Why the prepaid forex card is the best way to carry funds abroad?

Travelling abroad for a vacation or even a trip can be a delightful experience. No doubt, you would have spent considerable time researching every accommodation, local sightseeing attractions or even a few restaurants you would want to visit. However, on the list of things you must take into consideration before you travel abroad, is the funds you have to carry for your various expenditures. Amongst the various options available, the prepaid forex card has proven to be the most variable choice.

Convenient

One of the main benefits of using a prepaid forex card is the convenience. For one, you only need to approach your bank with a request for a forex card and apply for the currency you want. You can even lock in the value of the currency conversion. Once you refill your card with the amount you want, you can now carry it with your wherever you want. Some banking institutes also offer multiple currencies on the same, card, which can be used in multiple countries. You can also use this card for multiple trips over the next few years. You only need to refill the card anytime you would want a requirement for it.

Allows you to travel light on cash

Using a forex card will allow you to travel light on cash. This is a crucial factor to consider as travelling to certain countries with large amount of funds is a risky process. With large amount of funds, you need to keep a track of your expenditures and the amount that is being transferred in terms of change. However, with the prepaid forex card, the exact amount of your expenditure gets deducted on your card. Additionally, you can get alerts of each transaction you make, thus allowing you to keep track of your expenditures.

Inexpensive alternative to other banking cards
One of the main benefits of using a forex card is the use of currency lock in. When you load the forex card with the currency, you also lock in the currency value. This makes it financially beneficial to use the card, especially in the country of the currency you have applied for. In this case, you will not be charged any conversion fee. However, with other banking cards you will viable to pay some amount of funds as the conversion charge. This can be easily charged based on the amount that has been withdrawn, or the current value of the conversion rate. In either case, the amount of funds that will be charged will be avoidable, if you opt for the forex card.

Why online mobile recharge is the need of the day?

With the rising popularity and convenience, more and more individuals are opting for smartphones to use on a daily basis. And with these smartphones, comes the rise of the cellular network usages customized for these smartphones. With 4G networks slowly taking over these mobile networks it is now easy to do several activities right from logging online to surf, download music or videos and even send mails.

But in order to ensure that you have a continuous access to this network, you must ensure that you have the required balance for it, especially in the case of pre-paid mobile network connections. This type of connection debits the balance stored in your mobile number, for any function you do or make. In order to ensure that you have sufficient balance, you can always opt for an online mobile recharge. Here is why this recharge has now become of the requirements for your daily needs.

Instant balance

One of the benefits of the online mobile recharge is the instant balance. As per the recharging process, you only need to go log online and register your account with your bank, or the cellular network service. Once you have made the account, you can either connect your bank account to your mobile number account, or vice versa. Henceforth with either option, you will only need to log online, opt for the balance amount to be transferred, which will instantly get deposited in your mobile number balance.

24 hour access

When you want to make an online mobile recharge you will need to log online. Today’s internet networks are designed to be easily accessible and constant. Through mobile connections or even through other internet cable connections, you can easily connect to the online portal and log online to your account. Accordingly, since the network is easily accessible during any hour of the day, you can make the balance transfer anytime you want.

Great deals and discounts on your recharge
Now a days, plenty of individuals are opting for this type of recharge in order to ensure that their mobile connection is constant. Since this type of payment also benefits the banking institutes, they offer plenty of deals and discounts on your next recharge, making it more beneficial for you. At the same time, these individuals also use the same account to make other expenditures such as utility bill payments or any online shopping. As most banking institutes keep a track of your usage, they will be able to provide a customized deals and discounts, which will not only benefit your mobile recharges, but your other expenditures too.

Can you apply for a credit card when you’re unemployed?

When you are unemployed, the last thing you would want to do is apply for a banking card let along a credit card. Although you may not have a steady income, there is still the factor, that you will have financial requirements. Despite your situation, you can easily apply for this bank card. However, here are factors when considering a credit card to apply for.

Applying for secured credit card

Credit cards come under two categories namely unsecured and secured. In most cases, most individuals opt for the unsecured credit card. This is due to the fact that through this credit card, an applicant would only need to repay back funds that one has borrowed through the card. These funds can be paid on a monthly basis, or it can be paid in whole. However, the loan rates are more convenient and favorable to the card owner, as compared to an unsecured credit card. Through this card, you would need to provide some sort of security or collateral in order to get this credit card. Depending on the asset provided, the rates of the credit card will be provided, in terms of credit card limit or interest rate will be fixed. While it may not provide the flexibility and benefits an unsecured card provides, it provides a minimum means to access funds.

