Are You Aware Of The Different Types Of Bank Cards?

Bank cards are basically plastic cards that are issued by the bank against an account. These cards come equipped with a small magnetic strip of magnetic chip that are encoded with an identification code unique to that of the account holder. The cards that are directly associated with the depository account are ATM cards or debit cards. Visa and Mastercard are also bank cards and fall under the category of a credit card. If you have an account with a bank you will be given one or more cards to handle. Although there are two categories of cards; credit and debit cards, there are numerous types of cards within the sub-category of credit cards. Credit cards are more limiting and there are different credit cards that are used for different purposes. So, are you aware of all these bank cards?

Types of Cards

• Debit Cards- Debit cards are actually multipurpose as not only do they help when it comes to the withdrawal of cash but also can be used for making in-store payment. Debit cards can also be used to make online purchases.

• Standard Low APR Cards- APR stands for annual percentage rate.  This rate is the price at which the issuer of the credit card lends you money. Most basic credit cards come with the lowest most APR.

• Credit Building Card- If you are a candidate with a really bad credit score then you are better suited to the credit building type of card. These cards come with really low limits in terms of credits and very high APR’s. The basic concept of this card is to help you get steady with paying back the loan that you took from the bank. As you keep paying back the money to the concerned bank your rating will keep on increasing.

• Reward Cards- People who have a moderately decent card score can avail for reward cards. These cards are available in a number of shapes as well as sizes. The functionality of the card is as you spend money by making use of the card, you gain certain rewards. Rewards usually come in the form of earning points that can be redeemed for example when you purchase a ticket from an international flight. These are sometimes linked to a particular bank. The catch is when you use that particular bank’s credit or debit card to make the purchase of the international plane fare, you will get additional discounts.

Bank cards are extremely utilitarian and beneficial if you don’t want to keep liquid cash on you. You can withdraw money from the ATM machine with your debit card at any point of time in the day. The only thing before you take your own bank cards, ensure that you learn all about its facilities.

How can you open an online saving account?

With so many investments offering potentially great return rates, one might wonder why it is important to have a savings account. Saving money gives you peace of mind, it gives you options to choose from later in your life, and the more you save the easier it becomes to accumulate additional savings. People save money for different reasons and purposes- for emergency funds, for retirement, for down payment, for luxury and travel etc.

In comparison to traditional saving accounts, online saving accounts are characterized by higher interest rates or low fees. Many of these accounts have no minimum balance. Account holders may link their online saving accounts to their existing external bank accounts for easy transaction of funds between multiple accounts. Here we discuss the 3 easy steps on how to open an online savings account.

• Decide on a goal
The first step requires you to decide on how much money you want to save on a monthly basis. Many people deposit a certain amount of their paycheck to their account, which amounts to a large sum in the long run. You may want to automate your deposits into savings account to make savings easier. In order to automate your savings all you need to do is simply link your savings account and checking account and set up an automatic transfer. And before you know it, you may end up with a nice stash of funds to spend in case of emergencies or a big purchase!

• Choose a bank
For online saving account opening, first you need to figure out where you’d like to open it. Saving accounts allow you to earn interests on your funds but you must look out for the best terms and rates. Online banks tend to have some of the most competitive rates because they don’t have the overhead costs of maintaining traditional offline branches. Apart from considering such great rates, you must be aware of all the terms and conditions of the account you want to go for such as maintenance fees and minimum balance requirements.

• Open your account
A good online bank usually guides you through with a user-friendly process with real time assistance over phone or chat. Most online banks allow you to transfer funds from other accounts, wire money, use remote deposit capture or mail a cheque to make that first deposit. You can also view your account anytime you want from anywhere across the world if you have access to the internet.

Online saving account opening is fairly easy and time saving. In just a few clicks you can open an account that comes with competitive rates, daily compound interests, and no monthly maintenance fees for maximum earnings.

Car Loan EMI Calculator: How to get an optimum loan amount?

In case you are thinking of buying a car but do not have the finances to support such a purchase, you should consider taking a car loan and purchase your dream vehicle. However, before taking such a loan, you should be aware of an EMI calculator for car loan.

