The right way to apply for the best credit card

A credit card will go a long way to provide you with the ideal financial support. For one, you can borrow funds from the bank, in order to satisfy any of your financial requirements. Additionally, you can also repay back the funds at your own convenience with no fixed repayment tenure.

However, a credit card is only as good as a banking card, if it matches your financial requirements perfectly. In order to apply for the best credit card that will suit your financial need, here is what you need to consider.

Spending habits

Every individual possess a different financial spending habit. If you are looking to opt for a credit card that will support your financial habit, you will need to look for the card in a particular category. Do you carry a balance every now and then? In this case, you may need to look into a low interest card. Do you want to avoid paying down a high interest card balance? In this case, a balance transfer credit card will be your ultimate choice. Do you want to spend less, and yet get high returns? Then you can opt for credit card with reward points, which can be further customized to suit your expenditures. With a bit of research and persistence, you can get figure out a credit card that will suit your needs.

Determine your qualification for a credit card
Normally, lenders provide a credit card with features and rates that will suit your needs, while protecting their own interests. In this case, you will need to satisfy certain eligibility criteria before you can apply for this card. As each application and rejection will reflect in your credit score, you will need to be careful about applying for a credit card. Check your lender for any prior eligibility criteria when it comes to a particular credit card in a category. You can either make the necessary adjustments to satisfy the criteria or you can opt for another type of card which will suit your needs.

Read the fine print

Once you have the basic idea of the best credit card that will suit your need, then you can go to the next step of the application process. As a part of the application process, you will be provided with terms and conditions pertaining to your application. You will want to ensure that you understand all the possible fees, interest rates and interest free tenures you will incur once the application process is processed. Ensure that you read this fine print to get a better understanding of how you can use the card to its full financial advantage.

Factors to consider when applying for a credit card

A credit card, no doubt, will offer you plenty of financial benefits, especially when it comes to flexible borrowing power. No matter how many credit cards you possess, it is essential to sit down and think of the type of credit card that will suit your needs and spending habits. Even the most careful credit users or owners can find themselves in a financial bind if they aren’t careful about the card they choose.

Here are a few factors you need to consider when making your decision to apply for credit card:

Find your current credit score:

Before you being researching for your next credit card, you must look at your current credit score. Depending on your credit score, the lender of the credit card will determine your eligibility for a credit card or even any particular credit card offer. This will help you avoid getting to attached to any credit card with spectacular reward points or even spending it abundantly.

Think about how to plan on using you card:

One of the many benefits of the credit card is that it can be used for several uses. For one, it can be used to boost your credit score. Alternatively, it can be used for only emergencies or even to receive rewards. Depending on your answer, it will help further narrow down your options when you are about to apply for a credit card. For example, if you pay all your dues on time, you can opt for a credit card with long grace periods and no annual fees. If you feel that you are most likely to have a monthly balance on your card, you must focus on options that offer low interest and introductory rates. Credit cards that offer reward programs and credit limits are often the best fit for owners who are frequent card users.

Credit cards for first time users

Are you applying for a credit card for the first time? Then it is crucial that you use the credit card to its full potential as it can help build your credit history as much as destroying it. At the same time, it helps you access unrestricted funding in the event you require emergency financial funds. However, before you apply for this card, you must be aware of the interest rates and repayment tenures that are associated after using it. You must also ensure that you are aware of the fees and penalties, payment due dates and credit limit. It will work to your benefit if you start developing good spending habits right in the beginning itself to keep from falling into a potential debt even before you start earning.

Are you looking for a cheap car loan?

Over the last few years, there has been an increase of a vast flow of automobile launches in addition to various loan options to select from. With this, purchasing a new car is now made easy. However, your urge for a car purchase can disillusion you from the trapping of loan, especially if it is an expensive one. To avoid such a situation, here are a few factors you need to consider when opting for a cheap car loan.

Negotiate:

While this may seem like ineffective, negotiating is the best way to get the best deal for your auto loan. One way to do so, is to shortlist a minimum of 3 different quotes from different loan lenders. Using the quotes, you can begin negotiating with each lender for the best rates possible. Factors you can focus on when negotiating includes EMIs or even interest rate.

