  It’s what makes the difference between using a prepaid MasterCard and just carrying around a bundle of cash.  It’s also a lot safer than cash because if your prepaid MasterCard were to be lost or stolen, you can be issued with a replacement card with the correct balance if you put a stop on the card – that wouldn’t happen if someone stole your cash.

You can also have your wages or salary paid onto the card (very handy if you don’t own a bank account) and you can use it to pay your utility bills.  With a brand name like MasterCard behind you, you won’t be short of places that will accept a prepaid MasterCard since all shops and services that accept MasterCard will also accept a prepaid MasterCard.

You don’t need a credit check before you can apply to get a prepaid MasterCard since no actual credit is involved, so even if you have a poor credit history you’ll be able to get one of these cards.  That makes sense, really, since the people who need to improve their budgeting skills are usually the people with poor credit history and what better way to learn than through a prepaid card?  As long as you can prove who you are and where you live you shouldn’t have any problems being accepted.

You can also use a prepaid MasterCard to transfer money abroad – you load the money onto the card and they use their card to access it.  That’s much cheaper than using traditional methods of transferring money overseas.  Similarly, you can give your grown-up child a prepaid MasterCard to help them to manage their funds when they’re at university.  Often, leaving home for the first time is the first chance a child has to experiment with managing their own money but normally they do this by opening a student bank account – with a potentially crippling overdraft facility.  A prepaid MasterCard is a risk-free way of learning this valuable life skill.

Finally, a prepaid MasterCard can help you to improve your credit rating if you select the appropriate card type (called a ‘Credit Booster’).  This works by MasterCard charging you a small monthly fee and assuming you pay that fee then after 12 months you will be classed as having settled a debt and therefore having honoured a credit arrangement.

To make a payment onto a prepaid MasterCard all you have to do is call in at your local Post Office with your card or at a local Paypoint (which is also where you might pay for your utilities) or if you have a bank account you can make an electronic BACS transfer.


Have proper personal finance habits – Learn the tricks

Have proper personal finance habits – Learn the tricks

It is very necessary for you to have proper personal finance habits in order to stay out of debt. The major problem with most Americans is that they fail to live within their means. What you should understand is that saving is an integral part of your life and you should spend less than what you earn. However it is seen that most of the times people spend more than what they earn and this leads to the root of all debt problems; mounting credit card bills. Keeping your credit card debt under control is of utmost importance to you. This will enable you save money and not fall into debt problems. Debt problems are something that gets difficult to get out of once you get in. given below are some personal finance advice that you can make your own to keep away debt.

  • Make your money’s worth work for you – If you make small changes to your lifestyle, even without having to modify it drastically, you can maximize your savings. For instance, you can train yourself to have good financial discipline and then use reward credit cards for every purchase and payment that you make in a month. If you pay back your credit card bills in full at the end of each month, that is, a billing cycle of 30 days, you would have interest free loans for the time span of 30 days and also you earn more rewards from the credit card company. When you can view your transaction records, it is easier to see where you are spending your money every month. You should also check your existing bills in order to come up with ways to save money in typical expenses such as phone and cell phone services, utility bills, cable television.
  • Use your money wisely – If you upgrade your bank account into a one with higher interest rate or no fees you can either make or save quite some amount over time. You can try and invest your money in accounts that will earn for you more amount of interest for the length of the time you will able to keep the money untouched in the savings. This is the magic of compounding interest.
  • Anticipate and prepare for the unexpected – There are a lot of people who don’t even have money to repair their vehicles when it breaks down citing it to be an unexpected event. Same can be the case with repairing broken tiles, electrical lines in the house and so on. What you have to keep in mind that is that these are not really unexpected in the true sense of it. Your car which you use regularly and your house where you live can undergo damage with time and you have to anticipate any damage can be caused. Although you wouldn’t know the particular timing for such events, which is why you should build an emergency fund.
  • Build an emergency account – This account helps you to keep moving and stay up on your feet at a time when disaster happens. You should start building your account by saving some money every month. You should have set aside at least 3 months of living expenses to be at the safe side. If you haven’t reached this target then continue keeping aside some money.  It is important that you understand that your emergency fund is not the same as savings account. This emergency fund is not to be used for vacations or for investments.

Thus you can see how the above tips in personal finance can help you in keeping your finances under control.


