Posts Tagged ‘personal finance’
The Compendious Clutch Of Credit Card Safety Tips
If you are a first time credit card owner, it would behoove you to learn the proper procedures and security measures to make sure that your credit card is safe. The tips and tricks we shall discuss below can help you greatly in guarding your cards from the fraudulent rogues, knaves and reprobates of the world. Of course we have hackers who have risen above all these precautions, but we can try our best to keep some of these factors in place, so as to ensure a trouble free credit card usage. As the Americans would say, better safe than sorry.
You probably know that you are required to sign your card upon receipt of it. Look for the space designated on the back of the card and sign it upon receipt. This simple preventative measure ensures that nobody steals the card or picks it up before you can affix your signature on it.
When withdrawing money at the cash machine, be absolutely sure there are no layabouts loitering around or kibitzing as you key in your PIN. Once they have your PIN, the best thing you could do is pray they got one or more numbers wrong. Also, when you are keying in your PIN, be as discreet as possible as you do not want anybody tracing your finger movements and gleaning your PIN thereafter.
Always, always, take your receipt with you when you leave the ATM or shred it thoroughly before you leave it in the dustbin. It is all too common for people not to wait for the confirmation (“it’s just a bloody formality” as a mate of mine once said) and not to wait until the main screen reappears – this is what you do NOT want to be doing, as that mate did become a victim of identity fraud. For sure there are varlets waiting to attack upon noticing a customer who would rather not be bothered waiting for the “bloody confirmation” on the cash machine.
Never ever give your credit card number to anyone unless you made the call. When use a cordless phone when you reveal your credit card number to a merchant establishment. There are radio scanners that enable miscreants to overhear your conversation and then you have a security breach. The invariable result would be these scoundrels giving you a call immediately after you give your credit card number, surreptitiously stealing your information by asking you to repeat the credit card number because either they did not hear it or were not able to process it. All such calls are spell danger and are best avoided. You want to verify the call after hanging up by speaking to the salesperson you last dealt with.
Lastly, make sure that after you have made a purchase, your card is returned immediately, and keep a comprehensive listing of all your credit cards, their customer service numbers (preferably with a 24/7 800 hotline) so you can safely report your card lost if it goes missing. Review your statement carefully once you get it. There may be some unauthorized activity. So that you do not have the onus of paying for something that you did not purchase, notify your financial institution or card provider immediately to arrange for a dispute to be filed.
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Tags: credit, credit cards, finance, loans, personal finance
What Is The Best Debt Management Advice?
By taking only the best debt management advice, you have more choices at your disposal. It is pretty much about minimizing your debt and paying on time, not to mention living within your means in order to qualify for credit. If this doesn’t sound like you at this point, then one of the sundry debt management companies might provide you something of assistance. At the end of the day, it’s your call and your final choice as far as choosing the plan that matches your financial needs is concerned.
Pay Off Debt
Paying off debts is the best, and some say only way to attain a respectable credit score at the very least. By paying on time every month, you are cultivating good habits en route to a higher credit score. When making payments, make sure you pay off high interest credit cards and unsecured loans before other debts. Mortgages and student loans are considered “good” credit, and can be paid off last.
Debt consolidation loans, through home equity or personal loans, can help make payments easier by reducing interest rates and lowering monthly payments. You can use the introductory rate of several credit cards (0%) for balance transfers as well.
Call the Cavalry
It might be time for you to call out the cavalry and ask for some extra assistance if paying on time is just to challenging. Through credit counseling, you can have a more organized financial plan for yourself. In addition, they can refer you to a debt management company, among other options that they offer while counseling consumers.
Debt management companies consolidate your unsecured debts into one payment. They also contact your creditors and dicker for lower rates. This option allows you to get out of debt potentially in less than five years, but may temporarily damage your credit score.
Debt negotiation is also an option. You would need to pay a nominal fee for the negotiation firm to persuade your creditors to reduce your monthly loan payments. To set expectations, not everybody may agree to such an arrangement. By reducing your debt, you will be able to pay off loans, but it will be on your credit report for seven years. It may be a couple of years before you can qualify for credit.
