The Difference between Store Credit Cards and the Regular Ones

If this is your first time you apply for a credit card, you may realize that some retail stores, travel companies, and other services issue their own credit cards.

Now, let’s learn the difference between store credit cards and regular credit cards. 

Easier to Obtain

A store credit card rarely requires complicated qualifications as it is intended to encourage the user to make more purchases. If your credit card application has been rejected before, you’d better try your luck with a store credit card first. However, it can’t improve your credit score like the regular credit card. 

Have More Restrictions and Lower Limits

personal credit cardsAs you know, a store credit card can only be used in the store that issues it, unless the store is affiliated with other lines of business. Therefore, you’d better look for a store credit card that is issued by a business group so that you will get a wide variety of products. 

Moreover, the starting limit is way lower than a regular card. $300 or $500 are very common first-time offers. But you can get a raise after you reach a certain purchase point or fulfill the store’s terms. 

Difficult Rewards

Since you will be spending your credit at one store only, accumulating reward points will be typically difficult. In fact, most promos have time limits, which is not a preferable feature among many credit card users. But you can get considerable discounts on some offers for sure. Therefore, don’t get directly tempted if you see the promised rewards. Learn the terms and conditions first. 

Higher Interest Rates

growing coinsAccording to a 2019 survey by CreditCards.com, the average APR of store credit cards are 26.01%, while the regular ones are 21.10%. It means that you are going to pay more money if you apply for an installment for a purchase. The trick here is to check the cobranded store credit cards as they tend to charge lower interests. But still, you should pay attention to the details on the terms and conditions. 

Not for a Primary and Long Term Use

As stated above, store credit cards won’t improve your credit score. And although there will be privileges and special offers that you can get from the issuing store, those benefits are supposed to be complementary only. Later on, you will have to aim at the regular credit card to build your scores. 

Benefits of Applying a Personal Loan Online

If you are keen on the things happening around you, then you must have noticed that applications of personal loans online have been on the rise in the recent past. Do you know why this is the case? Well, it is because the process comes with a lot of benefits. Nowadays, people do not fancy the idea of walking from one bank to another to apply for loans. Instead, they can make the application online. Whether you are looking for a reputable Money Lender Singapore or in any other part of the world, here are the reasons why you should go online.

applying loans online

Great Convenience

When you are applying for your loan online, you have all the conveniences that you would want. First, you do not have to walk from one bank to another, trying to convince them to accept your application. Also, the stressful queues that are typically experienced in the banking world are something that will not bother you if you choose to apply for your loan online. All that you need to have when applying a loan is stable internet and correct details, and the process will be smooth.

Easier Access

The economic downturn that is being experienced in the world has made banks to be very picky when it comes to choosing who to lend. This means that applying in banks will take a long time before getting approved.

counting money

However, if you choose an online loan application, the process is instant. It is for this reason that people turn to online loan applications when they have an emergency. It is also essential to know that you can get a loan when applying online, even if you have a low credit score.

Lower Rates

Online loans tend to have lower rates as compared to other forms of loans. This could be attributed to the fact that many people are looking for online loans, and this means that the businesses involved are making good profits. Since the interest rate is one of the things that you need to consider when looking for a personal loan, it is prudent to opt for online loans.

Save Time

Another interesting thing about applying for your loan online is that it can help save a lot of time. First, the issue of having to walk from one bank to another to look for a loan will be a gone case. All that you will need to do is to fill a few details from the comfort of your home, and you will be notified of the next course of action.

How to Manage Your Debts No Matter How Much You Owe

Everyone, with even a little bit of debt, has to manage their debt. If you just have a little debt, you have to keep up your payments and make sure it doesn’t get out of control. On the other hand, when you have a large amount of debt, you have to put more effort into paying off your debt while juggling payments on the debts you’re not currently paying.

Identify All of Your Debts

Make a list of your debts, including the creditors, total amount of the debts, monthly payments, and due dates. Some types of loans, like joustoluotto, or flexible credits, may give you some remissions. But it does not mean that your installment goes away forever. If you have any of those debts, put them on your list.

You can use your credit report to confirm the debts on your list. Having all the debts in front of you will allow you to see the bigger picture and stay aware of your complete debt picture.
Don’t just create your list and forget about it. Refer to your debt list periodically, especially as you pay bills. Update your list every few months as the amount of your debt changes.

Pay Your Bills on Time

Late payments make it harder to pay off your debt since you’ll have to pay a late fee for every payment you miss. If you miss two payments in a row and your interest rate and finance charges will increase.
If you use a calendaring system on your computer or smartphone, enter your payments there and set an alert to remind you several days before your payment is due. If you miss a payment, don’t wait until the next due date to send your payment, by then it could be reported to a credit bureau. Instead, send your payment as soon as you remember.

