Everything You Should Know About No Claim Bonus in Car Insurance

You might notice that car insurance premiums increase with each passing year. This is due to the increase in third-party premiums for each passing year by the Insurance Regulatory and Development Authority of India (IRDAI). IRDAI essentially reviews the third-party claims made at the end of each period and the premiums are revised accordingly.

Although these third-party premiums keep on increasing, your effective premium can be kept in check, and in fact be reduced. Thanks to the No-Claim Bonus (NCB) facility. No-claim bonus is the facility where insurance companies offer a benefit for not making claims during a policy tenure. This benefit is passed on the policyholder, i.e. you by way of concession in car insurance renewal. The no-claim benefits range between 20% to 50% and are go on increasing with each consecutive claim-free policy years. Here are some handy tips about NCB that you should know. Let’s have a look –

NCB benefits belong to the policyholder and not the vehicle

NCB benefits are associated to the policyholder and not the vehicle. With this feature, it allows you to carry forward the NCB benefits irrespective to the car you use. Say, for instance, you buy a car insurance cover and do not make any claims for five consecutive years. At the fifth policy renewal you replace this car of yours with a new car. These NCB benefits can be transferred to your new car with 50% concession in own damage premium. However, the only limitation for transfer of NCB is among different policyholders except in the case of legal heirs where the original policyholder dies.

NCB benefits are limited to own-damage plans only

You must make a note that the no-claim benefits are applicable only to own-damage premiums i.e. no third-party plans can take advantage of NCB benefits. So, in order to have NCB concessions, you must have a comprehensive plan or an own-damage cover alongside third-party policy. So anytime you compute your no-claim benefits using a car insurance calculator, keep in mind that the percentage of no-claim bonus is based on the own-damage premium.

Raising claims for smaller amounts will in-turn lead to bigger losses

Making a claim is tempting even when your car suffers minor damages. But in fact, small claims need to be even more carefully analysed. At every claim, you need to mandatorily pay for the compulsory deductible in your policy. Over and above that, any voluntary deductible that you might have opted also forms part of out-of-pocket expenses. Other than that, you also will be required to pay a higher premium in the future in case you raise a claim. So, considering these factors, make a cost-benefit analysis before you make a claim.

Transfer of NCB

Transferring your NCB benefits is a fairly simple process. It required you to submit Form 29 and 30 along with the sale agreement to the current insurance company. On submission of these documents, the insurer issues a NCB certificate wherein the accumulated NCB benefits are mentioned. With this certificate, the same benefits shall become applicable with the new insurance company. For online process, you generally do not require this certificate, and is based on the declaration at the time of purchase.

These are some lesser-known things about NCB that make you a smart buyer. With these tips available to you, make the right choice of skipping a claim for minor expenses as well as take the most advantage when transferring your policy too. Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms and conditions, please read sales brochure/policy wording carefully before concluding a sale.

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Why Is Economic News Important and What Is Economic Calendar?

Currencies do not change their exchange rates on their own – they are stimulated by economic news. This data can be used for evaluating possible scenarios in financial markets. See below a general guide on the use of the Economic calendar to reach better results in your Forex trading.

Before you start trading, take a look at the Economic calendar to check important events of the week. The calendar can help you detect the key events in the currency market and make money without fearing for it in aggressive currency movements.

What is the Economic calendar?

The Economic calendar is also known as the Forex calendar. It contains a list of news published by governments and agencies, sorted by date. Here are some examples of such agencies:

* US Bureau of Labor Statistics (publishes economic data from the USA)

* Eurostat (published economic data from the EU)

* Office for National Statistics ( published economic data from Great Britain)

* IHS Markit (published the PMI of most countries).

How to read economic news right?

Economic calendars contain the dates of the most important national and international events that can influence the movements of some assets and markets. The date and characteristic of every event on the calendar can be used as a forex calendar indicator for making better trading forecasts.

All events on the Economic calendar forex have different significance and market influence. There are the following levels of significance:

Weak influence

The news or statistics from this category have almost no noticeable influence on the market. However, If there is no more important news on the horizon, certain price fluctuations might happen.