Choose The Best Option
Everybody has their own idea of debt management and how it should work. Again, we must emphasize the importance of having a bespoke plan for your own financial dilemma. Before settling on a debt management plan, you must first assess your financial situation and your needs. Muster the courage to ask for help if you have to. Lenders and debt consolidation companies can supply you with free information about their services.
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Tags: debt, debt consolidation, debt management, finance, personal finance
Everything You Wanted To Know About BMO Credit Card Products
The Bank of Montreal features rewards cards, low rate cards, student cards, prepaid cards, special products known as affinity cards, and more.
Bank of Montreal Rewards Credit Cards
BMO rewards cards include the BMO Gold Air Miles MasterCard, the Air Miles MasterCard, and World Elite. The Gold Air Miles card enables its holder to earn rewards on every card purchase. It offers a 25% flight discount, 150 bonus reward miles with the first card purchase, a $99 annual fee, a 19.5% interest rate, and 1/$15 in rewards. The Air Miles card does not entail an annual fee. An interest rate of 19.5 percent applies. You can collect reward miles every time you use your card. The card earns 1 mile for every $20 charged to it.
The BMO World Elite MasterCard features 15,000 welcome bonus points, which are the equivalent of a $285 travel credit for immediate use. The travel rewards that all holders are eligible for include flight charges, plus taxes. Another beneficial feature is travel insurance. There is an annual fee of $150. The interest rate is set at 20.5 percent. Every $1 spent earns you one bonus point.
Bank of Montreal Cashback Credit Cards
The Premium CashBack card is featured with a 1 percent cash rebate for every $100 charged to the card, an interest rate of 12.9 percent for a fee of $49 or a 19.5 interest rate. Other credit cards to look into are the BMO CashBack MasterCard and the Premium CashBack
BMO No Annual Fee Credit Cards
The BMO Air Miles MasterCard does not entail an annual fee. You earn reward miles every time you use your card. The interest rate is 19.5%. Every $20 spent on purchases earns 1 mile.
Clients who get the BMO CashBack MasterCard get one dollar for every $200 charged to the card. The interest rate is the same as the Air Miles MasterCard.
One good choice for persons who want to save money is the BMO Preferred Rate MasterCard. The interest rate is just 17.5%. Cardholders get a lower interest rate of 11.9 percent for a fee of $20.
There is a no-fee option for students as well the BMO SPC AIR MILES MasterCard. You receive rewards in the form of gift cards, movie tickets, travel, and more. The card goes with 1/$20 in bonus miles and a 19.5 percent interest rate. The BMO SPC CashBack MasterCard offers $1 back for every $200 in card purchases. The annual fee is zero. You enjoy coverage if you lose your card or the latest item you charged. You get 19.5% in interest and 0.5% on purchases back in cash.
Clients of BMO who opt for the BMO Prepaid Travel MasterCard enjoy easy and safe access to money without interest. The purchase fee is just $9.95, and it is valid for 3 years
Bank of Montreal US Dollar Credit Cards
Those who travel to the United States or shop at US-based merchants can check the BMO US dollar MasterCard. It is offered with free authorized user cards and 19.5% interest rate. The annual fee is just $25 USD.
BMO Low Interest Credit Cards
Low interest credit cards offered by the Bank of Montreal include the BMO CashBack MasterCard and the BMO Premium CashBack MasterCard. These cards go with an interest rate of 12.9 percent.
BMO Business Credit Cards
The Bank of Montreal offers a variety of business cards, among which the Preferred Rate MasterCard for Business, the BMO Gold AIR Miles MasterCard for Business, and others. Learn more about BMO Preferred Rate MasterCard at credit card guide.
Tags: bank of montreal credit cards, bmo, credit, credit card, debt, loan, personal finance
Proper Credit Card Use
People usually know about the advantages and disadvantages of having a credit card, but only a few know how to get the best deal by being careful about the card provider and the terms and conditions of the card.
Watch out for
The Annual Fees. Not all credit card providers will charge an annual fee, but by the same token not all those who do charge an annual fee will necessarily be the least cost-effective. Keep in mind that different credit card providers will charge in different ways, and being away of the ways you are charged means you get the best deal, and can budget for these expenses.