Mark Your Payment Dues

Use a bill payment calendar to help you figure out which bills to pay with which paycheck. On your calendar, write each bill’s payment amount next to the due date. Then, fill in the date of each paycheck. If you get paid on the same days every month, like the 1st and 15th, you can use the same calendar from month to month. But, if your paychecks fall on different days of the month, it would help to create a new schedule for each month.

Make the Minimum Payment

If you can’t afford to pay anything more, at least make the minimum payment. Of course, the minimum payment doesn’t help you make real progress in paying off your debt. But, it keeps your debt from growing and remains your account in good standing. When you miss payments, it gets harder to catch up, and eventually, your accounts could go into default.

Pay Your Credit Card Debts

Paying off credit card debt first is often the best strategy because credit cards have higher interest rates than other debts. Of all your credit cards, the one with the highest interest rate usually gets priority on repayment because it’s costing the most money.
Use your debt list to prioritize and rank your debts in the order you want to pay them off. You can also choose to pay off the debt with the lowest balance first.

Always Prioritize the Collections and Charge-Offs

You can only pay as much on your debt as you can afford. When you have limited funds for repaying debt, focus on keeping your other accounts in good standing. Don’t sacrifice your positive accounts for those that have already affected your credit. Instead, pay those past due accounts when you can afford to do it.
Be aware that your creditors will continue collection efforts on your account until you bring the account current again.

A Simple Guide to Financial Freedom

One of the biggest challenges that most people face is saving money. Well, as much as you might hear all manner of opinions, the key to saving money lies in getting started. What do you need to do to get to saving ways? Here are some practical tips to help you get started.

Budget for Savings

If you are serious about saving a decent amount of money, you should be ready to plan for savings. Once you settle on an amount that you have to keep from your paycheck, you can then organize other recorded expenses into a workable budget. Budgeting for saving is a proven way of curbing overspending and unnecessary expenses. Most financial planners recommend that you should save at least 10% of your income.

Record Your Expenses

The first step towards saving money is to have an idea of what you need to spend. You also need to keep a record of every expenditure. Recording your expenses cultivates a sense of consciousness that goes a long way in curbing poor spending habits. You can keep manual records, but technology has paved the way mobile apps that can help you with this.

Cut Spending

Another important thing when you are thinking about growing your savings is to find ways that you can cut your spending. If you are planning to trim your expenses, you should start with canceling subscriptions that you do not need, avoiding cheap eats, give yourself a cooling-off period before spending, and attend low-cost events to reduce entertainment spending.

Understand Your Spending Problems

You need to understand and acknowledge your spending problems. This is the key to stopping your spending shortcomings, thus allowing you to grow your savings account. For instance, do you love having all those fancy gadgets? You need to come up with strategies that can help you deal with this feeling. One way of dealing with this is to put your money at a place where you cannot access it.

Pay Off Your Debts

debt collectionWhile you might thinking about growing your savings account, you also need to think about paying your debt. Paying off your loans is essential as far as securing your financial future. If possible, you should be as aggressive as you can when paying off your dents.

The bottom line is that you do not have a degree in finance to manage your finances. You only to use these tips, be disciplined in your finances, and get going.

 

Forex Trading Tips for Beginners

If you are new to the forex market, making some more can be an overwhelming task. Well, if it was easy, everyone should be making it big in forex trading. Part of the reason why most people do not succeed in forex is the lack of requisite knowledge. After all, knowing all the rules does not guarantee success. So if you are passionate about getting started in forex trading, here are some essential tips to get you going in forex trading.

Choose the Right Broker

A forex trader is a key tenant in forex trading. As such, choosing a wise and experienced broker goes a long way in improving your chances of making it big in forex trading. The best way to know about evaluating the suitability of a broker is to go through reviews and recommendations left behind by other users. For the best results, stick with a licensed broker and not those fakes pros out there.

Have a Strategy

Do you have a goal? What is it? It is important to have clear-cut answers to these questions and attach them to a strategy. This means that your approach should be unique to your way of trading. Putting a plan will help you make informed decisions, and at the same time, avoid making costly decisions. It is worth noting that not having a goal is one of the main reasons most beginners fail in forex even before they have started.

Keep Learning

As you start investing or playing demo-trading games, you need to learn in every step of your journey. If you are trading with cash, the best way to accommodate the learning experience is to put in small amounts. Not risking vast sums of money is essential as it allows you to focus on learning and not principally to make money. As you learn, though, you might progressively increase your investment amounts. The key to doing this is to take calculated risks.forex trade charts

Curb Your Emotions

Whenever there is money involved, it becomes a lot easy to lose your head. It is easy to get carried away by emotions, especially after suffering a loss. However, the sooner you learn how to manage your feelings, whether you are winning or losing, the better it is for your trading. As much as the ability to control trade-related emotions comes with experience, the sooner you can curb your emotions, the better.