Moderate influence

In certain circumstances, such events can influence currency rates. However, the market might not react at all, if something more important happens at the same time. Still, several publications of moderate significance can give the market certain dynamics.

Strong influence

Such events influence currency rates significantly, especially if they are published one by one. A combination of such events can change the trend in an instrument. This category includes such events as reports of Central banks and their interest rate decisions, speeches of the heads of national Banks, the GDP statistics of major economies, the Non-Farm Payrolls, etc.

The most important news of Forex economic calendar

The Non-Farm Payrolls (NFP)

This indicator tracks the employment of the biggest part of the US solvent population. The US Bureau of Labor Statistics publishes reports on the first Friday of every month. The reports show the number of new workplaces created the month before, the general unemployment rate over the country, and the level of economic activity. Moreover, it shows the number of Americans that search for a job efficiently or have made a profit on it. Each of these three values indicates the general economic situation in the country. These statistics influence both market sentiment and the attitude towards the USD.

Central banks’ decisions on the interest rate

In the USA, the function of a Central bank is carried out by the Federal Reserve system (known as the Fed). Apart from the Fed, there are 7 more influential banks in the world: the Banks of Australia, England, Canada, Japan, the European Central bank, the Reserve bank of New Zealand, and the Swiss National bank. Their decisions on the interest rate most noticeably influence risk evaluation and potential results of Forex traders. Speeches of monetary politicians in the reports of such banks have special influence on Forex and in most cases, increases the volatility of its assets.

Closing thoughts

The Economic calendar is crucial for Forex traders because with it, they can plan their trading in advance. Many economic news can provoke unexpected reactions when the market moves by thousands points in a split second, so try to stick to your money management rules to avoid such shocks.

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Make the Most of These Advantages Offered by Extended Warranty Insurance

Any product bought in today’s day and age is backed with a warranty, especially when consumer durable products. Say, your new air conditions or refrigerator, or even mobile for that matter, all have manufacturer’s warranty. It can range between three months to five years based on the product and the manufacturer. But what about the expenses once this period ends? Any repair costs after this period of warranty needs to be borne by you.

Wouldn’t it be handy if coverage for these additional expenses was available? Extended warranty insurance is the product you need!

Using extended warranty insurance, any costs of repairs required after the initial purchase are covered by the insurance company. At times, replacement required due to manufacturing defects is also included in its coverage. Below mentioned are some of the advantages of extended warranty insurance –

Affordable premiums: Repairs to your home appliances are not simple. They require trained professional and specialised tools for its repairs. These costs of repairs can at times burn a hole in your pocket. With an extended warranty general insurance cover, you no longer need to worry about these expensive repair costs. Moreover, genuine spares are used in its repair at authorised service centres only.

All-round coverage: Extended warranty benefits include all-round coverage for your devices and appliances. Any costs required in the replacement or repairs including labour charges are covered by this insurance cover.

Coverage amounts up to invoice value: With extended warranty cover, the coverage is offered right up to the invoice value of the product. With such enhanced coverage, it ensures you get the most benefits of your home appliances simplifying your life. The only caveat for this insurance coverage is the appliances need to be used as per the its intended use as specified in the usage manual.

Flexible tenure: Based on the usability of the products and terms of insurance contract, you can opt for varying tenures for such insurance coverage. Based on your intended use, you can accordingly purchase an extended warranty insurance for it.

Repairs for any number of times: There are cases where one issue is resolved, a new one crops in. With an extended warranty cover, you need not worry about these repeated repair costs. Generally, this policy covers the cost of repairs for any number of occurrences within the policy tenure. No longer you need to worry about repeated breakdowns causing financial inconvenience.

Nationwide network and doorstep service: Leading insurance companies that offer extended warranty insurance have a nationwide network along with doorstep service. Even if you relocate cities, you need not worry about the coverage no longer being valid. All you need to do is inform your insurer and update your communication details. Also, for large home appliances like refrigerators and air conditioners, it isn’t possible to carry it over to the service centres. The doorstep repair facility comes handy at such times.