Debt Collectors Use Social Media

Debt Collectors Use Social Media

In today’s world, debt collection companies are riding a thin line between legitimate collection practices and predatory collection techniques. Social media has become the newest way for debt collection companies to locate and communicate with consumers. This new phenomenon has left many industry insiders unclear as to the legality of the practices. Invading people’s privacy is a very sensitive issue that could result in legal consequences from the company in question. This information reaching the public may result in a change in the way social sites and collection companies operate.

What They Can Do
Some debt collection agencies have sunk to the point of making fake profiles and becoming friends with people with the goal of retaining their information the whole time. People’s profiles who are public may risk their information being found out by clandestine collection agents posing as followers. A few states have enacted laws against online impersonation, but none of them restricts collectors from tweeting or posting on consumer’s Facebook wall to find out a debtors whereabouts. According to the Fair Debt Collection Practices Act (FDCPA) a debt collector that post about a consumer’s debt on social media is in violation and has compromised privacy agreements.

Collectors are allowed to use information shown on social media to contact the consumer about their debt. A little common sense made need to be used when posting information on social media. If a person knows they are in debt it may be smart not to provide location information on social media pages or settle the matter so that they can move on.

They are Watching
Be watchful of the words used when speaking of things that are paid in full with cash or assets that are earning residual income. These things could be taken into consideration if a debt collector finds them via social media and could put a halt to settlement arrangements. There is no need to brag and boast about the car just bought in cash or residual income. The information the collection agency has on file of a consumer should coincide with their social media profile. Giving into the temptation to talk about recent financial accomplishments may result in the collection agency not willing to settle for a lesser amount than was actually owed or potentially suing the debtor in court.

A person, who is dodging the collection police, might want to adjust their privacy settings on the social media site they participate in and make sure their page is private. Debt collectors are only aloud to contact a spouse or lawyer to discuss the collection of a debt. People whose family or friends are contacted by these agencies may want to file a complaint with the FDCPA, for this is a direct violation of the law.

Use your Head
People can avoid all this nonsense by simply staying out of debt and not buying things one cannot afford. That may be too much to ask of people but it is rational. For people who are in debt, make sure these companies follow the law and know your rights. Education and experience is the key to understanding finances. Do not make a decision that will cause problems in the future for short term self-appeasement. These decisions could potentially haunt a consumer till there is no end in sight and leave a stain that is hard to get out of credit ratings that will be needed in the future. People spend their entire lives cleaning up debt, are smart and save money to attain what is desired instead of using financing so often.

This article was written by Stacy Nguyen for the personal injury law firm of Bottar Leone, PLLC. At Bottar Leone, clients can find an experienced Syracuse personal injury lawyer dedicated to seeking justice.


How to Make Money through Credit Cards

How to Make Money through Credit Cards

Credit cards are rather helpful for those who are able to understand how to use them. It is even possible for credit card owners to earn money while spending money with their credit cards. While this may sound a bit daunting, it is possible to pocket extra cash while buying ones basic everyday needs.

Credit card companies have been known to send out multiple cards to families; offering to make their lives easier. True, credit cards can help with paying off bills and purchasing personal belongings. Some people keep a credit card just for emergencies. However, there have been cases of families going into debt because they could not keep up with their credit card payments.

Pick the Right Card

Cash Back credit cards reward the buyer with a percentage amount made from purchases in the form of cash, instead of rewarding high flyer miles or store credit points. The best way to make money with a cash back credit cards is by picking a card with the least amount of fees that offers the best possible reward rates.

Some banks and credit card companies suggest owning more than one cash back credit card per family. By doing so, it is possible to get more cash back with great discounts on commonly purchased items.

Always Use It

Sometimes the fine print doesn’t cover all of the items that can pay owners back, so wherever shopping is done the bill should always be paid with the card. Cash back credit cards will not only pay back the user for their basic purchases, they can also help centralize a balanced check book.

Be warned, for if one has a history of not being able to keep a budget, the credit card debt will build up. When earning cash back for shopping it is almost impossible to compete against building interest. More money will be lost than gained if credit cards cannot be paid off in a timely manner.

Know the Fine Print

Big spenders who use their cash back credit cards bundling up on their cash back rewards need to know when their rewards expire. Another important rule to know is if there is a cap for how much cash can be rewarded for shoppers. To maximize the amount of money earned from using credit cards the owners should only use cards that have no reward limit.