Late Payment Charge. Should your credit card payments be later than expected then as well as the interest still being due you will have to incur a late payment fee. This is justified by the credit card providers through the consideration that it could cause cash flow problems, and may mean that their financial planning could be off-set or not as projected. So when you choose a credit card, you must take the late charges into consideration, and to avoid late payments, you can have the payment directly taken out of your bank account.
Exceeding Your Limit. When you exceed your credit limit the likelihood is that you will be charged, unless you make prior arrangements with your credit card provider. You should be aware of what these charges are before you enter into a contract with a credit card provider. To avoid these costs, many choose to take out another credit card to finance clearing the limit, whilst others may look towards short-term solutions like an overdraft or long-term solutions like a bank loan. Please be careful not to spend money on a credit card unless you can afford it.
Keep away from:
Small Companies. You should stay away from small companies since they aren’t that reputable yet and may not have that smooth of an operation. But there would be lesser risk if the company is a public limited one.
High APR/0% initial APR. Choosing to contract with a credit card company that offers a great introduction rate and a higher rate in the long term is relying on your lack of financial control to make money. If you are not in total control of your finances and ultimately earn less than you make then please avoid these at all costs.
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Tags: credit, credit cards, finance, loans, personal finance
Easy Steps To Maintain A Good Credit Score
There are times when a good credit score can really help you out. But your credit status may take a plunge if you don’t keep track of your credit rating. So when was the last time you checked your credit report?
By law you are able to obtain a copy of your credit report free every 12 months from each of the three nationwide credit reporting agencies, Equifax, Experian, and TransUnion. It’s quite easy to get your credit report, you just have to approach the central agency and you’ll get a report from all three companies. This central agency is called the Annual Credit Report, and it is available online.
You should make it a point to check this free credit report annually as it plays an important part in your lifestyle and can really help with your expenditures. By monitoring your credit report on a regular basis, you can catch any errors that may have been recorded and see that they are corrected immediately. And now that identity theft is running rampant, it will be in your best interest to keep an eye on your credit report so you’ll know immediately if someone else is using your information.
There are just a few things you need to do to maintain a good credit score.
The first thing you have to remember is to pay within your due date.
Don’t go over your budget and learn to control your debts.
Do just what you’re doing and monitor your credit report regularly to correct any possible errors.
Try to avoid any unnecessary inquiries of your credit report, as each request can be marked against your good credit score.
Reduce your credit card balances if they’re limited out.
If you don’t have enough credit history, you may consider applying for new credit.
It is also important that your FICO score is kept high, another reason to monitor your credit report regularly.
What is a FICO score? The FICO score is the grade with which financial institutions use to judge the risk they take when extending you credit. If your FICO score is high, then that’s a very good sign. The scores generally range from 499 – 800 plus.
By keeping a close watch on your credit reports, you can help to protect your good credit. Whether it’s a car loan, credit card, or mortgage, your credit score can dictate the interest rate of your new loan. Just think of all the money you can save because of your good credit score.
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Tags: credit, credit scores, finance, loans, personal finance
The 6 Things You Shouldn’t Do When Getting An Auto Loan For Bad Credit
Here are 6 of the worst things consumers can do when shopping for new cars.
Picking the wrong car. You should get a car that you need. Pick an auto that fits with your budget and daily lifestyle. If you drive a great distance everyday then you’ll want to choose a car that is more comfortable for long distance travel or is more economical in terms of gas mileage. If you’ve got kids, then a sports car might not be the one for you.
Let your emotions become evident in the showroom with the dealer or manager. Emotions can affect our judgement, and dealers know it. When dealers see people staring dreamily at a car, they would take advantage of the situation. Once they get that you really like the car, you won’t have an easy time negotiating the price or the terms. You’ll also be more likely to accept a bad deal if your emotional. In most states they have a three day “cooling off” period where you can take the car back if you want too. (This is the reason.)
Choosing dealers by a specific limited location only: Dealers are different. Dealers have what’s called a CSI which is their Customer Satisfaction Index. Different dealers have different indexes, and this is a good indication of what kind of service you’ll get from them. You can also check with the Better Business Bureau if there have been any complaints against the dealer.
