Next Best Thing

The lure of a credit card is hard to keep away from, especially when a sales representative from a bank or a retail outlet makes a convincing pitch about you getting a "free" credit card. But did you know that the credit card you are being promised is anything but free? What sales representatives of credit cards do not tell you is that there are a whole host of charges that are applicable to them. Here are the various charges on credit card, you should know about before you agree to apply for one. The annual maintenance fee: When you are told you are being given a free credit card, it probably means that the joining fee and the annual fee has been waived off for a maximum period of one year from the date of issuance, but after this initial period the annual maintenance fee is applicable to your card. This could range from Rs 1500-3000 in a year. Interest costs: If you do not pay the whole of the outstanding amount within the due date stipulated by the bank each m...

Your Cibil score may just be a three digit number, but there is no undermining its importance when it comes to the assessment of how creditworthy you are. With a poor Cibil score, you will not be able to access credit when you really need it and your dream of being a homeowner, car owner or even getting a personal loan when you are in urgent need of one, may be squashed. If you are worried about a low Cibil score, here's what you can do to improve it. If your credit history is not up to the mark for some of your actions in the past, and your Cibil score has dwindled as a result, you have to be proactive in rectifying it, so that it does not impact your financial health further. So here are some steps that will put you on the right path of rectifying your Cibil score. Keep an open mind First up admit that there has been a faux pas with the way you have handled your money, and that is what has brought your Cibil score down in the first place. Be prepared to understand and ac...

Loans are a big business for a bank, but not such a happy thing for an end consumer. But it is the most dependable form of funding source while buying a house in today's world. In an effort to meet our financing requirements, it is important to understand that we should not rush into finalizing our home loan lender as this relationship with your bank might last for more than a decade. To ensure that you have a good track record of repayment, it is imperative to know the terms and conditions under which you will be taking a loan. When you apply for a loan, the builders and loan agents will try to hurry up things. It is but obvious they do it, as it is a source of income for them. But do not yield to these pressures. Do your own homework, read every bit of info available on home loan lenders. Go shopping for a loan that provides favourable terms and conditions. Do not fall into a trap like Ragini Kadam did. She just chose a lender in hurry and realized that she had to bear t...

Summer holidays are round the corner and this is the perfect time to plan a family vacation. Planning a holiday is not only a stress buster for the entire family to tide over exam stress but also a very effective way to save money while enjoying. Yes, planning is the key to having a fun vacation while saving more of course. Many a times, the thought of vacations brings to our mind additional expenses. Instead, when planned effectively one can actually save up for travelling. This approach will ensure that there is no undue financial stretch. The surprise element when it comes to expensive last minute bookings or other such expenses is out. This reduces considerable stress and one can return from a vacation relaxed and rejuvenated. Here are a few tips which will help you plan effectively and look forward to the vacation. #1 Planning must begin months ahead  With so many holiday offers and hotel booking advertisements flashing online and on television one can easily get baff...

Having the right equipment can make working on a web design project delightful or downright miserable. This is especially true when it comes to choosing the right computer monitor.  (You are going to be looking at that screen for hours on end, after all.) So how do you find and purchase the  best monitor for your design project ? The answer might not be as simple as you think. You will want to base what monitor you buy on the type of computer you use (desktop vs. laptop), size and scope of project and personal preference. But we can give you some ideas of things to look for and tips for finding the perfect monitor for web design projects. Desktop vs. Laptop First, you have a decision to make. Are you a desktop designer or laptop designer? A lot of this may depend on how and where you work. From an office, from home, on the go? If the answer is a laptop, there are a lot of factors in addition to monitor specifications that you will want to think about. (All of the...

This article explains the information in your CIBIL report. CIBIL report not only includes your demographic and identity information but also contains the details about all the loans that you have availed from different banks. This article explains your CIBIL credit report in a chronological order: Section 1 :   Report Header Information On the top left hand side: Consumer name Member ID Member Reference number  On the top right hand side: Date Time Control number. This is a nine-digit number that will be used in all further communication. Section 2:   Consumer/Borrower Information This has the all the information on the consumer, i.e. You. Name Date of birth Gender Telephone numbers Identification (Income tax ID, passport no, Voter ID) Addresses. The last known four addresses of the consumers are given here. This has a date reported section as well. The date reported is the date when the address was reported. Section 3:  ...

Most people do not understand how minimum payments are calculated on credit cards and thus end up paying much more interest than they should to the card issuers. Here's what you need to know about how the minimum payment due on your card and how it can wreak havoc on your finances if you are not careful. How do lenders calculate minimum balance?   Credit card companies have different standards for calculating the minimum amount due, but largely the industry standard remains 5 % of the total account balance plus interest. You opt for the minimum amount because it seems like a lesser burden each month, but what you do not realise that you are making a far bigger interest payment to your issuer. Let's understand with an example. Miss. XYZ has an outstanding of Rs 50,000 on her credit card. Since she has opted to make the minimum payment of Rs 2500 per month and her card company is charging an annualised interest 36 per cent on it! This means it will take her 31 months to...