Improve your credit:

Factors of your loan such as the loan amount, interest rate and loan tenure will depend mainly on your credit score. If you have the ideal credit score, you can get the best lowest rate of interest. If you do not have an ideal credit score, you may have to forfeit an ideal loan rate due to your problematic repayment history. In the event you have an issue with your credit score, take the required measures to delay the purchase of your new car in order to take measures to increase your score..


Look out for illicit dealerships

Whether you receive an exceptional loan offer, it is crucial to see who will be selling your car. Plenty of financial agencies have known to have contacts with illicit dealerships. These dealerships are frequently involved in practise where original parts are replaced with fake duplicates especially during servicing times. In this case, it is best to avoid such dealerships.

Purchase a cheaper car

Often the most simplest and practical advice can help get you the best financial deal. In this case, opting for a cheaper car will provide you with the best and affordable loan deal. Over the last few years, the price of vehicles have risen. Therefore, when you are about to purchase one, you should look for beneficial features of a car that will suit your needs, as compared to a flashy one with a price. An expensive car, will lead to an over reliance on a larger loan, which can lead to an economic calamity, in the event a life changing episode occurs during the loan repayment tenure.

Tips to help you from defaulting on your business loan

Defaulting on your loan is not a good thing. However, defaulting on your business loan is another matter as you will have several repercussions that extend beyond the affect it has on your credit score. A default on your loan will put your business in danger. When this occurs, you may have to deal with hefty penalties, along with an unresolved amount that has to be repaid. Not only will it make it difficult to secure funding, you will be liable to pay higher interest or opt for unfavorable loan conditions in the near future. All in all, defaulting on your business loan is an expensive if not an unpleasant experience. Given below are some tips you can take into consideration to avoid defaulting on this loan:

Cut down on possible expenses:

The first factor you need to take into consideration are the current expenses you have, and immediately cut down the expendable ones. You can take into consideration in cutting down office space or facilities or even lay off a few employees. While this may seem like an extreme step, this must be considered as a last case scenario if you want to save your business.

Study the fine print of your loan contract:

In the hurry to get the loan from the bank, you may have not realized what you have signed up for in your loan contract. In this way, you may not be completely aware of the details of your repayment conditions. At the same time, you may not have calculated the exact rate you need to pay for your interest. In order to prevent such a potential defaulting due to any ignorance or carelessness on your part, ensure that you are well aware of the terms and conditions of your loan before applying for it.

Seek assistance from a financial expert:

If you feel that you are not financially stable enough, which can risk your business, you must immediately seek a financial expert. This is a great solution to avoid a potential financial crises, although you may be an exceptional strategist or salesperson. Seeking the expertise of a financial specialists will help you correct the possibility of defaulting on your loan, while looking into new strategies that can help prevent this occurrence.

Negotiate with your loan lender:

Not all loan lenders, are cut throat institutes that claim your collateral or business, the instance you default on your loan. If the possibility of defaulting on your loan arises, you can always approach your lender to find a solution to your problem. In this case, you can always re negotiate the terms of your loan, depending on the gravity of your financial situation. However, this depends on your relationship with the bank, and the circumstances that can affect the new repayment terms that will help prevent a possible bankruptcy.

Can you calculate the ideal loan rates for your personal loan?

When a time arises that requires you to opt for a personal loan; you will first need to research all the available options while considering all your financial requirements. As the personal loan comes under the category of unsecured loans, banks and lenders often compensate the acquired risk, by charging a loan rate. This rate, in turn, can be defined by additional factors, such as the borrower’s current income, credit score as well as available liquid assets.

But considering all these factors and taking them into consideration of your financial requirement will be tedious. At the same time, you cannot avoid calculating your idea strategy to repay the loan, as it can further affect your financial situation. This is when the personal loan calculator will provide you with the required assistance to get the ideal rates for your personal loan. You only need to:

• Consider all available options: Shopping around for loan rates will give you an idea of what is available and what works in your favor. It also gives you an insight on the current market conditions and the possibility of influential market rates. Using the information in your loan shopping, you can use the personal loan calculator and calculate the ideal loan rates that can work in your favor.

• Get the best offering with a low credit: One of the many factors that can influence your personal loan rates is a low credit score. No doubt, with a low credit score, you will not get the ideal loan rates you want. However, it will provide you with the awareness and information, to get loan rates that will not only help your financial situation but also improve your credit. The personal loan calculator is the ideal tool that will help you get the best loan rates while ensuring that you get the required footing to improve your credit score.