Speaking about your possible trade-in too early: You shouldn’t mention your trade in until the final price has been set. If you prematurely mention that you are going to trade in your existing vehicle you may find yourself playing their favourite trade-in game. If you want to trade in your car, make sure it’s clean so the dealer will see that you value the car. A dirty car will show that you don’t value it, and this would lower the trade in value.
Going it alone unprepared. If you are not really prepared for the negotiating process, then you should consider an auto brokering service, which can help you get special pricing through authorized dealers. This way, you won’t be burdened by the negotiation process.
Thinking that the deal is done. There may be many additional charges like dealer preparation fees, undercarriage treatments, delivery charges, and so on. Make sure you have all of the upfront information before you make the final deal.
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Tags: auto loans, automotive, finance, loans, personal finance
Students And Money Management
Were you aware that you can deduct up to $2,500 from your student loan interest? There are some rules, though. The loan is only eligible for the deduction if you took out the loan for a higher education program that’s qualified by law. This can be not only for yourself, but your dependents and spouse as well.
The money would be used for your room and board, transportation, books, school supplies, tuition, school supplies, administrative fees, and equipment.
The student must be in a qualified degree program and he should at least be a half-time student. As well, you’ll be obligated by law to repay the loan.
A separate return is needed if someone else claims an exemption for the student, if the student isn’t allowed to get the loan, if the loan is obtained by a relative, or if the student is married to the loan’s receiver.
There are limitations on what can be deducted, so make sure you get the information ahead of time so you won’t break any rules.
It is also important that a student can manage his money. If you have debts before you get the student loan, then you may want to consolidate your debts. This will enable you to have lower monthly payments, and this would mean your burden will be lessened.
Take note that if you are paying a student loan after the year 2002, the first 60 months requirement on interest paid is discontinued, and deductions are allowed for voluntary payments already, unlike before. Also you take the deduction on either Form 1040 or Form 1040A.
This is a really great benefit, and this should be availed by families, especially those who have kids that aspire for higher education but don’t have the funds. This tax deduction will help parent cover part of their requirements.
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Tags: finance, loans, Money Management, personal finance
Cashback Credit Card Pros And Cons
With cashback credit cards, cardholders get back a percentage of the amount spent on purchases, and the cashback is in the form of refund or check. The amount of cashback is small compared to the total spending on the card. The more the cardholder spends on the card, the more money he gets back. Having a cashback credit card is indeed beneficial if the cardholder pays his balance in full every month, thus avoiding interest charges. The interest on the outstanding balance can outweigh the amount of rewards if the bill is not cleared in full. A cashback credit card is also a good option for those who charge purchases rather than make balance transfers and cash advances. Some cashback credit cards can be used in certain locations only.
An obvious advantage of having a cashback credit card is that the cardholder gets a discount on all items purchased. If the card comes with a high credit limit, the holder may charge furniture, kitchen appliances, and other big items, thus getting a considerable discount.
Those who consider applying for a cards should know that it usually comes with a higher interest rate. If there is outstanding balance on the card, the holder ends up paying more than if carrying a balance on a low interest credit card. In addition, the credit card issuer may change the terms and conditions any time. This means that the categories of expenses that qualify for cashback may change as well. Certain limitations may apply to the amount of rebates, as the card may come with a ceiling amount. Even if money is spent only on approved cashback categories, the amount of earnings may be limited to a specified amount.
While many prefer cashback credit cards as a payment option, the terms and conditions should be read carefully. For example, the credit company may require that certain amount is spent in one month to be eligible to get cash back. Alternatively, the qualifying amount may be limited to the first $1000 spent on the card. It takes some time before the cardholder can get the money back. The money will be credited within a period of 7 to 21 days. The cardholder has to request the money within a certain period if the sum is not credited.
Because the terms and conditions vary depending on the issuer, a cashback credit card is a good option only if you can keep track of the cashback amount and know what is in the fine print. Finally, keep in mind that while the credit card issuer may offer cash back, there are some limitations. You normally get cash back when you use your card to pay for groceries, travel tickets, dining, apparel, and entertainment.
