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Month: June 2020

Advantages and Disadvantages of Owning Add On Credit Cards

Advantages and Disadvantages of Owning Add On Credit Cards

ADVANTAGES The chief profit of having add on cards is the Rewards programme. With more than one user, the number of reward points will also upsurge, therefore adding more advantages to the reward programme You get the benefit of a single statement for all the spending that lets improved management of your credit card Allows for superior control on the spending practices of teens or young adults by guardians or parents Benefits individuals with poor or unfavourable credit scores to…

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Responsibilities of a Primary Cardholder

Responsibilities of a Primary Cardholder

Solely responsible for payments – The Primary cardholder is the official person on the account and is therefore accountable for payments of the dues, excluding the secondary cards, on that account. Hence, any default or non-payment of the outstanding amount will unfavourably harm the primary cardholder’s credit score. Have the access to add or remove secondary cards – The primary cardholder holds the privilege to decide the secondary card holder (to add or remove the secondary cardholders from the account)….

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Is Multiple Payments To Your Credit Card Vital?

Is Multiple Payments To Your Credit Card Vital?

There is no one direct answer to this question. It would mostly be subject to factors such as your purchases, credit limit and the time of your spending. As you must be aware, there is no way to know the schedule of reporting monitored by the creditor. On the other hand, if you are someone who does multiple payments through the month, then the motive of using a credit card is not fulfilled. As you know, a credit card is…

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Cons of Credit Card Consolidation

Cons of Credit Card Consolidation

The following are few disadvantages of credit card consolidation Loss of Assets One of the usual means to consolidate credit card debts is to go for a secured loan. In a secured loan, the borrower puts an asset as collateral. At this time, the asset can be generally a property. If the borrower fails or misses (for a long time) to repay this secured loan, then the borrower tends to lose the asset that has pledged. It does not bring…

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Pros of Credit Card Debt Consolidation

Pros of Credit Card Debt Consolidation

Below are few advantages of credit card debt consolidation: Potential to lower your interest rates Choosing to consolidate your credit card debts in turns means you are substituting higher interest EMIs of your previous credit card bills with a single EMI of lower interest rates. It efficiently decreases your monthly bill payments, thus dropping your monthly financial load considerably. Cooler to manage debts Less number of EMIs to pay every month is a cooler rather than paying multiple credit card…

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Do You Need To Use A Credit Card to Pay Your Other Bills in the COVID-19 Phase?

Do You Need To Use A Credit Card to Pay Your Other Bills in the COVID-19 Phase?

By design, credit cards make it likely to buy something now and pay for it future. Charging up to your credit limit even if you still have a balance from last months is normally something you need to be conscious. However at times of crisis, certain traditional credit card guidelines do not always apply, and your credit limit may be what you need to get by till you are working again. Keep the following two factors in mind: Begin by…

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Tips to manage and guard your credit during the COVID-19

Tips to manage and guard your credit during the COVID-19

Get a copy of your credit report It is always recommended to check your CIBlL once or twice in a year. If you have not asked for your annual credit reports yet, choose to do it immediately. Check for faults and read your report sensibly, in case you correct an error then write a letter to them and your creditor as well. If you cannot afford to make payments, contact your provider Many providers have announced proactive actions to help…

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2 Aspects to Consider Prior Closing Your Credit Card

2 Aspects to Consider Prior Closing Your Credit Card

Do you wish to close that credit card of yours that you do not want to use anymore? Prior you make the choice to close your credit card for good, take a moment to think through few aspects as closing a credit card might affect your credit score. The following are the 2 most important aspects that you need to consider prior closing your credit card – 1. Will your credit utilization ratio affect? Your credit utilization ratio is the…

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Is Your Credit Card’s Annual Fee Worth It?

Is Your Credit Card’s Annual Fee Worth It?

Do you find yourself speculating if your credit card’s annual fee is really worth it? You are surely not alone. Some credit cards let you relish first year fee waiver while others start charging annual fee from the first year. Conditional on how much value and savings you get from your credit card every year and how significant certain advantages are to you as a credit card holder, your annual fee may actually be worath your dough. As you perhaps…

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Are you worried about affording your credit card bill payments in the pandemic phase?

Are you worried about affording your credit card bill payments in the pandemic phase?

If you are worried about affording your credit card bill payments in the COVID-19 phase, consider following tips: Ask for the support you want. Credit card providers are offering support during the COVID-19 pandemic, comprising things like deferred payments and fees, but typically you will have to reach out to provider and request for such help. Credit card hardship programs are also be accessible through your provider if you need longer-term help, again upon appeal. However such programs may come…

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