• Help decide on a co – signer: If your credit score is too low to apply for a loan, then you can apply for a co – signer. It will allow you to piggyback on his or her creditworthiness, which in turn will allow you to get better personal loan rates. However, you should be careful while taking this step, as the approved personal loan should not affect your co – signer’s credit score in the process.

• Consider the effects of an added collateral: Although a personal loan is an unsecured option, plenty of lenders have offered loans with better rates if a collateral of considerable value has been provided. If you have single or multiple collaterals’s available and wish to use it to get better loan rates, you can always use the loan calculator to assist you.

Mobile banking: The future of today’s digital world

Over the last decade, traditional banks are facing a challenge in the digital world. While some have already seized the opportunity to transform and thrive, others will struggle to evolve, leaving them to engage with an ever diminishing number of non – digital customers. A vast number of banking customers, are slowly becoming digitally aware, and expecting banking services to offer the same convenience and benefits as any other digital driven entity.  Mobile banking is one such factor that has combined banking services and the every chancing digital technology.

Convenience

One of the main benefit of mobile banking is convenience. Through the traditional manner of banking, one would need to approach the bank to utilize any service. Be it withdrawing cash or making a transfer, you would have to spend hours standing in the line, just to get a service done in a matter of minutes. Additionally, you would also need to approach a specific bank branch wherein your account was created. All these factors are eradicated through the means of mobile banking. Through your mobile platform or even mobile banking app, you only need to log into your account, and access the services that are available to you.

Multiple services on one platform

Banking services have evolved from a more traditional service of investing and withdrawing funds. In addition to this, they also offer other services like loan sanction, stock market investments, and wealth planning schemes amongst many others. It also focuses on services provided to regular customers as well as corporate organizations. All these services can be accessed through one single platform, which is the mobile banking app, making it not only convenient but easy for those who would want to explore the other services of banking. In addition to this, the every changing technology has evolved this banking platform to incorporate multiple services at one time. In other words, as a user, you can now transfer funds from one bank account to another, while trading stocks at the same time.

Customized service

Since the mobile banking services connect a bank account to your mobile number, banks and other financial institutes have the means to track your banking transactions and services that are used by you. Therefore, based on your data, they are able to provide you with a customized set of services that not only help your investments but also enable to manage your wealth. In today’s digital world, this is one of the many requirements in order to ensure that your income and funds is well utilized to its potential.

How to make foreign money exchange work for you?

Every year, plenty of individuals move their funds from one location to another. This transfer can occur within the country or even at international corners. However, the amount you will pay or receive through this foreign exchange will differ on the exchange rate you will be given, which can change at any time. Very often, these rates can change dramatically in a blink of an eye. Therefore, it makes sense to conduct some research into these exchange rates before investing in any foreign transfer. To know how to make a foreign money exchange work for you, here are a few factors you need to take into consideration.

Factors that affect exchange rate

One of the main factors that can affect foreign exchange is inflation rates. The higher these rate are, as compared to other countries, the lower are the exchange rates. For example, the higher the inflation rates are in the UK as compared to Europe, the faster will the price of UK goods will be, as compared to European goods. Therefore, any transport to Europe from UK, will become less competitive, creating a low demand from the European goods. In such a case, traders look for factors that can primarily affect inflation rates and compensate for the rise in the inflation by selling the currency.

What other moments affect exchange rates?

Higher the interest rates as compared to other countries, the more attractive is the deposit in that country. Additionally, the returns from any savings in this country will also be better, increasing the demand for that currency. At the same time, the financial market may brace themselves for rate cuts, thus reducing the value of the currency. While this make not always be the case, the rise in interest rates can lead to a possible fall in the exchange rate. This can also occur if investors perceive a possible rise of the currency’s value and move their investment to another country currency. The currency’s strength mainly relies on positive economic data along with the expectations that the interest rate will rise. Apart from interest rate factors such as government debt, the relative strength of other currencies and government intervention can affect the foreign exchange rate too.

How can you make this factor work in your favor?
In reality, forex currency rates often rise or fall. As an investor, the key to successful currency exchange is purchase low currency and sell it at a high price. No doubt, an expert trader will be able to identify the current trend of foreign currencies, thus enabling them to recognize a positive investment, which can translate into riches. But for new comers, upcoming software and investment portals now make it easy to get into the market without much experience.