Saturday, 25 April 2009

New Credit Cards

Credit Cards are an old story now. For every third person on the street own a credit card. The most basic credit cards most of us know about are Silver, Gold, Platinum and Titanium cards. These categories of cards have been with us since the time credit cards were first launched in India. But that was 20 years ago, in the 1990s. 20 years down the line, scenario in the credit card industry has changed a lot.

Credit cards as an industry have categorized. Just like a tree, credit cards too have spread their branches. The categories have increased with cards like Women’s, Corporates, VISA signature, World Master, Business and Students credit cards. These credit cards are designed to suit the different requirements of different class of people.e.g. The women’s credit card. This card is specifically designed to meet the needs of a woman – parlor, hospitalization, medical expenses, grocery and mobile billing, fuel expenditure. This card also includes personalized services like movie tickets purchase, home appliances repair, school fees payment, home delivery of flowers, cakes and so on. It also includes payment for emergency services like doctor and calling cabs etc.

These kinds of cards, which are specifically designed to meet the requirements of a specific class of credit card customers, are more specific in their deliverance of tasks and customer service. These new credit cards are also good from the credit card holderÂ’s point of view as these meet the demands and requirements of the holder.

Recently, Kotak has launched it range of new credit cards. These cards are – Trump Gold Card, Premium League Card, Fortune Gold Card and Royale Credit Card. Each of these are designed meeting the suitability of different kind or class of people. E.g. Trump card is made specifically for the shoppers; fortune gold for the businessman; league platinum for the higher class of businessman and traveler and Royale for the exclusive ones who walk on the red carpet all the time.

Already termed as the product of the year, these cards offer exclusive benefits which at present no other cards are offering. These cards are definitely, cut above a class, meant for the cream and deliver the creamÂ…

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[Via Credit Cards]

Posted by wolfenstein at 20:45 0 comments

Annual credit report: check and rebuild your credibility

Before granting loans, lenders always check the annual credit report of the borrower. This report helps them to know about your previous transactions in the financial market. Borrower should also go through his/her credit report before availing credit; it helps them to know their status in the financial market. There are three major institutes which prepare this report: Equifax, Trans Union and Experian.

This annual credit report is free of cost and can be obtained once in a year, after applying to one of the main credit reporting agencies. In order to obtain this report you have to give some personal information like name, current address, social security number, date of birth, marital status etc. You also have to submit the information about your credit card accounts, current balance, previous credit card account, etc.

On the basis of these transactions, credit bureau assigns you a credit score. This credit score is very useful in knowing the credibility of the person for further credit, loans, etc. Credit scores are not included in this report; this is provided separately by the institutes.

It is important to check the credit reports regularly to avoid any mistake. Availing this report means evaluation of your credit condition, which prevents you from bad credit report. It also helps you to rebuild your credit scores.

One can also get this report through internet. There are numerous websites available who provide you with services that enable you to get all the information you need about credit reports. This is most convenient and time efficient compared to manually applying for credit report.

Annual credit report is beneficial for both borrower and lenders. Through this report, borrower can check all his/her credit transactions, good or bad. Afterwards, he tries to improve it so that he can take better term loans next time. On the basis of this report only lender approves or disapproved the loan amount of the borrower.

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[Via Credit Cards]

Posted by wolfenstein at 19:45 0 comments

Earn Interest Instead Of Paying Penalties For Your 2008 Income Tax Return

Some people recall from their school days that the Ides of March (meaning the 15th) was when a group of Roman senators assassinated Julius Caesar. Today, even without knowing it represents the "Ides of April," many Americans have an annual bout of fear and loathing on April 15th, because that's the deadline for filing taxes on the previous year's earnings.

Caesar couldn't put in for an extension on his murder, unfortunately, but you can get an extension on filing your return by using Form 4868, the so-called "application for automatic extension." This gives you six additional months in which to file your paperwork, although you must still remit any taxes owed by April 15th. However, the amount of interest and any penalties depends on a number of factors, so it is entirely possible that you can earn interest instead of paying penalties for your 2008 income tax return, assuming the numbers work out right.

