5 hidden credit cards features that will make your financial life easier

Banking cards such as the credit card offer a unique level of financial convenience for many individuals. As a credit card holder, you can get access to a lot of funds anytime you require. Alternatively, you get plenty of benefits through this banking card. But in order to make the most of this card, you will need to make the most of the features of the card.

Here are a few hidden features that will make your financial life easier:

Better alternative to cash:

Credit cards allow an easy access to cash. With this banking card, you need not worry about carrying large amounts of cash for your various purchases. It also reduces the risks of carrying physical cash. Additionally, your transactions get completed faster, with a credit card as compared to any physical cash. You can even use this card in any location of the world. In other words, if you are travelling internationally, you need not carry the local currency, but only need to swipe your card. However, you will need to activate this feature before you travel abroad.

Good credit limit:

Each credit card comes with a credit limit. This limit of credit is determined by analysing the creditworthiness of the cardholder. The credit limit is of two types, namely the normal credit limit and the revolving credit limit. The normal credit limit is determined by the bank at the time when the card is issued. This credit limit will remain the same throughout the tenure of the card usage. A revolving credit limit will vary depending on the financial exposure of the credit card holder.

Track all transactions:
Most banks or financial institutes that provide credit cards also provide the facility where one will keep track of all the transactions made by the cardholder. Keeping a record of this venture will allow the card issue to provide an ideal credit card package that will suit their needs. It also helps you understand all your transactions.

Sufficient grace period:

When you borrow funds on the credit card, you will need to repay back the funds along with the added interest within a specific time. A grace period is referred to the minimum number of additional days wherein which, the card holder must pay off the bill. The minimum grace period given to a cardholder is normally 15 days. Some banks and financial institutes offer an interest-free grace period, thus allowing you to reduce the overall cost of the credit card bill payment.

Addition of bonus points:

In order to stay above the competition in the financial market, most card issuers provide a point system. With every purchase you make, you gather reward or bonus points. Through this points, you can redeem other gifts of equal value.

4 signs that you need to invest in a bank loan for your financial needs today

Banks loans are designed to provide you with the perfect financial solution for all your requirements. Therefore, if there is any requirement for any finances, you can always approach your bank or financial institute to get this form of financial assistance.

You can always apply for a bank loan anytime you require it. However, there are certain times, when this is the only viable option for those who would want the ideal loan. If you perceive these following signs, you may want to begin the application process for a bank loan today.

Requirement for emergency funds:

You’ve suddenly discovered that you need to pay off your previous debts urgently before the deadline. These debts can be in the form of bills, borrowed funds or even any interest rates. This could also include a trip to the hospital or even an upcoming marriage which required additional funding. So how can you get emergency funds in this way? By approaching the bank or financial institute, you can easily apply for a bank loan that will provide you with all your required needs. Banks loans such as the personal loan are one great option for such a situation.

Requirement for liquid cash

There are plenty of ways you can invest your funds. Physical assets are one way to ensure that your investments grow financially, and provide you with the right return on income. However, there may be a financial requirement may arise wherein it will require physical cash. In this case, you have the option to sell off your physical asset for the funds. As an alternative, you can take a loan against this physical asset, thus providing you with the funds you require. This bank loan is known as a secured loan, wherein the physical asset is provided as collateral. In return, you will get at most 85 to 90% of the asset value as a loan amount, depending on the loan type.

Large amount of funds required

At times, you would be required to make large purchases or consecutive large purchases such as in the event of purchasing a home or even a car. In such cases, you would be required to provide large funds, in order to proceed with this purchase. While you may have the necessary finances for these assets, you may not have such a large amount. In this case, you can easily opt for a bank loan that will not only provide you with the sufficient loan amount but also the means to repay it back.

Alternate options to using your savings:

If you have kept a small amount of savings, you can always use this amount for any of your financial requirement. However, if you feel that you do not want to risk your savings as yet, you can always take a loan against these savings. In this way, you can satisfy your financial requirement, and yet preserve your saving funds for yet another rainy day.

Top 3 facts of the loan calculators to take advantage of today

Taking on a loan has a certain level of risks and plenty of other possibilities. Therefore, as an applicant, you will be required to consider all the different variables that will affect your loan applicant and the loan itself. But while there are plenty of variables that will affect your loan, there are certain tools that will help in assisting you. Financial tools such as the loan calculator will go a long way to providing you with sufficient details and data to help you with your loan taking decisions. Given below are four facts of this financial calculator that you can easily take advantage of today.

