Credit & Loan Archives | Page 9 of 17

How To Help Your Family Financially

Admit it! Financial conversations can be awkward, but your relatives can save you in the future. Support them and your relationships with the help of these tips:

PROVIDING A LOAN

One of the most controversial yet clear-cut way to help a family member in need is by providing a loan. The loan is ideally short and straightforward. One must write the terms and conditions that both parties will sign into. This will help ensure a binding financial agreement. Other details that you should clarify include:

a. the total amount of the loan,
b. the installment conditions (e.g., monthly basis),
c. the interest rate calculation,
d. the payment deadlines, and
e. the legal action necessary to cease the payment.

CHIPPING IN AS A GROUP

Tackling a dilemma as a group will maximize your efforts and resources. Say your parents are asking you for an allowance. If your siblings are in a capable position to contribute their funds then, you must ask them. However, you must access whether they have a good relationship with your parents too.

Please involve your partners in the discussions as you do not want to create resentment between siblings and their spouses. If they cannot afford to loan money, they may suggest other ways to help (e.g., accompanying your parents during weekend errands).

EXTENDING AN OFFER

Providing a short-term loan can only last for a specific period of time. On the other hand, offering a means of living can go a long way! Consider hiring or recommending your relative to assist your company’s needs. The job can help him or her to earn money for paying bills or debts.

Image Credits: pixabay.com

Treat your relative like any other employee. Layout the job description as well as the task deadlines. Ensure that you will be able to deal with incomplete or poor quality of work.

GIVING NON-MONETARY ASSISTANCE

Some people may not be comfortable with the act of loaning money without the guarantee of getting payment. If you are unwilling to give cash to a family member, opt for giving non-monetary assistance such as gift certificates or gift cards. This way, you will have more control over what your money will be used for.

Image Credits: pixabay.com

No arguments there!

Sources: 1 & 2

5 Important Queries To Ask Before Getting A Credit Card

1. WHICH ONE DO I NEED TO APPLY FOR?

Like a tempting box of chocolates, all credit cards are not made the same. Be sure to shop around and to compare cards of similar types. You must know the necessary requirements, sign-up offers, rewards program, and other perks that come with it. Some cards may offer free airport luggage, while others may offer car rental insurance. Choose the benefits that suit your needs.

2. ARE YOU ELIGIBLE?

Applying for a credit card is a straightforward process that requires basic information such as your NRIC and primary address. Know which information and documents are needed to apply for said credit card. For security purposes, some institutions may extend their research by knowing your mother’s maiden name.

3. IS IT BETTER TO APPLY FOR A CREDIT OR DEBIT CARD?

The most significant difference between debit and credit cards is protection against fraud. If someone makes a fraudulent charge with your debit card, the money is directly deducted out of your bank account. It may take weeks to get a refund. When it comes to a credit card, you can dispute that the charges never left your account.

Image Credits: pixabay.com

Other benefits offered by credit cards include extended warranties, rewards programs, and return guarantees.

4. WHAT ON EARTH IS A CASH BACK?

Credit card companies offer different programs for redemption. When a credit card company gives you a certain percentage of what you put into your card then, that is called a cash back. You may be able to use this as a credit toward your current statement, to purchase gift cards, to get discounts when you shop online, or to deposit the money back to your bank account.

5. WHAT IS A STATEMENT CREDIT?

The positive amount on your credit card bill is called a statement credit. If you unintentionally overpay, many credit cards will apply a statement credit toward your future purchases. The act of applying for a cash back to a statement credit may lower your balance.

Image Credits: pixabay.com

Sources: 1, 2, & 3

Finally, there is a credit card that gives you unlimited cash rebates with no minimum spend required – the Maybank FC Barcelona Visa Signature Card.

Compared to other credit cards that offer varying cash rebates depending on the type of spending (shopping, dining, entertainment, travel, etc) or with selected merchants only, the Maybank FC Barcelona Visa Signature Card offers 1.6% UNLIMITED cashback for ALL local transactions.

Instead of remembering which credit card to use for different situations, you can simply use this one card for all your expenditure. So you can shop with ease-of-mind, knowing that you can get 1.6% cash rebate for everything and anything you spend. This makes it an ideal one-stop card for spending on big-ticket items like luxury items, personal insurance, home furnishings and appliances, car maintenances, or even the hefty cost of planning a wedding.

On top of that, there is NO CAP on how much you spend, nor is there a MINIMUM amount you have to spend in order to qualify for the cash rebate. For example, if you are charging S$20,000 for a luxury leather bag, what you will be getting back is S$320! How’s that for being the ONE card for ALL your shopping?

Even with foreign transactions, you get 2X TREATS Points with every dollar spent on foreign currency transactions with the Maybank FC Barcelona Visa Signature Card.