While evaluating the multiple loan offers available in the market can be very confusing, receiving reliable assistance to cut through all the numbers in order to determine how much each loan will cost you is always a benefit. A car EMI calculator helps you determine the exact EMI payments that you would need to make for a particular car loan. While applying for a car loan you have to keep in mind how much to borrow, how long you want to borrow it for, and at what price. You just need to fill in the details of the loan, including the principal sum, rate of interest and tenure for the loan and the calculator will give you the monthly payments that you would need to make. Here’s how you can get an optimum loan amount with the help of a car loan EMI calculator.

• The calculator shows you how much you need to pay every month after you sign up for a loan. It also helps you judge whether you would be able to pay the EMI each month and how much of restriction it would place on your finances.

• The car loan EMI calculator can prevent you from borrowing too much. However, with the calculator, you get a clear picture of how much you can really afford to take. This helps to keep you secured in the future, without running the risk of defaulting on your loan payments.


• Lastly, taking a car loan involves an extensive research. The EMI calculator allows you to perform the research in a simplified manner, where you can just enter the details and find out the exact EMI payments.

Before applying for a car loan make sure you’ve done your research. Compare the rates offered by different lenders online, and find the plan that suits you the best.

Are you aware of these key features of the UPI payment?

In today’s rapidly advancing world, mobile phones are being extensively used for identification on different platforms like banking, billing and e-commerce. The world has moved one step closer to becoming a cashless economy with the launch of various mobile banking services, IMPS and UPI payment options.

Developed by the National Payments Corporation of India, Unified Payments Interface (UPI) is an instant real time payment system which regulates funds between two bank accounts using your smartphone. In comparison to online bank payment which requires you to enter the account number, account type, bank name and IFSC code, UPI allows account holders across banks to transfer money through your smartphones using the unique Adhaar identity number, mobile number and virtual payment address without entering bank account details. Let’s take a look at the key features of UPI payment:

• Simplicity
Paying and receiving funds should be made as simple as possible. The accountholder should be able to transfer funds using their smartphone with just an identifier without having any other bank account details. All that needs to be done is to click on ‘to pay’ or ‘collect from’ a payment address such as your Adhaar number, mobile number or virtual payment address.

• Security
UPI offers complete security and data protection to the account holders. UPI does not reveal too much detail on banking or other personal details which could be misused. The transactions are carried out in a highly secured environment which negates any kind of risk factor.

• Availability
UPI is real time money transfer service which means using UPI you can instantly transfer funds to other accounts. You can transfer fund using UPI 24x7 even when the banks remain closed on national holidays or Sundays.

• Cost
Since your mobile phone number serves as an authentication device, use of virtual payment addresses and third party portable authentication schemes such as Adhaar allows both the issuing party and the acquiring party cost to be cut down.

The banking sector in today’s world has witnessed a conventional development through the launch of UPIs. This instant payment utility brings several banking features under one roof by connecting multiple bank accounts with a single mobile application.

Investment Plans: What Are The Key Factors To Keep In Mind?

Investment plans are a very important part when it comes to smart handling of your money. They are not only effective in terms of short-term goals but also in terms of long-term goals. They are way better than just merely saving money because when you are just saving, at the end of the day you will only have your savings money and nothing more. But when you invest your money in a good policy you get a sum assured that is inclusive of premiums. So, when you are searching for some of the best investment options in India you should look out for certain key factors. Do your research well in order to get the best of the benefits.

Key Factors for Investment Plans:

• First Consider whether you require an investment plan in the form of insurance at all. If you do not have dependents and are not planning to get married soon or are not in a stable job then you are not at a compulsion to purchase any investment plans.

• Delve deep into the prospect of what kind of cover you will actually need and also the timeline. There are a number of best investment options in India that range from simple term plans to more ambitious and complex ULIP plans. Spend some doing research either on the internet or physically visit the insurance company and talk to the people in charge.

• You need to assess yourself and your capabilities, think of how much you can afford to put in. This is a realistic situation because at the end of the day it is you who will need to pay the premiums. Do not get swayed by what people tell you at the insurance company, they will only try to market their best-selling products to you. But you need to invest in what you need and what you can.

