Monthly Archives: January 2017

Send Money Online Using Credit Cards

There was a time that very little options were available for sending money. Today that has changed with the use of technology. One popular option now is to send money online.

Many things are done online and of course sending money using the computer is another convenient option. Individuals are already there checking e-mail, applying for jobs, ordering pizza, watching movies, paying bills, talking to friends and family, doing research and shopping. The computer and working online allows people to save time during every day task and other important tasks. Transferring money online is no different and sending money online is becoming popular.

Send money online to family or friends across town or across the country whether it is sent to them where they live or where they are vacationing. It can all be done quickly and accurately online. All of these are very important especially if sending money is for an emergency. Transferring money in this matter is similar to purchasing something online or paying bills. A credit card number is entered. This is fast than sending a check that means waiting for it arrive and then waiting for it to be cashed. Transfer money online to allow money to be transferred immediately. It is a fast an easy process to transfer money online using a credit card.

Transferring money traditionally is done through a service that can be expensive and it can take a lot of time in some cases. This is especially true if the person needing money is in a different country. A provider needs to be located so they have a place to pick up the money while transferring money online the recipient doesn’t need to even visit a bank. Banks do have wire transfer services, yet the both parties must have an account with that bank.

One way to transfer money online is to have a reloadable card. If this action is done frequently it could be a good option for everyone involved. An example is for parenting providing money for their college student. Companies provide these cards and a transfer service. The person providing money logs on to the company website and inputs their account password. Then they add money to the card through the site using a credit card or debit card. There is even an option with some companies using this service that provides a call in option to add money to the card. This helps if the internet is out or if there is no computer access.

Sending money online is appreciated by everyone. Those that need money enjoy the fact and peace of mind that they can have money available to them instantly if the needs it. Those sending enjoy the peace of mind that their friend or family member will not be stranded in case their money is stolen while on vacation, for instant and the money needed will arrive quickly.

Pay Off Credit Card Debt Using Government Debt Relief Funds

When the economic crunch began to be felt two years ago, many Americans also began to dread that monthly ritual of opening the envelope with the credit card bill. The credit card bills begin to pile up one after another, waiting to be taken to the nearest bank for repayment.

As the situation of the economy gets worse, the pile becomes higher and higher. The credit card bills stay there at the recesses of our homes, untouched, because we do not have the means to pay them. Dept repayment has become the last thing on our list of priorities since prices of everything basic began to shoot up.

The federal government of the United States has proposed several schemes for Americans to weather the crisis. One positive development is the approval of congress for the release of ‘debt relief’ funds worth billions of dollars to pay-off credit card bills of individuals. This scheme is one of the strategies to keep Americans from declaring bankruptcy and giving them enough time to recover from their financial instability.

The debt relief grant has been called by many people as a credit card relief scheme. This is partly true as debts of individuals are usually in the form of cash advances made using the credit cards. The debt relief grant can only be made accessible by the government if the applicant is eligible to receive it. One of the most important qualifications is the applicant’s income status and his/her capacity to pay his/her debts. The grant is totally free and is given away to all citizens who take patience in applying for it. This scheme can hopefully jumpstart the recovery of the United States, with its citizens beginning to buy products and services again. The overall idea is when the debt is paid; citizens will have learned their lesson about obtaining credit and will begin to use cash for their every day spending needs.

Using Business Credit Cards to Finance Small Business

When the economy struggles and default rates increase, lending standards can get mighty tough, especially for unsecured micro-loans. Banks may continue to court small business during these times, but borrowing will be an uphill climb. There may be one source of financing, however, that will remain plentiful and accessible even in tough times: the business credit card.

Not too long ago, under these circumstances, small business entrepreneurs did bank on business credit cards for their financing needs, according the Small Business Administration’s annual micro-loan study, which tracks trends in loans of less than $100,000. Even during times when traditional commercial lending essentially remain flat, small business loans can grow by as much as 10 percent. This may be an indication of the success of banks’ small business campaigns, offering as a come-on a plethora of small business credit card packages or perhaps even the better methods employed by credit scoring agencies.

Today, a business owner with good standing in personal credit cards will have no problem gaining approval for business credit cards. Even in those cases where the applicant’s credit history is less than sterling, business credit cards are still easier to obtain than ordinary commercial loans. When commercial loans are simply not available – and those occasions do arise – the remaining fallback may be business credit cards. The business credit card is essentially a guaranteed line of credit, and when banks withdraw their unsecured loan offerings, the small business owner may have no recourse other than securing business credit cards.

Is financing with business credit cards prudent?

It can be the ideal solution during crunch time. Business credit cards give you a 21- to 30-day float on your money. You get a guaranteed loan – albeit at high interest rates. The float you get from a business credit card does come in very handy when payments from clients become overdue, or when your business requires unexpected supplies.

This does not mean that business owners don’t get into trouble with financing via business credit cards. More than a few of them have. You should not forget that while the average business owner does not generally carry large balances on the business credit cards from one month to the next, the temptation to do so is very real and it is there all the time. Most entrepreneurs are very responsible people and are prudent in handling their finances – but when their backs are up against a wall, most of them will do whatever they legally can in order to save their businesses. Racking up the balance on their business credit cards can become one such alluring option.

Barring extreme circumstances, intelligent and discriminate use of business credit cards may actually help save the business money. If you consider the savings programs carried in many business credit cards, it is possible for business credit card users to earn discounts on a lot of services – couriers, car rentals, office supplies, printing, and many others. When you work for yourself, you’re always looking to save the pennies. Business credit cards can help you do just that.

7 Tips For Credit Card Management

The invention of credit cards was a giant leap forward for humans. People around the world use their credit cards for all kinds of purchases and payments. The credit cards give the people, the freedom of purchasing what they want, without having to depend on their bank balance. Credit cards are used by all kinds of people in cities and towns across the world. It is a fact that a credit card can be a boon as well as a bane at the same time.