Tags: cashback credit card, credit, credit card, debt, finance, money, personal finance
Student Loan Debt Secrets
Three things in life are inevitable death, taxes and student loans. The sad truth is that student loans are presently a part of life in Canada, although tuition expenses are considerably lower and tertiary education is not as expensive as in the United States. One major advantage that Canadians have over US students is the well-organized federal system. Having said that, make sure you apply for and make use of federal loans to cover your tuition before running to the bank or another private lender. Government loans have the benefit of lower interest rates and some of them do not accumulate interest while you are in school, so you end up saving money. With bank loans, there may be hidden fees, even if you think you understand the fine print on the agreement.
Many people find it difficult to understand how much they owe. This is done by figuring out the interest that is compounded monthly or annually, whether simple or compound (interest on interest and so on), the loan term and therefore the total cost. If you do not make enough money to make the payments, you can ask if it is possible to extend the term. In this way, you will be making smaller payments after graduation, as your salary will not be as high. You will make more with time, allowing you to make bigger payments. Of course, extended payment plans come at an extra cost – more interest is accumulated but part of these amounts are tax-deductible. Unless you are a financial whiz, you might need to enlist the help of certain experts to figure it all out.
Another option is signing up for an income-based repayment plan. This way the monthly payment will be reduced to a set percentage of your income.
If none of these options works for you, you may resort to forbearance or loan deferral. You will not make payments for a certain period of time, as agreed between you and the financial institution. In this period, you are free to pay off other, more urgent debts or just deal with being unemployed (live on unemployment benefits). The latter is a common problem for recent graduates.
If you are struggling with student loan debt, it goes without saying that you should put off other major plans like buying a house or having children. Before you consider applying for a loan, you may shop around for a loan, either online or some place else.
There are some programs that entail fixed repayment terms for example 20 years after which the outstanding debt is forgiven. How generous, you may be thinking. However, if you were paying the lender for 20 years, the financial institution has earned much more than what you borrowed.
Those who work in the public sector can consider some special options. Persons who hold jobs in the public sector, are teachers, or public servants may go for special repayment plans, and after a certain period of time, their debt is waved.To get more information visit Canadian Personal Finance Blog
Tags: credit, debt, loan, money, personal finance, student credit, student loan
Applying For Low Interest Student Loan
While many students hope to get a grant or scholarship that won’t be paid back, these types of college funding are not available to everyone. Even students who receive scholarships may need additional funding to cover all expenses, including tuition, rent, textbooks, etc. Low interest student loans are an alternative type of college financing.
Low interest student loans differ from other loans in some aspects. The outstanding amount is repaid at a latter date, meaning that it is deferred. The loan can be repaid after graduation in many cases, with the grace period being from 6 to 9 months. Banks usually offer lower interest rates with these loans compared to other types of debt such as personal loans and credit cards. Interest does not usually add up to the principal until it is time to repay the loan. At the same time, low interest is not equal to interest-free. The interest is paid together with the principal and is compounded interest. The loaned amount can turn out considerably larger than expected.
One of the places to check for student loans with low interest offers is your university’s financial aid office. Those who have been admitted already have higher chances of being approved. With some loans, the terms of repayment are based on earnings and not on the amount owed. It is a good idea to keep surplus earnings in a high-yield deposit account rather than use it to repay the loan quicker.
Some lenders offer low initial payments or extended payment terms. While both options look attractive to students, it is better to avoid getting such college loans. It will cost you more in the long run as interest charges will add up. Choosing an affordable payment plan is most important because late and missed payments will affect your credit score. The loan becomes even more expensive if penalties apply.
The Canada Student Loan Program provides affordable loans to students. The program is funded by the federal government while the provinces may provide additional funding. Students may also apply for a commercial loan with their bank of choice. Personal lines of credits are available from Scotiabank, provided that the student provides proof of enrollment. BMO extends lines of credits as well as to help students cover expenses for rent, tuition, textbooks, etc. Postsecondary/ university students are allowed to borrow up to $15,000 during the first academic year or up to $45,000 for the whole course of study. Interest is paid only on the amount borrowed while in school and one additional year after graduation. Financing is available to residents and landed immigrants who are full-time students and their course of study is 12 or more weeks.
Tags: college loan, credit, debt, finance, loan, personal finance, student loan