Banking Rules

Discount travel can actually help to save you a lot of money ---

admin — Thu, 27 Aug 2009 09:54:27 +0000

Traveling is not only confined to the rich people. The middle class and the poor also have an urge to visit the distant places, the hills, the sea beach, the jungles, the deserts. The joy of visiting of the unknown places haunts his mind. But the barrier of fulfilling this joy is the cost of traveling. Nowadays different way outs have been launched in the market to solve the problem. Discount travel is one of the solutions of the problem. The following tips are very much helpful on discount traveling.

If you have prepared your mind to go for a travel, then discount travel packages will be the best the option on trips to most famous tourist spots. You can get help from the travel agencies who will guide you the most suitable and cost saving travel packages for you. These tourist agencies give advice on cost saving trips to famous tourist spots. Their own packages will also help you a lot to fulfill your dream. You can choose the best suitable package for you and your family. This is one of the easiest ways of discount travel.

While traveling outside the country, the cost of air tickets is one of the major problems. The problem can be solved by discount plane tickets. You can get information about this by browsing internet. The price of airline ticket changes from time to time. So many factors play while fixing the price of air tickets. It is different on different season. Length of route is also a major factor. Always try to board the domestic flight rather than international flight. The price of ticket of domestic flight is cheaper than the international airlines. To get the advantage of the discount, the international flight journey can be divided into two flights. This will definitely save your cost. Boarding charter flights is also an option on discount traveling.

You are advised to use discount passes which offer entry to the spots without charging any cost. Prepaid passes are very useful tool while traveling overseas. While shopping always enter into the discount outlets. It will save a lot of money.

First follow the rules carefully

admin — Thu, 27 Aug 2009 09:49:11 +0000

The card companies have a vested interest in not clearing the balance each month. They hope that the credit holder will not repay everything he/she owes so that they can charge an interest on the borrowed money. Though Credit card companies are also good at building in additional charges for things like late payments or going over the credit limit but there are lots of ways of getting more money if the card holder does not understand and follow the rules carefully.

In the UK one will see the term APR used in all credit card advertisements. APR stands for Annual Percentage Rate and is the rate of interest that one would need to pay on any debt using the card over the course of a year. Placing the APR on information about credit cards is a requirement of the Consumer Credit Act 1974 and it allows people to understand the longer term impact of the interest rates to enable fair comparisons between different cards. Tough it is difficult to compare the deals offered by several cards if one used monthly interest rates or may be annual.

All credit cards have a minimum payment amount, which is the least one must pay each month and this is generally about 2 - 5% of the balance. As this is such a small proportion of the debt, one will take an awful long time to pay it off if all the cardholder does is make the minimum payments. It is always better to Remember the longer he/she take to pay back the debt, the more the card company will get from the holder in interest charges.

Other important acts or Banking rules

admin — Thu, 27 Aug 2009 09:43:34 +0000

There are several rules and regulation that are mentioned earlier. Now some other most important rules of banks will be mentioned to help the consumer in their process of operation.

Bank Secrecy Act: The Bank Secrecy Act mainly cited that financial organization should guide the government body or agencies to detect and restrict money laundering. Specifically, the act is executed just to order the financial institutions to keep records of cash purchases of negotiable instruments.

Fair Credit Reporting Act: The Fair Credit Reporting Act controls and manages the information and collection, sharing, and utilization of customer credit information. The act asked the customers to acquire a copy of their credit report records from Credit bureaus. Credit bureau keeps the information about all the above mentioned details. This act also restrains from providing negative information and after a restricted time period the negative information being suppressed. This act also makes the customers’ aware that when negative information is provided on their credit report and are also capable to take drastic step against this.

Lending Limits: This act controls the capability of a bank that the loan amount they can offer to a single borrower. According to this act a bank can offer about the 15% of it total surplus capital to the individual borrower.

Apart from this discussed act there are also certain acts that demand s special analysis and focus like act that deal with financial privacy act.

