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CREDIT CARD DUES – All possible ways to payoff

bhavana — Thu, 03 Dec 2009 14:37:40 +0000

Everyone has a credit card or two to their name. Sadly due to few wrong or unforeseen choices and situations few among us get burdened by credit card dues… But no need to worry as we at deal4loans brings you all possible choices available to solve your problem.

How can you pay your Card Dues?

By…

ü Loan against Life Insurance Policies – Borrowing against liquid asset like life insurance works out cheaper than pure personal loans because of the low interest rate and convenient repayment schedule. One can deduct the loan amount at the time of claiming payments or loan can be raised by pledging the insurance policy with a bank.

ü Loan against securities & Fixed Deposits – If one does not wish to liquidate their investments in equity shares, mutual funds, fixed deposits, national savings certificates, etc., one can consider borrowing against the same.

ü Loan against gold jewellery – Gold loans are easy and are cheaper than some set of loans and which are less than Card rate of interest.. Recently gold loans have become a quick and easy way to get short term Loans.

ü Employer loans – Most employers provide low-cost loans in the form of advances.

ü Personal loans & loans on credit cards– These unsecured loans or Personal loan have exorbitant interest rates and hence, not advisable.

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How to use Credit Cards

bhavana — Tue, 01 Dec 2009 16:40:47 +0000

Today each person is familiar with credit cards (also, known as plastic money). They are various cards, namely, gold, silver, platinum.

Cards are very widely used because it is convenient to carry instead of hard cash.
You can buy articles in advance and pay after some time (very helpful when you want to splurge and your salary is due next week).

Cards provide the facility to spread the cost of spending over a period of time.

It is life saver when you don’t have ready cash and there is an emergency.

To quote the Birmingham-based criminal lawyer Gurinder Singh Mandla – “The greatest advantage a credit card provides is that of purchase protection against a fraudulent merchant for a product or service purchased of questionable quality,”. For instance, an article purchased by you on your credit card is damaged and the seller refuses to entertain any requests then, you can lodge a complaint with your creditors (like Visa, Mastercard etc.) to get justice.

Here are some pointers for credit card usage which reduces the risk of roll over.

Lets start with all the things you shouldn’t DO:

Credit card should not be used for everyday shopping like food, clothing, petrol etc. as this can quickly lead to debt, use cash instead.
Make the habit of making minimum-only payments as it will increase your debt balance, interest as well as your pay off time. So pay as much as you can on your balance each month.
Buy things you can’t afford on your credit card as a borrowed lifestyle leads to debt. Plan for your dreams and achieve it but not on credit.
Hurry to close your credit card. Applying and closing credit card affects your credit score (which determines your loan repayment capacity). So don’t close cards with a balance and keep your credit history good.
Keep too many credit cards. It increases your workload. Many cards means various debts and more balances to pay off. So use fewer cards to maximum advantage.

Now for the Dos:

Decide want you need and what you want. Then buy things which you need. This will help you to use your credit card wisely.
Make sure to inform your creditors if you are unable to make your monthly payment in time. They will help you and may be skip the late fee charge too provided you explain your situation.
Try to stay within 30% of your credit limit. Amount of debt is a key factor in you credit score. Lower balance is easier to manage as well as builds your credit score.
Bargain for a lower interest rate if your current rate is higher than the new offers in the market. Assess the interest rate periodically to get the best deal for you as interest rate determines the balance on your card.
Always read the fine print carefully.
Check whether the credit card issuers offer any protection, or guarantee against unsatisfactory purchases.
Build a good relationship with your credit card issuers by using your card responsibly.
Use the reward points, cash backs and other offers to get the most out of your credit card.

Personal loan to pay Credit Card debt.

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CARD| VISA ATM CUM DEBIT CARD|ALLAHABAD BANK| ADVANTAGES| FEATURES| Application process

bhavana — Fri, 06 Nov 2009 13:25:55 +0000

Allahabad Bank the oldest bank in India is offering ATM Services to its customers in 110 cities & towns spread all over the country. The ATMs (Automated Teller Machines) offer the convenience of banking 24 hours a day, 7 days a week, 365 days a year. Bank is a member of VISA & NFS Networks thereby enabling customers to access a wide network of ATMs in India and abroad.