Co – sign your credit card

While you may not have the income or even the required steady income to apply for a credit card, your partner or spouse that is earning can apply for a co – applicant on your credit card. Through this card, both you can the co – applicant will be able to use the function of the card along with sharing the benefits. At the same time, based on the joint income, the factors of the credit card rates will be fixed. While the rates may be low, it will still provide the benefits one will need for any financial requirement. However, when it comes to repaying the borrowed funds, it will be the responsibility of the income earner to repay the due funds.

Good credit score

There are plenty of factors when considering a credit card to apply for. For one, your credit score will be taken into consideration. At the same time, others factors such as your income and debt will also be taken into consideration when applying for a credit card. However, if your credit score is at an exceptional value along with possessing no remarkable debts, you can always apply for a low limit credit card. However, you must ensure that before any expenditure you make on your credit card, you have the means to repay it. If there is any delay in the payments, your debts will increase, which in turn, will affect your credit score.

How to fund a used car purchase with a car loan

Owning a car has plenty of benefits in today’s day and age. For one, it makes it easier to travel to work and back home, especially during peak hours. It also provides you the convenience of traveling when you want to travel to another destination. But when it comes to purchasing a car, not many individuals have the funds to opt for a brand new car. In this case, a second hand car has proven to be a more viable option. Supporting this financial decision is the second hand car loan.

If you are applying for this loan, here is what it you need to take into consideration:

Interest rate

As per any other loan, the interest rate is the one factor you need to take into consideration when opting for a car loan. This factor also determines the EMI’s you will need to pay on a monthly basis. As per the banking standards, a car loan for a new car would be around 10 to 15 %. However, with the used car loan, the interest rates differ between 15 to 18%. This is due to the fact that there is a higher risk for used cars over brand new cars. However, this rate can differ depending on the banking institute you are applying to. It also takes into consideration the make and model of the car you are applying for.

Loan amount

The loan amount for a new car and a used car is considerably different. For one, the loan amount for a new car loan can amount to 90% of the value of the car. However, with the used car loan, the loan amount can vary in-between 75 to 85% of the loan. In this case too, the make and the model of the car is taken into consideration. This also depends on the financial institution you are approaching.

Loan duration

A car loan has a duration of 10 years. This normally applies for a brand new car. However, with a used car, the depreciative value of the car is taken into account. Therefore, when you apply for a car loan for a used car, the tenure for the loan will be anywhere between 5 to 8 years. Some banking institutes will also consider the age and condition of the second hand car when calculating the tenure of the loan.
Collateral

As the car loan comes under the category of secured loan, a collateral must be provided. In this case, the collateral here is the car itself. Depending on the condition, model and state of the car, it will be verified in order to determine it collateral value. At times, add – ons to the car also taken into consideration when calculating the collateral value.

How to use a personal loan to correct your bad credit history?

One of the hardest responsibilities today, is managing your finances. Given the extent of today’s economy, plenty of individuals are facing financial difficulty. Because of this difficulty, even paying monthly bills will seem like a tedious process. Over time, this can quickly, increasing putting you in a financial trouble. At the same time, it will affect your credit score. To another individual, it may not seem like a big issue when the credit score is affected, until the time comes to apply for a loan.

You may find yourself with loan applications that are either getting rejected, or loan offers that are unaffordable. So what is the step you can take to correct this problem? For one, you can reduce all your debts and correct any delayed payments. But if you don’t have the sufficient funds for it, you can always apply for a persona loan. But with a loan on hand, there is always an added of risk of your credit score plummeting more. Here is how you can ensure that this loan will correct your credit history.

Check the value of your debts

The first step you must take is to consider the financial value of your debts. This will provide you with an idea of how much of funds you will need to apply for in a persona loan. This is a crucial step to take, as it furthermore sets the criteria for your loan, namely the personal loan interest rates, tenure and EMIs. You can either opt for a loan amount that will cover all your debts in total, or a substantial amount that will help you cover at the most urgent or largest debt you have. In this way, the overall debt will be reduced, which in turn can improve your credit score.

Look for low interest rates

One of the main drawbacks of a personal loan is the interest rates. Since this loan comes under the category of unsecured loans, the personal loan interest rates tend to be on the high side. However, they should not discourage you from applying for this loan. The best way to overcome this issue is by approaching banks or financial institutes that offer this loan with low interest rates. Shopping around and compering loan rates is one way to know if you can afford it. At the same time, you can use the information your find in your research as leverage to negotiate for better loan rates.