Interest and penalty basics

If you don't file your tax forms when they are due, a date that includes extensions, you may be subject to the "failure to file penalty," which is 5% of unpaid tax for each month or partial month that the forms are late. This penalty "maxes out" at 25% of the tax figure, but it will be reduced by " failure to pay" penalties (see below) for the months that both penalties are applicable. If your tax return is over 60 days past due, however, the penalty is the lesser of $100 or 100% of the tax due. Importantly, you do not pay this penalty if there is a reasonable explanation for the tardiness.

You may also be subject to a penalty of 1/2 of 1% of the unpaid taxes for every month or partial month after the due date (including extensions) that they remain unpaid, if you remitted less than 90% of the amount due. This penalty, again, maxes out at 25% of the unpaid sum. However, once again you may not have to pay this penalty if there is a reasonable explanation for the delay.

Other penalties

On the other hand, there is a possible penalty of $500 for "frivolous filing" if you send in forms that have insufficient information to calculate the correct tax due, or if you claim an incorrect amount of tax. The IRS may claim that you are asserting a "frivolous position" or are attempting to delay, or even interfere with, the proper administration of the federal income tax code.

There is also the "accuracy related" penalty, where a charge of 20% is levied for an underpayment that is attributable to negligence or disregard of filing rules or other regulations, or a "substantial understatement" of the income tax due. As far as interest goes, you will be charged interest if there is a balance due the IRS after April 15th.

Sample math

Let's assume you earned $100,000 last year and expect a federal tax bill of $20,000. To get around the 0.5% per month penalty, you will have to remit at least $18,000 so that you owe no more than $2,000 when you file following the extension. Paying 90% of the tax liability on or by April 15 means that an extension gives you an additional six months to pay what you still owe, and interest is accruing at a fairly low rate. In the meantime, you can be earning interest on that money, possibly enough (depending on your investments, tax bracket, etc.) to offset the IRS interest. This is a calculation you will have to make for yourself, of course, and if you need help, get some!

If you don't file for the extension and don't submit a return by April 15, you have to prove "reasonable cause" for this to the IRS or you will likely pay the failure to file penalty of $100 per month on that $2,000 balance. If you think you are facing a reasonable cause for such delay, make sure to check the tax code and consider getting some expert advice. This is not an area you want to make mistakes in.

Self-employed people

Some self-employed people may benefit from extension filing, too. You will have until your tax due date, including extensions, to find any retirement accounts for the tax year in question. Even if you don't have one set up yet, a certain kind of IRA account (Simplified Employee Pension Individual Retirement Account, or SEP IRA) can be established as late as the extension-delayed due date, normally October 15th. Simply filing Form 4868 gives you another six months to fund that retirement plan and, of course, deduct the contributions on your return.

A strategy that is increasing common among the self-employed is to pay the total amount of tax due, request an extension and subsequently fund a retirement plan on or before October 15th. Filing an extension does not provide you any extra time to fund a Roth IRA, traditional IRA or an Education Savings Accounts (ESA).

The lesson is simple. The failure to pay penalty is much less than a failure to file one, so always file your tax returns and any extension requests in a timely fashion, even when you are incapable of paying the full amount due at the time. Just by filing on time you will save both money and frustration, and even get you a net gain in interest earning depending on your situation. It is always a good idea to take a moment and check your "tax math," to see if an extension will benefit you.

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[Via Taxes]

Posted by wolfenstein at 18:45 0 comments

Silver Card Prepaid Visa - Reviewed

The Si
lverCard Prepaid Credit Card offers a alternative to typical plans that charge high fees for basic transactions and account inquiries.

How It Works

You will first deposit money into your account and then use your card to make purchases, withdraw cash ATM?s, or pay bills over the phone or online. Your balance declines as you use the card. When you need more money, you simply make a deposit to the account.