Multiple features of the loan presented for the benefit of the applicant:

Most loan calculators will be found online. Although most of the loans share similar traits, a few loans also include additional features. Loans such as the business loan or even the car loan require additional details, specific to the respective loan. When using any of these loan calculators specified for these specialty loans, these details will be displayed online. This makes it easier for any applicant to understand the different loan requirements. These details will go a long way to help you as an applicant understand how to get the best loan rates in the market.

Adjustable rates:

Every individual possesses a different financial profile along with different financial needs. Therefore, when there is a requirement for a loan, most applicants will look for loan features that will suit their needs. These features would primarily focus on loan rates such as the principal amount, interest rates or even the loan tenure. The loan calculator will help an applicant in this way. As an applicant, you can easily use this tool to adjust the required rates and use them as per your requirement. Since the resulting calculation is almost instant, you can get a quick idea of the ideal loan amount you would want. If there are any changes you would want to make, you can do it online, without any delay.

Can be used as a comparative tool for other loan offers:

The financial market is very competitive. In order to stay above the competition, they offer different loan rates which you can utilize as per your benefits. But since multiple variables are taken into consideration when applying for the loan, it will be a tedious job to consider all these variants. In this case, one can easily use the loan calculator offered by each institute and calculate the required loan type and its respective rates. Using the resulting details, you can easily take a decision on which loan rate is your best option.

The real reasons behind the personal loan EMI calculator

Applying for a loan has now been made easy. You only need to approach your choice of the bank with the right documents along with the right profile and you will get the loan you require. However, before you make such a decision, a careful calculation must be taken on your part to ensure that you get the loan that will satisfy your needs while providing you with the best of the financial aid.

This is no different for the personal loan. Unlike the other loans, this loan comes under the category of unsecured loans. Additionally, the funds in this loan can be used for different purposes, as long as it is not used in the investment for agricultural and business ventures.

Since this loan is best known for its multi- purpose uses, how do you know which rates will suit you the best? It is crucial that you distinguish between a want and need with this loan, especially since you will need to repay the loan back with high-interest rates. To help you assist in your decision for this loan, you can always use the personal loan EMI calculator.

This is the real reason behind the personal loan calculator and here are the different benefits of this financial tool:

• Most banks and financial institutes offer their personalized personal loan EMI calculator on their own websites. These calculators are equipped with fixed interest rates provided by the banks and financial institutes themselves. When using these calculators, the rates such as the principal amount, higher interest rate, and repayment tenure. The resulting calculation is often displayed in the required amount, along with the amortization chart. This graphical chart showcases the entire process in an easy graph, thus allowing borrowers to easily calculate the monthly installments.

• The personal loan EMI calculator is also used to make accurate calculations. Therefore, as a borrower, you can be well assured of all the details pertaining to the personal loan, especially if you will be applying for a particular amount.

• The results are instant. Therefore, you need not worry about the time that would take to calculate the ideal loan amount that will suit your financial needs. If you want a different loan amount, you can make the necessary changes in the features of the loan and get the result immediately.

• Through the personal loan EMI calculator, you will be able to determine the monthly payments against interest and the principal amount of the loan. Through this process, you can easily judge and make a decision on how suitable and affordable a loan is for you.

• You can use this calculator to avail quick loan quotes, in terms of EMI. In this way, you can compare the different offering from the different banks and financial institutes.

How to effectively pay off your credit card debt

A credit card goes a long way to ensuring that you get the required borrowed funds to suit your financial needs. However, if you are not constant in repaying the borrowed funds at the right time, you may find yourself with a credit card debt.

While a credit card debt may not seem like a worrisome issue, it does go a long way to affect your debt to asset ratio and also your credit score. Therefore, it is necessary you take the necessary steps to pay off this debt. Here are few tips you can follow.

Setting a starting goal

It is important that you establish realistic goals to pay off your credit card debt. An unpaid credit card debt can easily run into a higher balance if not repaid in the long run. You will need a strong self-discipline to pay off the borrowed funds, in order to prevent it from increasing more than it already is. Ensure that you monitor your progress to help stay on track.

Put your credit cards on ice

The saying, ‘out of sight is out of mind ‘is the step to help you with your credit card debt. You must literally ensure that your cards are ‘frozen’ so that you do not get tempted to use them for any of your financial needs. Look out for alternate options to pay your financial requirements instead of your credit card. This will also go a long way to help you separate your needs from wants, stay conscious about your spending, and make you think twice before you make any decision to purchase items.