Football fans, here’s your deal-maker: As a Maybank FC Barcelona Visa Signature Card user, you can stand a chance to win a trip for 2 to watch FC Barcelona LIVE at Nou Camp every football season*!

As long as you meet the minimum annual income of S$30,000, applying for the Maybank FC Barcelona Visa Signature Card is as easy as visiting their website.

Kindly refer to maybank.sg/barca for full details.

*Terms and Conditions apply.

How Balance Transfer Can Help You Save On Interest?

Do you know that Balance Transfer is a great financial tool to help manage your finances better? Balance Transfer is a lending product for short term needs which does not charge any interest* for up to 12 months. On top of this, it also allows for flexible repayment arrangements; either $50 per month or 3% of the principal, whichever is higher. Existing DBS / POSB Credit Card and Cashline customers stand to benefit the most as they can get instant approval when applying for Balance Transfer. Upon approval, the cash is disbursed into their accounts instantly. With such amazing benefits, it is little wonder that Balance Transfer has gradually gained popularity.

*One-time processing fee is applicable

Balance Transfer Helps You Save On Interest

The greatest advantage of Balance Transfer is that it helps you to save on interest payments. For example, a need for a sizeable amount of cash may cropped up in a time when you’re cash strapped. It is possible to tap onto Balance Transfer’s interest-free feature to save on interest for up to 12 months with a nominal one-time processing fee.

Balance Transfer can also be used to refinance your existing Credit Cards outstanding balances. So instead of incurring the interest on them, it is possible to enjoy interest savings of up to 81% with Balance Transfer. Here is a comparison to illustrate how you can save on your interest payments with DBS / POSB Balance Transfer.

Either way, the interest savings that you obtain with Balance Transfer will put you in a better financial position. With Balance Transfer, you can receive short-term cash instantly for any purpose by only paying a one-time processing fee.

How To Apply For Balance Transfer

Here is how you can take immediate action to manage your finances better. Simply follow these instructions to apply for Balance Transfer

Log in with your ibanking/mbanking/ATM or credit/debit card
Choose your desired amount and the tenure
Submit your application online (no documents will be required for existing DBS/POSB customers)
The amount will be drawn from any credit balances available in your selected DBS/POSB credit card or Cashline account if your Balance Transfer application is successful
The amount drawn will be credited into your selected DBS / POSB Current or Savings accounts

Check out latest promotion for DBS / POSB Balance Transfer here.

Why Personal Loan Is Not As Daunting As It Sounds

All is fine and dandy when your life is nicely panned out for you, but as Singaporeans, we can never be too cautious. What if a once-in-a-lifetime opportunity knocks, and you suddenly require a larger-than-expected sum of money to seize this opportunity?

Opportunities can come in different forms in your various stages in life. There may be investment opportunities, a chance to go abroad on an exchange programme, or a chance to further develop your skill sets.

If you find yourself short on cash and need a sum of money to tide you over a short period of time, a personal loan can come in useful.

When we think about loans, most would frown upon it. We would assume that borrowers are incapable of managing their own finances, or that they are financially irresponsible. That is but a misconception, as personal loans are merely tools that can improve our lives if used in a responsible and wise manner.

As compared to home loans, car loans or educational loans which have specific purposes, personal loans are a more flexible type of loan which can be used for almost any purposes you wish. The most straightforward of which are personal instalment loans, where you borrow a lump sum of money from a bank. You can use the borrowed cash for any reason you like. Payment is in fixed monthly payments over a specified time period.

You never know when you might need a loan, but it’s always good to be aware that there is this option out there without breaking the bank. A loan can be useful in the following situations:

A buffer for depleting all your savings – taking a personal loan instead of using up your emergency savings in case of, well, emergencies, and you need the savings
Seizing opportunities with smaller cash outlays – taking a personal loan for immediate cash to enrol in a workshop or class to improve your skill sets and employability, which will result in an eventual higher return
Fulfilling aspirations – perhaps an exchange abroad, a hobby you’ve always wanted to master or even an important bucket list item
Repaying a high-interest loan first – taking a personal loan to pay off higher-interest loans, such as credit card bills

Not all banks and money lenders are created equal. Different financial institutions offer different incentives – some offer lower interest rates while others have lower minimum criteria.

Ultimately, it’s always good to compare loans before applying for one, so you end up with the best bang for your buck for your personal goals and budget – one that has the lowest interest rate, the lowest fees, meets your requirements and has the best welcome offers.

SingSaver offers a convenient platform for comparing between different financial institutions. For a limited time only, get the first 3 months of interest FREE when you apply from SingSaver’s website. That’s not all — SingSaver has also partnered OCBC to offer 0% interest free loan applicable for loan with 2 years tenure.

Not only does choosing the right loan mean meeting your goals earlier, it also means that you can pay off your loans faster.

So while you’re all up for borrowing, be aware of the higher interest rates accounts that you’re liable to paying, so that you clear off those loans first.

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