How to Deposit Money

One way is to have your paycheck deposited directly into onto your card. This can also be done with Government issued checks.

The direct deposit feature is free to card holders. If you choose, you can deposit money at any 100,000 retail locations. And you can add money through a wire or PayPal transfer.

How to Qualify

There is no application or approval process. Federal law requires that you supply information that will verify your identification, such as your name, address, and birth date, but there is no credit check or lengthy application to fill out.

Account Fees

While many plans charge fees for activation, transactions, overdraft protection, and balance inquiries, these services are free for card holders. However you will pay the activation fee up front but will be reimbursed through a mail-in rebate

How You Can Manage Your Account

They truly make account management simple. You can access your information online 24 hrs a day 7 days a week.

In order to help you keep track of your spending, you can sign up for free emails or text messages that include this information. You can also access this information free of charge through their automated voice response system. We strongly suggest you take advantage of these features as it enables you to live within a budget, most of the time.

You can stop writing checks every month because you can use your card to pay bills. It is accepted online and over the phone.

In sum if you are in a position where you can not be approved for a checking account or credit card. And you are paying costly check cashing fees and buying money orders then this is a great alternative.

Of course we encourage you to read all the fine print on any credit card before applying.

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[Via Credit Cards]

Posted by wolfenstein at 18:45 0 comments

Account Now Vantage MasterCard - Review

The Me
taBank issues the Account Now Vantage MasterCard. This should not to be confused with an unsecured card, which it is not.

It is designed to be used as a credit card but limits your purchases to the amount of money loaded on it. You can load your card with money several ways; direct deposit, transfer from a checking or savings account, PayPal, or participating merchant. Once you have loaded, you may use it the same way as a credit card. You can make purchases and get cash advances though within the confines of the amount loaded onto the card.

There are two plans; the classic and the premium plan and each plan offers benefits. With either plan benefits include $0 activation fee with direct deposit, guaranteed approval, no overdraft fees, no minimum balance, no credit check, and, free online bill statements.

However, there are some charges you need to be aware of. They include; $4.95 monthly fee for the Classic Plan and $9.95 monthly fee for the Premium Plan; activation fee of $9.95 without direct deposit; $1 fee for U.S. card purchases if you use your PIN (free for Premium Plan); $1 fee if you use an ATM to determine your balance; and, a $2 fee if you use an U.S. ATM to withdraw money. Before you apply for any card, you should always review the terms and conditions and fee schedule.

In addition be careful if you use retail locations to load money as the retailer may charge a fee. Likewise, if you use an international ATM to withdraw money, you will incur a $4.95 fee for the transaction.

Be aware that if you use currency conversion when making a foreign purchase, you will incur a fee of 2.95%. That is a percentage of your purchase, not $2.95. For instance, if you make a purchase in Italy that is the equivalent of $500, you will be assessed a fee of $14.75 for the currency conversion.

The Account Now also offers the iAdvance loan option. This is an open-ended line of credit which MetaBank provides to cardholders.

And free credit builder this is a voluntary program which can be accessed when you sign up for online Bill Pay.

The way this works is you pay your bills through Bill Pay and Credit Builder reports your payments to a national credit reporting agency. The only transactions which will be reported to PRBC are the bills you pay using Bill Pay. No debit transactions will be reported.

In summary, if you are looking for a card which limits your purchases, while providing the benefits of online banking and the reporting of timely bill paying, this card may be for you.

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[Via Credit Cards]

Posted by wolfenstein at 18:45 0 comments

Fast Track to Getting Out of Credit Card Debt Revealed

Countless American households are staggering under virtually unmanageable amounts of credit card debt. In spite of their best intentions, consumers have fallen behind and are now facing the consequences of compounding credit card interest that makes it virtually impossible to pay down the debts in the foreseeable future. It is interesting to note that all socioeconomic classes are affected by this debt epidemic, and there is virtually no segment of society that is exempt from oppressive credit card debt.