Prioritize your debts

It is not uncommon to have more than one form of financial debt. You may have a list of unpaid bills, outstanding balances, interest rates and charges that are pending. Make a complete list of all your current debt and prioritize them in order of importance. Although priorities will be different from person to another, you must first focus on the debts that have a high-interest rate.

Cut down on extra expenses to have additional cash

The fastest way to pay off your credit card debt is to pay it off with extra cash. You can get this extra funds just by reviewing your monthly expenses. Look out for opportunities where you can cut costs. Even small changes such as skipping the purchase of a morning coffee over making one at home will go a long way to saving your funds. Once you have looked over your different expenditures and made the necessary changes, within no time, you will find that you have sufficient funds to not only repay the debt but also begin savings.

6 trusty tips to remember when applying for a personal loan today

If you are looking to explore a venture that requires a financial backing, then a personal loan is the best way to go about it. However, like any other loan application, you would need to take careful consideration of decision you make. Here are some tips that can assist you when you apply for this loan today.

Make sure a personal loan offers you the best deal:

Many borrowers opt for the personal loan for different purposes. The reasons may vary from paying off a previous financial debt, taking a vacation or even using it for your marriage. However, the personal loan is an unsecured loan. In this case, you may have to pay a high-interest rate. Therefore, you must first search for alternative loan options to see if they satisfy your financial needs. If other requirements do not satisfy your criteria, you can always opt for this loan.

Choose the right lender:

A personal loan offer is as good as the lender providing it. Plenty of financial sources that offer this loan includes banks, credit unions, and online lenders. Each of these options will offer you different rates and terms which may or may not suit your financial needs. The best way to know which lender will offer you the best loan terms is to shop around for them.

Make sure your credit score is accurate:

Your credit score makes a considerable different to the loan rates that are offered. You should ensure that your credit score is accurate before you apply for the personal loan. Additionally, you must continue to be responsible during the use of your credit. You can even use the repayment of this loan as a means to bolster your credit score in the long run.

Look out for different fees:

While lenders may offer a low-interest rate for the personal loan, they may compensate for additional origination fees. Overall, this may not affect your interest rates, but it can impact the loan amount you will eventually have to repay. When looking over the contract for the loan application, do ensure that there is a transparency in the contract details.

Opt for a loan amount you can afford and repay:

The convenience of a larger loan amount can be tempting, especially if it satisfies your financial requirements. However, when it comes to repaying the personal loan, you might find that it is well beyond your budget. Before you apply for this loan, you must always gauge your financial situation to know how much you can afford.

Like any other loan application, you would need to take a calculated decision. This is no different for the personal loan. With these handy tips, you can be well assured that you will get only the best loan rates to suit all your financial requirements.

Steps to take when you cannot continue to pay your EMI’s

A loan is a great way to ensure that you get the required financial assistance when you want it. However, at times, a situation may arise wherein you will be unable to continue repaying the borrowed funds back. At this stage, you may feel all is lost and begin to panic, especially if you have a secured loan.

However, you can take certain steps to rectify this problem. Here is what you need to do when you find yourself in a situation where you cannot continue to pay off your EMI’s.

Step 1: Avoid going into a panic mode

At times, fear of unexpected consequences can drive individuals to make decisions which further the crises of the situation. However, you should understand that defaulting on an EMI’s is nothing a rare situation for banks or financial institutes. There is no need to feel as if you have an extra burden on your shoulders to the added current loan woes. In fact, once your lender is aware that you are unable to repay the loan, they will take the measures to assist you.

Step 2: Get your documents in order and call your lender.

It is best if you collect all the required documents pertaining to your loan. This includes past EMI payment details, notices sent to you by the bank if any, details of the loan i.e. date of taking the loan amongst many others. Explain to your lender the reason why you are unable to repay the loan. It is best to maintain a level of transparency between you and your lender in terms of the problem. This will help both parties conclude a repayment strategy that can benefit both parties.

Step 3: Consider negotiating with you lender over your loan profile

Legally, your financial lender can repossess your assets. However, very few lenders take this steps as the last form of drastic action. Most lenders will prioritize searching for a means for a borrower to repay the loan over auctioning off the asset. When negotiating with the bank, you must look over your viable options as to how you can continue repaying your loan without any additional financial pressure. You can always use an EMI calculator to calculate your viable options before you make a decision. Be sure to make it very clear to your lender that you do intend to repay and would like to work together to find a solution.

It is not uncommon for borrowers to face problems during the repayment tenure. However, to avoid such a situation, you must take into account all the possible scenarios that can affect your repayment procedure. Tools like the EMI calculator will  go a long way to ensuring that you calculate the ideal loan profile that will suit your every financial need.