So, the next time you purchase a home appliance, make sure to buy an extended warranty insurance plan for it. Not only it makes repairs a breeze, but also relives you of other financial stress when it comes to expensive repair costs.  Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms and conditions, please read sales brochure/policy wording carefully before concluding a sale.

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5 Things You Should Know Before You Send Money to Bank Account Same Day to India

If you’re currently living and working in Europe, then the same-day remittance service will enable you to quickly and easily transfer funds to your family and friends in India. But there are a few things that you should know before using such services. Check out this post to learn more.

Thanks to digital technologies, the world has now turned into a global village. From remotely working for employer hundreds and thousands of miles away to video calling anyone across the world, technology has significantly impacted almost all walks of our lives. The same is true for the remittance industry as well.

Not too long ago, fund transfers from Europe to India took anywhere between 3-5 working days. But there are now Indian banks in Europe that offer same-day remittance services. While such services make the whole remittance process quick and convenient, there are a few things you should know about before using them. Take a look-

  1. Exchange Rate

If you’ve used remittance services in the past, then you might know that the exchange rates fluctuate 24×7. It is also possible for the exchange rate to change after you’ve initiated a transfer to India and before the service provider or bank processes the transaction. In some cases, this could impact the total amount your beneficiary receives in India.

But this issue can be effectively eliminated by using the same-day remittance services of a bank in Europe that offers guaranteed exchange rates. With this feature, the exchange rate would remain the same from the time you initiate the transfer to when the bank processes the transaction.

  1. Ease of Transfer

You should be able to initiate the transfer online without visiting the bank. Some of the Indian banks in Europe also allow non-customers to use their remittance services. For this, you are generally required to initiate a transfer from their online portal and then transfer funds to a local account of the bank.

Also, the bank should allow you to send money to any bank account in India. In most cases, you can use IMPS-enabled banks and branches in India for same-day transfers. You can confirm the same with your beneficiary in India before making a transfer.

  1. Transfer Speed

While same-day remittance services ensure that funds get deposited into the Indian bank account of your beneficiary on the same working day, there is generally a cut-off time limit. Only transfers processed before this time limit are processed on the same day.

Thus, before using such services, ensure that you check the cut-off limit of the bank. If you are using the services of a bank in which you do not hold an account, then your funds should reach the remitting bank before this time limit.

  1. Transfer Security

One of the most significant reasons to trust a bank for your transfers to India is the level of security they offer. While there is no lack of remittance service providers in Europe, banks are generally safer and more secure. With the rising number of remittance scams, it is wise to trust a reputable Indian bank in Europe for remittance.

You can check out the remittance platform of the bank online to know more about the measures they have taken to keep the accounts, funds, and transfers protected at all times.

  1. Tracking Transfer Status

Even though these services allow you to send money to bank account same day to India, you should still be able to track the status of your transfer. Banks generally provide a transfer tracking number that you can use for monitoring the status of your transfer online.

Prefer a service that offers this transfer tracking facility for complete peace of mind. You can also share the tracking number with your beneficiary so that they, too, are fully aware of when to expect the deposit into their bank account.

Using Same Day Remittance for Europe to India Transfers

Same-day remittance services have revolutionized the international remittance industry. If you are currently in Europe and want to transfer funds to India instantly, then look for a trusted Indian bank that offers this facility.

Keep the points mentioned above in mind when choosing a bank and using their remittance services to avoid discrepancies and ensure that the funds reach your beneficiary in the safest possible manner.

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How to Save Premium Cost on Your Life Insurance Plan?

Numerous factors play a role in deciding the premium quote of your life insurance policy. Some of these aspects are in your control and some aren’t. By selecting the right type of policy and understanding your insurance requirements, you can easily get an affordable policy. But today, we’ll share some insider tips on how to save up on the premium cost of your life insurance plan without any hassle.