Allahabad Bank International Debit Cum ATM Card

Advantages: With this card, there is no need to carry cash in your wallet and you need not fear of overspending on your credit card! You can now withdraw cash and make purchases anytime you wish to.

Network: Allahabad Bank’s own ATM Network comprises 211 ATMs.

You can also access the ATM infrastructure of other NFS Member banks at free of Cost. Total ATM Coverage under this network is more than 42000+ ATMs.

In addition, the bank is already connected to the VISA network hereby enabling its International Debit-cum-ATM Cardholders to access large number ATMs / Merchant Establishments (POS Delivery Channel) deployed in India & world wide. Transactions done on VISA ATMs in India are free of cost.

Features:-

AT ALLAHABAD BANK’S ATMs	AT OTHER VISA ATMs	AT NFS MEMBER BANK’S ATMs	AT VISA POINT OF SALES (POS)
Withdraw Cash (Maximum limit Rs. 15000/- per day subject to Balance in your account)	Withdraw Cash	Withdraw Cash	Make payments for purchases up to Rs. 25000 per day subject to balance available in the account
Fast Cash withdrawal
Balance enquiry	Balance enquiry	Balance enquiry
Change PIN
Fund Transfer from one account to another linked to card up to Rs. 15000 per day
Operate multiple accounts with a single card
Deposit cheque/cash
Request for a cheque book/statement of account
Mini Statement

Free Personal Accident Cover

All international Debit Cardholders would be covered under Free Personal Accident Insurance for Rs 1.00 lac. In the unfortunate event of loss of life in a mishap, the customer’s nominee will receive the benefit of accident insurance up to Rs. 1.00 lac

How to apply:-

All customers having Savings Bank or Current Account other than Minors including joint holders (with mandate either/survivor) are eligible for ALLAHABAD BANK’s International Debit-cum-ATM Card.
If you don’t have a Savings or Current Account, first open your account in any of the networked branches of the bank.
Submit the application form to the Branch along with your recent photograph.
Within a short period, you will receive your personalised ATM-cum Debit Card.
Collect the PIN from your Branch on receipt of the Card.
Change the PIN at any Allahabad Bank ATM at the first opportunity.

Loss or Damage of the card:-

In case of loss or damage of the card, please inform the branch as well on the toll free no 1800-22-0363 immediately so that the card will be blocked, to ensure safety of your funds.

Terms and Conditions:-

The validity of the card will be 5 years from the date of issue.
The Card will be issued free of cost to primary and joint holders with no annual charges for the first year.
From the second year onwards Bank will charge an annual fee of Rs. 100/- only for renewal of the card every year.
For issuance of duplicate cards our charges will be Rs. 100/-.

Transaction Charges:

All transactions on any Allahabad Bank ATMs and other Banks ATMs under VISA/NFS in India are free of cost for our bank’s cardholders. Our charges for transactions on other ATMs are as under.

Summary of Transaction Charges

	Other VISA ATMs	NFS Member Bank’s ATMs
Cash Withdrawal	In India : NIL Abroad : Rs. 140 per transaction	Rs. NIL
Balance Enquiry	In India : Rs. NIL per enquiry Abroad: Rs. 34/- per enquiry	Rs. NIL per enquiry
Point of Sales transactions(POS)	No Service charge is levied on POS transactions except for transactions made at petrol pumps, railway reservation counters as per Visa Regulations where service charge levied as per industry standard practices – 2.50% service charge or Rs. 10/- minimum for transactions at petrol pumps.

** Please note that above charges levied on ATM transactions are inclusive of Service Tax applicable

Security:-

Complete Security through your own special PIN (Personal Identification Number). Only you can operate your account through the ATM along with the PIN. For further security change your PIN to another number combination any time you want.