More than half of the cash back credit cards have a maximized cap for how much the users can earn. This can hurt some owners who have a trigger finger for spending. If the point is to make money with their credit cards, why bother owning card that puts a limit to how much can be used?

There are many ways to fall into debt using credit cards, but there are more ways to earn money while shopping with a credit card. Credit card owners should speak to banks and card companies and learn the policy of their cards so they can benefit from the best cash rewards possible. So get out there and start making money while paying off bills.

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The post is shared by George Martin. George is well aware of types of credit cards available in the market. He has great knowledge of low interest credit card that proffer best low interest, rewards and cash back guarantee.

 


Check Your Credit Rating – Poor Fico Credit Scores Cost

Check Your Credit Rating – Poor Fico Credit Scores Cost

There have been good signs that the economy has bounced back but this should not keep you from protecting a good name and reputation within the community. The creditors these days are implementing more strict policies that more and more Americans Canadians are being disqualified from getting loans and financial credit. This may well be from their banks , credit unions , credit cards or third party financial sources and institutions such as auto dealers and their car lot auto financing services and divisions.

What is Good Reasonable Fico Score:

All loan providers that include credit card issuers, banks, mortgage lenders and auto finance companies have revamped the FICO score in screening their loan applicants. Individuals with low scores are typically not allowed to loan or are given mark up rates that are very high. The then 620 FICO score that served as the baseline for enjoying credit, benefits, goods and employment has been raised to 740. That means the individuals with credit score lower than this baseline cannot engage with loans. There are even individuals who score high in their credit standing but still experienced reduced credit line and there are even individuals who failed to maintain their credit card accounts and equity lines.

Improve Your Fico Score It’s to Your Credit History Benefit:

People are aware of the vitality of FICO score in today’s dealing so more and more individuals are looking to improve their credit score. And these have greatly contributed to the rise of credit repair, credit rehabilitation or credit restoration services.

Credit Profiles Profiling:

Credit profiles in the US mostly contain erroneous entries or omissions that have gone against the credit standing of seventy eight percent of the individuals. People who are not able to fix these errors might go for credit service organization (CSO) to help them out.

Standard Rules Regulations in the Credit Credit Reporting Industries:

Various CSO’s have been focusing in repairing credit standings in the same manner as making out thieveries. Typically these organizations look into laws endorsed by the congress to argue negative, erroneous, obsolete and fraudulent details in the credit profile of their clients. The common acts used are the Fair and Accurate Credit Transactions Act, Fair Credit Reporting Act, the Fair Debt Collection Practices Act, and the Fair Credit Billing Act. Then disputes will be submitted to the consumer reporting agencies namely Equifax, Trans Union and Experian as well as to the state, federal, private and local regulatory authorities, creditors, collection agencies, and third-party record providers via electronic, verbal and written means. CSO’s are able to send the dispute letters via the various means (electronic, verbal and written) to the different credit reporting agencies, creditors, collectors and third-party record providers in a much extended period of time as compared to other credit repair clinics that can only do the submission in a monthly basis.

Why Business Utilize the Skills Processes of Credit Reporting Agencies:

Although it is possible for an ordinary person to engage with the same activities performed by CSOs to make things more economical, CSOs are equipped with more knowledge, skills and resources which give these organizations an edge. A decent and sound CSO should have a verifiable track record of their capability to contest and change any flawed or imprecise judgments, liens, foreclosures, bankruptcies, short-sales, student loans, inquiries, derogatory tradelines, personal identifiers and other fleeting data from their client’s credit profile. The typical time frame for credit repair result ranges from thirty days up to six months. However developments should be apparent by forty fifth to sixtieth day upon initiation of the repair process.

Are Credit Reports Reporting 100 % Accurate? Appealing Inaccurate Reports Reporting:

The process of restoring the credit standing of individual is lawful. However CSOs are not run by legal attorneys. That means the advice that can be derived from these organizations may not necessarily be according to law and in case you need to appear in court these organizations cannot represent you unless they hire a licensed law practitioner.

Thomas I. Canmore

It never can be easy to obtain auto financing if your credit report and FICO score are not 100 %
Many “good” and “responsible” people seem to have unfortunate issues in their credit past

Yet you may need a vehicle for your job

You need a car for your employment but have trouble obtaining auto financing in Edmonton or Fort mcMurray ?