  • Opt for insurance at a young age

When you are younger, you can avail life insurance plans with a lower premium. This is because with age, the chances of getting ill become higher, increasing the risk for an insurance provider. Many elderly people get diagnosed with diseases such as diabetes, blood pressure, cancer, etc. which can lead to an expensive insurance premium. But as a young individual, you shall be healthy without any medical issues. So, you can get a more affordable premium rate even if you select a high sum assured amount.

  • Compare life insurance plans

To avoid the trouble of going through numerous insurance policies, you may select a suitable one after comparing a couple of plans. However, it might not be the best one! This is why comparing life insurance plans is crucial. With so many insurance companies present in the market, you shall find various policies that offer unique features. With the help of life insurance calculators, it is easier to get all these plans in one place and select a suitable policy. So, make sure to compare insurers and the plans they offer before finalising the one.

  • Avoid adding too many riders

Every rider may seem lucrative as they increase your insurance coverage. However, you need to purchase these riders over and above your insurance premium. Thus, adding too many add-on covers to your plan can easily lead to a hefty premium rate. To make this process easier, it is recommended to understand your insurance requirements and choose the riders accordingly. Therefore, you won’t buy unnecessary riders with your insurance policy and get the most of your purchase.

  • Choose the right policy tenure

The policy tenure of your plan decides the amount of premium you shall pay to the insurer. But the tenure varies from one person to another depending on their lifestyle and needs. Instead of opting for a short or a long tenure, it is advised to understand the purpose of buying the insurance plan. Do you want to secure your family from any debts? Are you creating a financial backup, as your children are still young? Doing this shall help you estimate the right policy term without it being too short or long.

  • Follow a healthy lifestyle

Your lifestyle defines your health, and it plays a crucial role in your life insurance premium. The insurance provider considers your current health conditions and your family medical history before giving you the premium quote. If you smoke or drink alcohol, these lifestyle habits shall also impact the price of purchasing a policy. Therefore, follow a healthier lifestyle and keep away from the habit of smoking or drinking to avoid an expensive premium quote.

Now that you know how you can easily save up on your insurance premium, buy one today! You can purchase all types of life insurance policies from the comforts of your home and get an affordable premium by shopping online. The endless number of benefits of life insurance enable you to make the most of your investment. Lastly, ensure to go through the terms and conditions of the policy beforehand!

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Shay Benhamou Considers Ethereum As Bitcoin’s Eternal Rival

The Ethereum vs. Bitcoin debate has always been an interesting one as both cryptocurrencies are at the top of the ladder. The two cryptocurrencies have many similarities between them but they also have many differences which make them unique. The story of Bitcoin versus Ethereum starts in 2009 when Bitcoin was introduced as the first-ever cryptocurrency. Bitcoin was the face of cryptocurrency was many years till a blockchain platform was launched. That platform for blockchains is now known as Ethereum. The new cryptocurrency became a fast competitor of Bitcoin only five months after its launch.

Shay Benhamou says that this competition between Ethereum and Bitcoin is an eternal battle. Shay Benhamou is an expert in cryptocurrency investments and often shares his thoughts, views, and lessons for cryptocurrency traders. Let’s review some reasons why he considers Ethereum to be an eternal rival of Bitcoin.

Reasons Why Ethereum Is Bitcoin’s Eternal Rival

Similarities Between The Two

Ethereum and Bitcoin are similar in that they have the same foundations. Both assets are cryptocurrencies and are both high in demand. Bitcoin and Ethereum are decentralized cryptocurrencies. This means that no bank or government authorities have control over them. They are stored in blockchain systems. The decentralized form of these cryptocurrencies is what makes them so reliable because the owner of the currency has all control over it.

Ethrereum and Bitcoin both use a proof-of-network consensus which means that they require verification and confirmation before they are issued.  Due to the verification and confirmation processes that are necessary, both assets have slow transaction processes.

What Makes Them Different

Shay Benhamou says that while these two assets have many similarities, they also differ in many technical ways. They use different algorithms where Bitcoin is run on SHA-256 and Ethereum uses ethash. They also have different block times. In this regard, Ethereum is faster than Bitcoin because while Ethereum transactions are completed within seconds, while Bitcoin transactions can take several minutes to complete.