• The most important factor when it comes to your investment plans is doing a proper and thorough research of the company you are thinking about. Read reviews and seek suggestion and feedback from your family and friends on the points of customer care and service efficiency. A high ratio of claim settlement record of a company rings good news for you. Because a company with a good track record of claim settlement speaks highly of their credibility.

• Once you have picked out your preferred company and also zeroed in on your desired investment plan read your offer documents very carefully and make a list of questions you want to ask your company before you make the final purchase. The nature of the questions should be as such that they should become deal-breakers for you.

The prospect of investing might seem daunting to you but that is not so. Once, you have are clear on your part about you need and can afford to have, the process will become much smoother for you to wade through.

Personal Loan EMI Calculator: Get the best personal loan

One of the most common form of financial loans that people go for, are personal loans. People take personal loans for a host of different reasons- marriage or education of children, family vacation and more. However, each bank offers the same loans at varying rates of interest. The tenure for the repayment of such a loan may also differ from one bank to another. These variable factors make it very difficult for a personal loan applicant to figure out the EMIs that they are likely to pay. This is where the personal loan EMI calculator comes in handy. With the help of an EMI calculator you can check exactly how much you would have to pay each month if you take a loan from a certain bank.

Evaluating the multiple loan offers available in the market can be very confusing. Receiving reliable assistance to cut through all the numbers in order to determine how much each loan will cost you, gives you an added benefit. Personal loan EMI calculator is probably the easiest way to compare various loan offers, and choose the one best suited for you. It helps you to quickly and accurately compare the different loans and decide on what the EMI would be with different lenders.

While applying for a personal loan you have to keep in mind how much to borrow, how long you want to borrow it for, and at what price. Personal loan EMI calculator offers you various loan combinations. Knowing the actual EMI amount to be paid for the various combinations proves useful. All you need to do is follow these steps:

• The first thing that you need to do is enter the principal amount or the loan amount that you would like to avail into the calculator.

• You would also have to enter the interest rate for the personal loan. In India, the personal loan interest rates vary between 10% per annum to 20% per annum.


• Enter the tenure of the loan repayment. After this has been filled in, press the calculate button to determine exactly how much interest and EMI you would have to pay for the loan. The calculator also calculates the gross repayment amount, which includes the loan principal along with the interest amount.

You can choose to input different combinations of all the three parameters to see which one suits your financial requirements the best. Once the combination is determined, you can look out for the various offers available and choose the lender who offers you the best suited loan.

Vehicle Loan: Now get your dream car stress free!

How long has it been since you’ve been planning to buy your own car? Now that you’ve finally got a financially stable life, you are ready to purchase your dream car. Well, there’s no better feeling than being able to buy a car that suits your personality, gives you comfort, and comes with an affordable price tag!
Buying a car is one of the biggest investments you’ll make. While some may prefer paying in cash, most people need a loan to pay for their purchase. As something that accrues interest as you pay back over time, it’s better to come prepared before you take out a vehicle loan. The following steps will guide you through before you apply for a loan:


• Check your credit
Your credit score determines what type of loan you’ll be able to get from the lender. Whether you’re going through a bank, an auto loan dealer, or the dealership itself, the rate will be dependent on it. Dealership financing, sometimes can appear more attractive. Deals like 0% financing and large cash back refunds which lowers the total amount of your loan, may sound like the best option. The better your credit, the cheaper it is to borrow money. With a higher credit score you’ll be sanctioned to lower interest rates, and may also qualify for lower auto insurance premiums.


• Know your budget
Having a budget and knowing how much you can afford to spend is important. You need to make sure that your loan payments fall in line with your financial goals and ability. In case you don’t have a budget, start with your monthly income after payment of taxes and monthly expenses.


• Determine how much you can afford
Analyze how long you’d like to pay off your loan. Vehicle loan terms usually come with 3-6 years. With a longer loan period the monthly payments are normally low.


• Get preapproved
After you finalize your lender, you’re required to submit your documents validating your proof of income, resident proof and identity proof. The lender may also want to check your credit score so you’re advised to keep all your loan applications within a 14 day period. Once the lender decides on your eligibility and the interest rate you qualify for, you’re ready to take out a vehicle loan. Do your research before purchasing your dream car.

Financing your new car is a great way to get the vehicle that you want without needing to sacrifice.