USA Patriot Act is another important act. Under section 326 of USA Patriot Act banks or financial organizations have the capability to execute limits on the accounts of new account holders. This restriction is applicable till the identity of the particular consumer or the depositor is not verified.

Bank regulations to safeguard the interest of the customers

admin — Thu, 27 Aug 2009 09:35:09 +0000

Rule and regulations are executed in a banking system to restrain the banking authority from harassing the consumers by taking the advantages of their situation. These rules are designed to make them aware of their responsibilities as well as from cheating bank authorities by providing them false documents. Thus these rules and regulations are here to carry the overall process and transaction without any obstacles. Apart from above mentioned regulations there are few still left that will make the consumers more aware about their rights.

Regulation AA –Under this regulation consumers or clients can forward their complaints procedures. The deceptive acts of banking authorities while providing credits to consumers, they can harass them in various ways. Thus to protect this unfair acts of banking authorities, regulation AA is the only option to avail. This act prohibits or restricts certain practices, such as taking a non-purchase money security interest in household goods.

Regulation BB – This regulation deals with the Community reinvestment act.

Regulation CC –this regulation deal with the duty of banks. The duties of the bank comprised of making funds deposited into accounts available for withdrawal. Other duties are to make available schedules accompanied with rules regarding exceptions to the schedules or disclosure of funds availability policies, liability and payment of interest.

Regulation DD – this regulation deals with the authenticity of the information related with Savings Account. Under this act banks have to inform consumers about deposit accounts at depository institutions. Depository’s institutions are liable to give information about the disclosures, because this will enable the consumers to make meaningful comparisons among depository institutions.

Regulation EE –This regulation is the extension of the FDIC Improvement Act of 1991. Under this act consumers get the information about the net amount they can avail. In fact this Act performs as guideline to the consumers that whether they agree to pay or receive the net, not the gross, payment due.

Bank Regulations

admin — Thu, 27 Aug 2009 09:28:40 +0000

There are different types of banking rules to facilitate the depositor as well as the bank to gain from this. There are several rules to protect and safe guard the interest of both the bank and the customers’ avail ling the services of bank. Rules discussed here are implemented to extend credit facility to the depositors without discrimination. Regulations that safeguard their interests are:

Regulation A – Which prohibited the creditor from practicing discrimination based on the race, color, religion, national origin, sex, marital status, or age (if the applicant has the capability to keep the contract.. The regulation also maintained that creditors to have the authority to notify applicants about the actions taken on their applications; like reporting credit history, records of credit applications, collecting information about the applicant's race and other personal characteristics etc.

Regulation C – this regulation deals with the Home Mortgage Disclosure Act. Under this act public will have the access to know the through information about with loan data, which financial organization is offering the loans to their areas or communities?

Regulation D – this regulation gives information about the amount of reserves the depository institutions are required to maintain. It also gives information about MMDA and savings account transfer restrictions, and if there is any penalty for withdrawing earlier.

Regulation E – this regulation safeguard the individual consumers engaged in electronic fund transfers.

Regulation F – this regulation gives information about disclosure and reporting of CRA-Related Agreements

Regulation G – This regulation offers guidance on different matters relating to state-chartered member banks that covered a wide area from real estate lending standards to standards for safety and soundness.

Regulation H -- This regulation deals with the collection of checks and other cash and no cash items and the manning of returned checks by Federal Reserve Banks.

Regulation I – This regulation designed the rules that will control the international and foreign activities of U.S. banking organizations that includes methods for establishing foreign branches.

Automotive as a reward

admin — Thu, 20 Aug 2009 09:50:45 +0000

Today amongst the highest value credit cards are the auto rewards credit card. By collaboratorating with auto manufacturers, many banks and credit card companies are able to offer more rewards per spending dollar. This is happening just because the auto manufacturers are splitting part of the expense of providing such cards to customers in exchange for advertising. If any individual is interested in credit cards rewards then auto reward credit cards are the best option.