The most prominent difference between the two is in the fact that they have different overall aims. Bitcoin was developed to perform as an alternative to national currencies. It aspires, and has somewhat succeeded, to become the medium of exchange.  On the other hand, Ethereum was created to work as a platform to provide blockchain services with its own currency of Ether. Ethereum does not want to establish as a monetary system unlike Bitcoin.

Driving Force Behind Rivalry

The prices of both assets have always been in close quarters over the years. As soon as Bitcoin makes a move to become prominent in the eyes of the investor, Ethereum comes up with ways to increase the competition and introduces something new. For instance, the new upgrade of Ethereum is said to end Bitcoin’s blockchain dominance. The developers have made significant changes in the Ethereum system which is bound to attract many more investors. However, we cannot be too sure of this as Shay Benhamou says, because Bitcoin may just come up with an upgrade that may put it back to its initial dominant position. The constant challenges and upgrades that these two cryptocurrencies hit each other with is the main reason why Shay Benhamou and many others believe that the rivalry between Bitcoin and Ethereum will last all of eternity.

Concluding Thoughts

Shay Benhamou is a firm believer that the rivalry between Bitcoin and Ethereum is eternal. He has many solid reasons to back this claim and has shared a few with us. Both assets are similar in so many ways but also differ in a lot. This makes them the perfect competitor for each other. Moreover, they both were launched in a close timeline which means that they grew together. The market value of both these assets is always in close numbers. Even if one is affected by something, it soon closes the gap in the values. All these reasons pile up to support Shay Benhamo’s belief that their rivalry is everlasting.

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Wobit Review – Evaluating the Features of the Company

In 2009, Satoshi Nakamoto introduced Bitcoin to the world and established the world’s first cryptocurrency. At that point, it hadn’t crossed anyone’s mind that only a decade later, it would be one of the most volatile and biggest markets in the world. Today, cryptocurrencies are trending as the next big thing in the financial markets and are enjoying a lot of popularity. People have made fortunes in this space and more and more people are jumping in for reaping the benefits. Therefore, platforms have been set up to help people in doing so and Wobit is one of them. But, what makes the company different? You can read the Wobit review to find out.

Not doing your homework can set you back in the long run because it may turn out that the platform you have chosen is not the right one for you. There have been scams and frauds in the crypto market as well and you need to avoid these altogether. Hence, evaluating the features of a company before signing up with them can save you a major headache in the long run. Let’s get started:

Wobit’s Security

Keeping in mind the security risks inherent when doing anything online, plus the unregulated nature of the crypto market, you should first evaluate the security aspects of a company. If you sign up with a company that doesn’t have adequate measures in place, you could end up suffering disastrous consequences. When you check out the policies on Wobit, you will be pleased to know that the company is AML (Anti-Money Laundering) and KYC (Know-Your-Customer) compliant. This means that all who make an account on the platform have to verify their identity and address.

It eliminates the possibility of fake accounts and keeps scammers and fraudsters out. Plus, the risk of money laundering, identity theft and financial fraud is also mitigated. Furthermore, Wobit has also used SSL (Secure Socket Layer) for encrypting all traffic on their website. They also use encryption technology for protecting all data and information that’s shared on their website.

Wobit’s Crypto Index

One of the most vital features of a broker that need to be evaluated is their crypto index. You want to trade digital currencies to maximize your profits, but this can only happen when you have access to profitable cryptocurrencies. There are thousands of options that can be found nowadays, but not all of them can offer the same level of return. Hence, checking out the options available beforehand can indicate whether the company will enable you to earn the returns you want. You will not be disappointed with the crypto index that you find at Wobit because they have offered an extensive list of options.

Their goal is to allow their clients to be able to diversify their investment as much as they want. Therefore, they have added the leading crypto options, such as Bitcoin, Litecoin, Ethereum and Ripple. Along with these, you will find lots of other choices as well, like Bitcoin Cash, Dash, NEO, IOTA and NEM.