If you have a job in Alberta Western Canada require reliable transportation fill out a confidential credit app at Canadian Custom Credit


Money Management is Important When Saving Money

Money Management is Important When Saving Money

It’s is important to save money by managing money so that we can enjoy financial freedom in the future. Perhaps, you are just realizing how imperative it is to manage money wisely. If you’re a beginner, then are few simple tips that are easy to implement and will lead on the fast track to saving money.

Money Management List

Put together a list of your goals and of the reasons why you want to manage your money better. In order to gain motivation, you need to know why you’re doing this. Know that this is positive step forward and being able to manage money is a very valuable skill.

Take Inventory

Next, gather all your bills and receipts and spread them out. Take note of where your money is going. If you notice that too much of money is being wasted on trivial purchases, then change the way that you spend. Incorporate a budget. Make sure that your checkbook register is up to date. If you prefer not to use checks, then there are some great financial journals out there. Financial journals are also perfect for helping you budget and organize your bills. Calendars are a fantastic alternative to registers because you can see where your money is going day by day. Plus, you can keep it posted up as a reminder to stay on track.

Get Your Credit Report

Your credit report is essentially how you manage your money on paper. Get a copy of this to further understand what steps you need to take. You can request a free report every year from annualcreditreport.com.

Get Rid of Debt

After that, take a look at all your debt. If you have credit cards, stop using them unless you are able to pay off the entire balance each month. Locate the debt that has the highest balance, interest charges, annual fees and pay extra on it while paying the minimum on all your other accounts. The longer you carry a balance, the more interest you’ll be charged. As a result you will save money by paying off the account quicker. Once this debt is paid off, contribute the spare to the next biggest debt. Repeat the process until all your debt is paid off. This process can reduce and completely eliminate your debt within a few years.

Save The Rest!

A portion of what you have left over after paying all the bills needs to go into a savings account. If you don’t already have one, make sure you find one that pays you the highest interest and doesn’t charge you any monthly fees. It’s necessary to build a solid nest egg so you and your family will be taken care of in the future. Don’t blow any extra money you receive. Tax return money and that end of the year bonus needs to be put in a savings account. Money management takes self-control.

Since you’ve made the decision to manage your money wisely, pass down that information to your kids. Teach them from an early age so that they don’t fall into some of the same traps. Learning how money works will make our children more successful once they enter the real world.

Getting rich is simple if you watch what you spend. Many people waste money on non essential items when they could have been saving money and becoming financially secure!


Getting Approved for a Car Loan with Your Bad Credit Score

Getting Approved for a Car Loan with Your Bad Credit Score

Many people who have recorded a bad credit score are aware of the fact that they can no longer benefit from other loans. The bad image of your credit history has led to a bad credit score and until you fix it you can not take advantage of another loan. But have you ever heard of the possibility of availing a car loan even if you present a bad credit score? Well, I am sure that you haven’t, but if you keep on reading you will find out how this is possible.

First of all you should be updated with the fact that there is in fact a bad credit car loan specially designed to help those known as bad credit scorers. In this category fit also the IVA’s, CCJs, the payment defaulters, bankruptcy cases, arrears, and so on.

All these bad credit scorers must have previously applied for car loan with various lenders, but they have been turned down. This is the reason why these bad credit car loans have been issued as the helping hands for these bad credit scorers.

Now that you know that these possibilities are available for you, too, you should start looking for the terms. In this way you will find out that these…’special’ loans, let’s call them, come as secured, but also as unsecured loans.

With the secured loans, as you probably know already, you should present some sort of collateral to back up your loan, while the unsecured loans do not ask for any mandatory collateral. When benefiting of these loans you should learn that you can ask for an amount that is the same with the price of the car you want to purchase.

Once the loan will be approved you must be aware of the terms of repayment, and see if you can cope with them. Generally, the repayment terms for a car loan in your situation are from 2 to 5 years, depending on the amount you have borrowed. Do not overlook also the option of buying yourself an old car (no older than 5 years) while you avail the bad credit car loan.

Applying for a bad credit car loan you must present the following documentation: an up to date proof of being employed, a proof of your residential place and in some cases you might be asked as well to make some down payment.

Take notice of the fact that bad credit car loans have to be repaid in a relatively short period of time. Apart from this, you should always make sure that you will have the means to be on time with re-payments, keeping in mind the fact that interest rates will be set a little bit higher. This is why it is on your own advantage to first proceed into some online shopping and compare prices before reaching for the bad credit car loan that matches your needs.


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