Tenure of the loan

Like any other loan, the personal loan interest rates will play an important role with the repayment tenure and vice versa. A personal loan repayment tenure can be anywhere between 1 year to 5 years. A short tenure will lead to high internet rates, whereas a long tenure will include a low interest rate. Calculate the most appropriate loan tenure that will suit your needs and help you solve your debt problem, will lowering your credit score in the long run.

What are the habits you need to become a highly effective credit card user?

Amongst the different banking cards, credit cards have proven to be the most favorable option. However, when it comes to using a credit card, there is a huge financial responsibility you will need to take on. For one, you need to keep track of your expenditures. At the same time, you also need to consider the repayment dues and the interest rate. Additionally, if you make a late payment, there is a high chance it can affect your CIBIL score. The only way to ensure that the credit card will benefit you in the long run is to ensure that you develop an effective habit when it comes to using this card.

Make timely repayments

As a part of the credit card usage, you will need to repay back the borrowed funds over time. This is an important habit you will need to inculcate at the time you get your credit card. This repayment process reflects on your CIBIL score. Even a single delayed repayment will lower your credit score. Individuals with a perfect CIBIL score do not miss a single payment on all the credit lines they opt for. This is the same step you will need to take. In order to make this process convenient for you, ensure that you automate your payments so that you avoid any scope of delaying or missing a single payment. Ensure that the account connected to your credit card payment is well furnished for this purpose.

Maintain a minimum outstanding balance on your credit card

There will come a time where you will have an outstanding amount on your credit cards. This can occur if you recklessly use your card or impulsive purchases. Alternatively, emergency financial requirements such as a medical emergency may require you to use the card to make a large purchase. While you may not be able to completely clear the outstanding balance in a single go, you can ensure that there is minimum outstanding balance on your card. A large debt on your card will invariably affect your credit score. However, by reducing the size of the debt, you can prevent it from lowering your credit score drastically. To avoid any unnecessary expenditures in the future, you must never spend anything on your card which you cannot afford to repay in full at the end of each billing cycle.

Use your credit card only when necessary

In order to keep above the competition, plenty of banks and financial institutions will offer your good deals and discounts on their credit card, if you only you use them. However, this credit, should only be used when absolutely necessary, even though it is easily or readily available. Excessive use of this available credit will unbalance your credit score in a blink of an eye. To avoid any possibility of hampering your credit score, you must only use your credit cards if there is a requirement for it.

Don’t wait, buy a house within your budget today!

Purchasing a home may be a requirement for many individuals but today, it also stands as a means of investment for the future. But when it comes to the decision to purchase a property, various factors are required to be taken into consideration. For one, the price of the property is the leading factor for purchase. But the value of this price in turn will change, depending on factors such as future infrastructural growth and value of the land amongst many others.

Yet the decision yet remains whether you should purchase a home now or wait in the future. But there are several factors that will favor you, if you only purchase your home today. If you only purchase your home within a budget, here is how it can benefit you.

Affordable EMI’s

One advantage of a purchase of a property is that the value only appreciates, and rarely ever depreciates. Plenty of banks and institutes have accepted this factor, and taken this into consideration when applying for loan to finance the purchase of a home. Therefore, this makes it easier for one to calculate the ideal loans rates in terms of interest, tenure and even EMIs. You can even use the loan EMI calculator to work out the loans rates that will benefit you in the long run keeping in mind the budget you have at the moment. This in turn will help you plan your finances, in order to save up sufficient funds to sell out the property after a given time, and purchase a larger property from the proceeds of this purchase.

Tax benefits

Although financing a home purchase with a loan will affect your finances, you can get plenty of tax benefits out of it. For one, if you sell the purchased home after a period of three years, there is no requirement to pay any capital gains, if the funds are reinvested in a property. This tax benefit, in addition the savings in rent and appreciation in the property value will ensure that you can purchase a home on a budget, and improve it for a higher value.

Additionally, you can also get an income tax deduction on the home purchase. Under Section 80C, you can get at most a 1.5 lakh deduction on a home loan principal amount. For a couple, it would mean Rs. 3 lakh. Under Section 24, you can get a deduction of Rs. 2 lakh on the interest that is paid every year, if the purchased house is self – occupied. For a couple the amount will be doubled. Alternatively, if the house is given on rent, the entire amount can be claimed for deduction. With these factors, in the tenure of the loan, you will get financial returns that will benefit you

Future selling price

As mentioned previously, the value of property appreciates in the future. This will work as an advantage for you in the future, especially if you the value of the property appreciates. Additionally, you can also alter the property to increase its value, which can be overall sold a price that is higher than its original purchase price. You can use the loan EMI calculator, to assist  you in this step.