Wobit’s Registration and Account Process

Before you can start trading cryptocurrencies on a platform, you will be required to go through a registration process and this can vary from company to company. There is no standard established for this, so it is best to take a look at what you will be required to do. There is only one form on the Wobit website that you have to complete and this will not take you more than five minutes. They ask for basic details like first and last name, email address, password, phone number and your country. You need to agree to their Terms & Conditions and then check out the account choices.

A total of seven account options have been incorporated by Wobit, starting with Trail, Basic, Trader, Pro Plus, VIP, Millionaire Club and VIP Ultra. You can pick any one of the options, make the deposit and start trading right away, not having to worry about Wobit scam.

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How to Deal with Inflation Through Financial Analysis and Forecasting

Inflation is one of the toughest things that any business can go through. It causes an increase in prices and production costs while decreasing people’s purchasing power. When people don’t have the financial capability to afford your products and services, it can be tough to find a way out of it.

However, while inflation is a struggle for businesses, the advancements in financial analysis and forecasting have given businesses the opportunity to anticipate inflation and do the necessary preparation. With financial analysis and forecasting, you can soften the effects of inflation on your company.

What Is Inflation?

Inflation happens when the value of a currency suffers from a decline. You can see it by comparing the increase in prices of a basket of select goods over a period of time. When the prices of goods start to rise, that means the currency has less purchasing power than before.

It means when people have less purchasing power, they will also have less purchasing power to buy your goods and services, and you will have a greater number of expenses as the prices of all items increase.

Predict Inflation With Financial Modelling And Forecasting

If you have a fully fleshed-out financial model with all the relevant data and information, you can predict inflation by studying the data for the tell-tale signs of inflation, such as a steady rise of the price of products and erratic changes in demand.

With financial modelling and forecasting, you can use financial analysis to study the numbers. By looking at the correct numbers and providing the right input, you can spot when inflation is on the horizon. When you can predict inflation with financial analysis, you can buy yourself time to prepare for it.

Making Changes To Inventory

Before inflation, most businesses stock up on inventory as much as possible, but when inflation arrives, doing the same can increase your costs by a big margin. With the use of financial analysis to predict and deal with inflation, you can see which ones of the items you need for business will affect you.

By knowing so, you can make changes, such as not ordering too much inventory. Some businesses even try the just-in-time approach to inventory, which is about not stocking up on items and buying items only when they need them.

Price Changes

With inflation, as the prices of goods come up, it’s inevitable for your production costs to rise, too. Inflation really messes things up a lot, and it will make it tricky for you to maintain your old prices when everything you need to provide your product or service is getting expensive.

The biggest mistake that most businesses make during inflation is reacting with the prices too late. Due to this, their prices come up suddenly, and people try to avoid their brand. But, when you have financial analysis and forecasting on your side, you can prepare early.

Instead of waiting until the prices really need to go up by a lot, you can try steadily increasing the rates so it won’t end up as too much of a shock for consumers. You will inevitably need to increase your prices, but the way you do it is what will help you get through inflation.


Inflation is never a good thing for businesses, which is all the more reason you need to prepare for it with financial analysis and forecasting, so your business will still be afloat when everything goes back to normal, and you can get all the losses back.

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Getting the Best Out of Cryptocurrency News 

In the present era, cryptocurrencies like the Bitcoin is used more and more for the reason of better transaction. It is time to look at the best advantages that Cryptocurrency offers over the traditional mode of making payments. At the time when Cryptocurrency was initially introduced, there were early adopters on the dark web, and they took advantage of the payment system in specific. For this reason, there are experts to believe that Cryptocurrency is an illicit concept, and there should be reservations in the usage of the same. This will help maintain the user sanctity of Cryptocurrency at best.

The convenience of Using Cryptocurrency 

Like most cryptocurrencies, Bitcoin is in unregulated form. In this manner, Cryptocurrency News will state how best to make use of the digital currency for the best ease in a transaction. However, the form of digital currency comes with a list of advantages highly applicable in the field of relevant transactions. In this case, the transactional fees are quite low when compared to the credit cards and the rest of the financial options. In this case, you can even eliminate the necessity to pay bank charges. The form of digital currency is just the way to make you feel easy when going through a transactional phase.