The person should take advantage of the rewards that automotive credit cards offer. Through this cards pair a major credit card company with automotive manufacturers. The card holder earns rewards if you use automotive credit cards to purchase a new vehicle or any products from a manufacturer that is paired with a credit card company. It can also be realized that buying a car with reward points is just not enough. The rewards points are nothing but only for discounts that range from $1000 to $3000. Particular car models are chosen by the manufacturers and that models are included in the rewards system. It is for sure that the rewards systems do not usually include used cars.

It is always better to buy a new vehicle in order to enjoy automotive credit cards rewards. But as the other credit cards, this reward plans have to be studied a little and the cardholder should know the terms and conditions first to utilize the facility. This auto reward credit cards have fees and interest as well. So it is better to chose a card with low interest otherwise the cardholder may end up spending more rather than save money on a vehicle purchase. Benefits from an auto reward credit card come when the cardholder is sure about the vehicle to purchase. Always buy credit card that will fulfill the need.

Platinum Credit Cards

admin — Thu, 20 Aug 2009 09:43:59 +0000

Platinum Credit Card is offered by various banks such as HSBC Bank, Axis Bank, HDFC Bank etc.

HSBC offers: HSBC platinum card offers you the best in lifestyle, travel, health and wellness.

Features:

It gives two types of welcome gifts: Mont Blanc Pen or a bonus of 5000 Reward Points.

You can get the welcome gift within three months from the date of dispatch your Platinum Credit Card.

The HSBC Platinum Enhanced Rewards Programme offers you 2 points for every Rs 150 spent and reward points validity lasts for 3 years.

HSBC Air Miles Conversion Programme gives you the chance to concert your reward points to air mileage points with its partner airlines.

HSBC Platinum Credit Card’s exclusive rewards redemption catalogue offers you to redeem points for some of the most premium brands in the country.

You will be given Internet Banking ID and Password in order to redeem your points online.

The HSBC Platinum Credit Card comes at an interest rate of only 2.75% per month or 33% per annum.

HSBC Platinum credit card offers a savings of Rs 46,000.

Axis bank offers: Axis bank Platinum credit cards offer its cardholders many privileges:

Highest Level of Security

Premium Wrist Watch

5% Savings on Fuel Spends

Accelerated Rewards Program

Platinum Value Chart

Concierge Service

Access to VIP Airport Lounges

Comprehensive Insurance Cover

Other exclusive Platinum Offers

HDFC Bank offers: The features of HDFC Bank Platinum Plus Credit Card are discussed below:

It has an attractive reward program which offers you to gain 2 reward points per Rs.150 spent.

You can enjoy 0% fuel surcharge on purchase of fuel between Rs 400 to Rs 5000 with your HDFC Platinum Credit Card.

If you lose your HDFC Platinum Credit Card, report it to its 24 hour call centre and get zero liability on any fraudulent transaction with your card.

Interest free credit facility

Revolving credit facility

Utility bills through your credit card

Points Rewards Credit Cards

Points Rewards Credit Cards are really rewarding as it gives the cardholder a chance to redeem his earned point for items like merchandise, gift cards or cash back.

Various Points Rewards Credit Card Offers and their features:

Discover® More Card:

This card offers 5% Cash back Bonus® in sectors like travel, home improvement stores, department stores, gas, restaurants, pet stores etc.

Upto 1% unlimited Cashback Bonus® on all other purchases.

5% to 20% Cashback Bonus® through its exclusive online shopping site.

It has an Intro APR at 0.00%*; Intro APR Period of 6 months on Purchases and Balance Transfers; Regular APR at 11.99%; and it needs excellent credit history.

American Express® Preferred Rewards Gold Card

The cardholder you can earn double membership rewards points on gas and groceries in his first year.

You can earn 10,000 Membership Rewards® bonus points, when you will spend $500 in 3 months.