There is a fast track to getting out of credit card debt that has finally been revealed and that is getting more and more play. It begins by categorically stopping the credit card charging madness. In other words, consumers must resolve to no longer add any debt to their current indebtedness. Using a debit card tied to a checking account or simply cash is the best way of paying for little and impulse purchases, since it is the little purchases that add up to become big debt burdens over time. Some consumers have gone so far as to take their credit cards and freezing them into a block of ice, and keeping them in the freezer for emergencies only.



Next, it is crucial to pay more than simply the minimum amount due. The minimum amount due is usually barely enough to cover the interest rate, while leaving the principal of the outstanding credit card debt untouched. As a result, the consumer may be paying faithfully for years, only to hardly ever see the balance due budge at all. The snowball method, a repayment method championed by consumer advocates, suggests that consumers should pick one credit – preferably the one with the lowest balance – and make extra payments. Then, when it is paid off, all the money that was paid to this card on a monthly basis should be added to the minimum payment due on another card, and so on.



Getting out of debt also requires the diligent examination of spending habits. A budget that details all expenditures – loan payments, utility payments, and also estimated payments for variables such as food and gasoline – empowers consumers to eliminate spending that is not necessary or even redundant. What is more, since it gives a concise figure of monthly expenditures, it presents a base amount from which monthly income can be subtracted to reveal the amount of disposable income. If the income is less than the expenses, serious soul searching and expense slashing is needed. This may be done by avoiding the impulse purchase, shopping with a list, and saving up for major purchases.



In addition, consumers need to be aware of the interest rates their credit card issuers are charging. High interest cards should be paid off quickly to maximize long term savings. Finally, contacting a debt settlement agency most certainly has the potential for fast tracking the repayment of credit card debt. Debt settlement negotiators will work with debtors and creditors to lower interest rates, outstanding balances, and empower the consumer to repay the outstanding amounts due in three to five years. Reputable companies are listed on the Better Business Bureau website.

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[Via Credit Cards]

Posted by wolfenstein at 18:45 0 comments

Online credit card approval

Now days approximately any person can obtain online credit card approval. A lot of credit card companies endorse credit with in seconds. In reality one will identify instantly if they are approved for credit or deprived of credit. Online credit card approval frequently takes second and approves applicants with good quality credit only. The internet has opened doors for Credit Card Corporation and for its contender. Evaluate to the old days of applying for a credit card is effortless and approval time is generated so rapidly, that everyone who has luminous credit will want to apply online. In the past getting endorsement took for eternally, but now equipment has urbanized programs that make approval time for a credit card, completed in seconds.
Contender applying for online credit cards will not only obtain fast endorsement service, applicant will know instantly the loan amount, and their monthly payments for the loan. There are lots of sites that check credit and inform borrowers in just 60 seconds or fewer. It is astounding much antagonism is generated over the internet. Lots of are opposing with the technology and time permissible to complete a form is aggressive too. For example some sites offer credit card approval in 60 seconds while others propose approval as fast as 30 seconds. The endorsement time is so fast particularly for applicant with outstanding credit.
On line credit approval is quick and simple. Any person can be approved or deprived of within seconds. A credit check is routinely the instant you apply. Today lots of online credit applications because of the antagonism will accept applicants without a credit check. Making it simple for everyone to get endorsement and or deprived of. These sites generally are quick and precise, but only for those with superior standing credit. Or else applicants with not so fine credit may have to put forward supplementary information. The application is quick and those with excellent credit are approved without supplementary information. But if one decide a credit contender from a credit card company that does not necessitate a credit check, supplementary information my be requisite before the application procedure is closed.
At the end of the procedure capable members will be asked to click on their conformity rule and once clicked one will in reality be signing an electronic agreement compliant or denying their provisions and agreement. This is recognized as an electronic signature. An electronic signature is lawful as a hand written signature. So why are you waiting for get started today.

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[Via Credit Cards]

Posted by wolfenstein at 15:45 0 comments
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