Lesser Time and Fraudulence 

In the mode of Bitcoin payment, there are lesser possibilities of fraudulence. A payment made with Bitcoin can never be reversed, and this is quite different from the form of credit card payment. Things are reversed by making use of the chargebacks, and here you have the feature which is often exploited by people with unfair intentions. It can take days for a credit card payment to happen. This is, however, not the case with Cryptocurrency. Here you can enjoy instant transferring with the least of a hassle.

Attracting the Customers 

The transaction form of Bitcoin can attract customers at best. It is the new means of making the fastest payments, and it has the best option to offer to the customers who can help you usher in the new and lucrative business. With the use of the specific Cryptocurrency, you can stay ahead in the competition, and in the way, you can overrule the competitors in a similar field. It is quite easy to embrace the mode of cryptocurrency payment with all the feasibilities on offer. In this case, you should know the details of cryptocurrency evolvement with time and testing.

Ease of Cryptocurrency Usage 

There can be nothing more static than Cryptocurrency News. You should have an exact idea regarding how you can use the same as an extra advantage in conducting business and making payments in time. If you are new in the realm of blockchain, you can know in detail both Cryptocurrency and Bitcoin. These days the crypto companies have raised the bar, and they are on the move to make things happen with the ease of digital currency usage. It is extremely comfortable when dealing with cryptocurrency assets in specific. It is just the way to make you feel financially secured and heightened.

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Credit Cards

5 Things You Must Know About Your Credit Card

Now that you have a credit card, you no longer need to worry about running short of cash when shopping. Plastic money is easy to carry and your favourite pair of jeans or that stylish watch that just caught your eye is only a swipe away. To enjoy the most benefits, you need to choose the card carefully. For instance, by choosing lifetime free credit cards, you have no annual fee to worry about.

You may be excited to apply for a new credit card, but here are five things to know before going ahead.

  1. Repayment options

To avoid incurring interest on credit card dues, find out the due date of repayment and plan your finances accordingly. Plan your expenses such that you have enough funds to repay the dues on your credit card without any delay. While issuers offer a grace period, between the end of the billing cycle to the due date of repayment, it is not a good idea to wait till the last moment to transfer the funds. Set a date on your calendar to remind you to make the transfer a couple of days in advance. This way you can avoid any late fees or interest charges. But what if that’s not possible at times? Here are two things that can help:

  1. If you had got a credit card with the lowest interest rates, you have less to worry about.
  2. Convert the outstanding amount into EMIs. That way, you don’t pay any credit card interest. There may be a processing fee for this facility.
  1. Rewards and offers

Be aware of reward points. If the card offers more reward points for online purchases, you can shift to buying most of your groceries and essentials online. When you apply for a new credit card, be sure to check if there is any expiry date for reward points. Choose an issuer that offers unlimited reward points, which means there is no expiry date. Also, keep an eye on the various offers. There may be discounts and cashbacks on several purchases, including flight and hotel booking, as well as certain facilities like free access to airport lounges.

  1. Spend within the credit limit

To avoid over-the-limit fees, keep your credit card expenses below the credit limit. In case your monthly expenses are higher, you can always pay for some things in cash. Else, apply for a new credit card with a higher limit. If you do so, choose lifetime free credit cards, so there are no annual charges to worry about.

  1. Credit card security

If your cash gets stolen, it’s hard to trace it and even harder to get it back. If your card gets stolen, you can simply call the issuer and have the card blocked immediately to prevent any fraudulent transactions. Even if there is an unauthorised transaction after your card is stolen, the issuer bears this risk. To keep your card from being misused, never share its details, like the PIN or CVV number, or transaction verification codes like OTP with anyone.

  1. Build your credit score

Use the credit card frequently and repay the dues in time to build your credit score. As long as you have the ability to make the repayment in time, don’t hesitate from using your credit card. A high credit score stands you in good stead when applying for a loan.

While credit cards with no annual fee help, your financial planning and discipline can maximise the benefits.

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