24-Hour Customer Service:-

You can call our Toll Free No. 1800-22-0363 round the clock for any assistance regarding your ATM-cum-International Debit Card

Apply for your ATM-cum-Debit Card now and enjoy free access to any of our bank’s ATMs all 365 days in a year.

The NFS Member Banks

S. No.	NAME OF BANK
1	ALLAHABAD BANK
2	ANDHRA BANK
3	AXIS BANK
4	BANK OF BARODA
5	BANK OF INDIA
6	BANK OF MAHARASHTRA
7	CANARA BANK
8	CATHOLIC SYRIAN BANK
9	Central Bank of India
10	CITY UNION BANK
11	CORPORATION BANK
12	COSMOS CO-OPERATIVE BANK LIMITED
13	DENA BANK
14	DEVELOPMENT CREDIT BANK
15	DHANLAKSHMI BANK LTD.
16	HDFC
17	ICICI BANK
18	IDBI BANK
19	INDIAN BANK
20	INDIAN OVERSEAS BANK
21	INDUSIND BANK
22	JAMMU KASHMIR BANK LTD.
23	KARNATAKA BANK
24	KARUR VYSYA BANK
25	LAXMI VILAS BANK
26	ORIENTAL BANK OF COMMERCE
27	PUNJAB NATIONAL BANK
28	SOUTH INDIAN BANK
29	Standard Chartered Bank
30	STATE BANK OF INDIA
31	Syndicate Bank
32	TAMILNADU MERCANTILE BANK
33	UCO Bank
34	UNION BANK OF INDIA
35	UNITED BANK OF INDIA
36	VIJAYA BANK
37	YES BANK

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Credit Card Rewards becoming Dearer

bhavana — Sun, 01 Nov 2009 08:32:01 +0000

Nowadays each card company is trying there level best to attract as many new customers as they can. They introduce new products, attractive offers, encouraging incentives and whatever it takes to build its clientele. If a product or service fails to produce sufficient income to continue the program then the only way to go for banks is either to discontinue the product or to raise the fees to cover the losses.

The Credit Card Act of 2009 doesn’t make plastic any safer now as compared to previous months. The law is going to make the companies think of new ways of doing their work. So its up to the customers to be alert, careful and prepaid for the new policies the companies could be coming up with to make up for their lost revenue.

Card users have still not adjusted to the increase in rates, various fees levied or fluctuating credit limit but now they have to adapt to new ways of using their reward points. Since the policies are becoming very strict, many consumers have to give up in-flight upgrades or free hotel stays etc.

There is more. Credit card issuers have the right to change the terms and conditions of their reward program or even cancel it completely – anytime and for any reason. And sadly these changes will not be undone anytime soon. Banks also need to make difficult decisions about balancing profitability and service. And, We as consumers need to act fast and cash in on their rewards points while we still can.

Check Some Popular Credit Cards

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Credit card users-Ray of hope

bhavana — Tue, 27 Oct 2009 07:41:05 +0000

Great news for the credit card users as the Credit card companies are forced to encourage customers to reduce their debt instead of increasing it according to the proposed New Law. This is to change the unclear and unfair practices which are against the interest of customers and help reduce the debt level of people. Ministers are also concerned about Credit card companies increasing interest rates without a proper explanation is also a matter of concern to the Ministry. They said that responsible consumers should not pay for excessive risk-taking by financial institutions.

‘Sharp practices’, including increasing customers’ credit limit without permission/explanation, or raising interest rates on existing debt by the companies will be curtailed. They will be stopped from utilizing customers’ monthly payments to payoff low debt on the card while significant interest debt charges builds up (incase of cash withdrawals). In other words people making low monthly payments for years are the ones who pay their credit card longer than the mortgage itself.

It so happens that people are unaware of expensive debt (like cash withdrawals) stays on the card accumulating interest as the cheapest debts are cleared first. It is the responsibility of each individual to manage the finances effectively but in order to do that they have the right to clear and definite information about their credit dealing from the companies. They are entitled to choose if their card’s credit limit is to be increased.

Hence credit card users can be hopeful that in near future the credit card companies will bring more transparency in their dealings.

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