At times, people do not know how to effectively manage their credit cards. This is why, their credit score is severely affected and they find it hard to acquire financial assistance from banks and other lenders. In order to make sure that your credit score is not affected, you need to effectively manage your cards. You need to be careful about making payments and using the card for any purchase.

When you make your credit card payments on time, your credit score improves and you can obtain higher amount of credit. On the other hand, if you fail to make the payments on time, your credit score is negatively affected and you may not get any further credit from financial institutions. Here are a few important tips which will help you in effectively managing your credit cards:

1. Plan your purchases – Before purchasing or buying any product, determine if it is necessary to buy it. You must make a list of your priorities and stick to that so that you can arrange for the money needed to pay your credit card bills. At any point of time, make sure that you do not purchase something too expensive as it will make you cross your monthly budget or the credit limit on your card.

An effective way of way of planning your purchases is to make a shopping list. At the beginning of the month, try to make a list of things you need to buy with the card and stick to that list as much as possible.

2. Always check your statements – Check your statements on a monthly basis as the statements will help you understand your spending pattern. Based on your observation, you can try to avoid unnecessary purchases. Also, checking the statements will help you in knowing the minimum payment due for a particular month, so that you can make that payment on time and avoid extra charges or fees.

You can easily check your statements online, and you can also use your smartphones to keep a track on your card usage. Mobile alerts can be very helpful in ensuring that you do not end up paying more than what you are supposed to, when you use your credit card for any transaction.

3. Try to make full payment – Try to make full payments, whenever possible. When you pay your credit cards in full and within the due date, you do not have to pay any interest on the billed amount. Besides, paying the credit card balances in full will help in improving your credit score. Even if you are not able to pay your credit card balances in full, you should always make sure that you pay the minimum amount due, within the due date.

Apart from saving a substantial amount of money on interest, you will also be able to improve your credit score and increase your chances of obtaining more credit in the future.

4. Keep a track of supplementary cards – At times, you might forget the fact that you have provided supplementary cards to your family members and these cards are linked to your credit card account. The way these cards are used can have an impact on your credit card account. Hence, you should keep a track on them and also ensure that the transactions completed with them are paid for within the payment due date.

Besides, you also need to keep a track of these cards so that you can ensure that the credit limit of your card is not exceeded. If it is exceeded, you will end up paying an over limit fee and other hefty charges.

5. Look out for promotional offers – Why pay more when you can get the same product by paying less? Be a little smart when using your plastic money and make sure that you utilize the variety of offers and promotions provided by the card issuers from time to time. These promotions can provide you with access to discounts, deals and privileges across different segments such as dining, travel, shopping and so on.

You can not only save money through these promotional offers but you can also enjoy a variety of other exclusive privileges which will enhance your experience of using a credit card. Make sure that you always visit a website where you can find information about such promotions so that you can take full advantage of them.

6. Make multiple payments in a month – Do not just limit yourself to making a single payment within the payment due date every month. Instead, try to make multiple payments even if you pay small amounts. It has been observed that the credit card issuers and the credit bureau tend to send payment reports more than once every month, if there is a lot of payment activity in an account.

When you make multiple payments you make sure that the lot of positive information about your credit card usage is being sent to the credit bureau and in the process your credit score will get a big boost. For example, if the minimum payment due for the month is S$1500, do make a payment of S$1500 and apart from that also make other amounts in the same month.

7. Avoid cash advances – You will be provided with the feature of withdrawing cash with your credit card but you should avoid utilizing this feature. When you withdraw cash with your card, you will be charged a cash advance fee and you will also not get any interest free period to make the payment.

Using Your Credit Card While On Vacation

Aiming to save money on our credit cards should be something that we all should be doing.

This can be done by switching your credit card to one that has a 0% interest free offer on balance transfers and purchases, or simply playing a credit card game such as “stoozing”.

The term stoozing is used to describe the practice of using the credit limit you receive on a credit card to make money by transferring the balance to high interest savings account.

It can be so much simpler to save money without having to go through all of these games and switching from one credit card issuer to the next. Many people while on holiday use their credit card to either make purchases or to withdraw cash from an ATM. This is one credit card usage you should always avoid.

Your credit card will incur a load of different charges when it is used abroad, which will be adding up on the bill when you return from your trip. Many of these charges you will not even be aware of, as many of us do not even realise that the charges exist.

Every purchase incurs a foreign usage fee…

Did you know that you could be charged by up to £2.00 a transaction on your credit card for every transaction that you make or £1.50 if it’s a debit card? This is bad enough, but you could also be getting charged interest from the moment that you have made the purchase, even though when you are back home you will not be charged interest from anything up to59 days. So if you have purchased goods or paid for your meals using your credit card when you first arrived, then depending on how long you are away the interest has already built up by the time that you return home.

Every cash withdrawal from an ATM is charged interest immediately…

If you use the card in an ATM, you could be facing further charges, as we already know we are charged for using our credit cards in a hole-in-the-wall here. So it is going to be much more expensive to use the card in an ATM on your vacation in a foreign country and are charged at a higher level than a credit card transaction in a store or restaurant.

The best thing to do is contact your credit card issuer and find out where they stand regarding the charges that they make when using your credit card abroad. When you add up the details, you may very well find that travellers cheques or changing the your cash to the currency of where you are travelling to will be a whole lot cheaper and easier on the finances.

Remember…

1) Avoid using your credit card to withdraw cash from an ATM (you are charged interest immediately)
2) Every you make with your credit card incurs a foreign usage fee (there are some exceptions)
3) Some credit card issuers charge interest on foreign purchases as soon as they are made