It needs excellent credit history.

Miles by Discover® Card

You can enjoy double Miles on travel and restaurant purchases. The cardholder can earn 1 Mile for every dollar on all other purchases.

Redemption offers are open for travel, gift cards, or cash.

Double Miles through our exclusive online shopping site

Visa® Black Card

Limited Membership

24-Hour Concierge Service

Exclusive Rewards Program

Luxury Gifts

Patent Pending Carbon Card

Travel Lounge Priority Pass

Citi ForwardSM Card:

Up to 2% purchase APR reduction when the cardholder will make a purchase.

6,000 bonus points for $50 purchases made within 3 months of account opening.

5,000 bonus points when you sign up for paperless statements within 3 months of account opening

5 rewards points for every $1 you spend on dining, books, movies and music. 1 reward point for every $1 you spend on other purchases

0% APR for 6 months on both purchases and balance transfers.

Other Points Rewards Credit Cards are:

MTV® Visa® Card From Capital One®

Capital One® Orbitz® Visa® Platinum

Citi® PremierPass® Card-Elite Level

Excellence of credit requires consideration

admin — Thu, 20 Aug 2009 09:38:12 +0000

Before starting using a credit card it will be always better to go through some reviews and have some initial knowledge about the excellence of a credit card. This will help out in making a well-informed decision. Though the features are as numerous as variety of credit cards but there is a general list that a beginner should maintain. The thing that a person should always notice first must be the interest rate.

After initial purchase, almost all cards give 30 days to make the payment. If the full balance is paid off within the initial time then there is no interest charge because there is no balance left to pay. But in case, if the charges are not paid off then the remaining balance is carried over with an interest rate charge. The current APR and the customer's credit rating are the factors on which the rate depends generally. With most cards, Persons with a good credit rating get a better rate than those with a poorer credit rating. Credit limit is another thing to be taken care of. This is the amount of money chargeable before the credit card company cuts off.

Credit cards for excellent credit often provide a high maximum balance. This amount is the total money to be spent. This should be kept in mind that whether the purchase is not crossing this limitation within which the annual fees have to be paid also. There must be enough money left in the card for the annual fee. Though this cards with excellent credit has a very low rate of interest. Even a little study can make you find a card without any interest as far as the excellent credit cards are concerned. Cards with excellent credits offer a lot enjoyment through a number of rewards, which will add an extra feather to the benefits.

No Annual Fee Credit Cards

admin — Thu, 20 Aug 2009 09:32:13 +0000

In recent times, it has become comparatively more difficult to procure no annual fee credit cards than before. Credit card companies are now reluctant to issue these cards to people unless they have a quite satisfactory or sometimes, perfect credit. This is not to say that no annual fee credit cards are completely out of bounds for people with poor credit; but it must be acknowledged that there has been a noticeable decline in the number of such cards issued. Bankers or other credit card issuers have now become more cautious about providing credit to borrowers who may create problems for them as far as repayment is concerned.

Generally speaking, some credit card companies have offered no annual fee credit cards to customers on a regular basis. But they have mostly limited these offers to people with good credit history. People with poor credit scores usually were given credit cards with a fee. In addition to annual fees, such cards for poor-credit customers carried other fees such as activation fees as well. These cards with a fee often had just minimal credit lines that were often exhausted by the time you finished paying all your fees.

In view of the recent global economic meltdown, it is extremely difficult for a person to get a no annual fee credit card unless his or her credit score is of the highest order. The situation is such that people with reasonably high credit scores, say about 675, may not get a card that charges no annual fee. These numbers, however, are not fixed and often vary according to existing economic conditions and response of lenders to such conditions.

However, people today consider several aspects and do not go for a card just because it charges no annual fee. For example, in case a no annual fee credit card comes with higher interest, and one must have to maintain a minimum balance, a customer may opt for a card with a small annual fee so he doesn’t have to pay more interest.

Fair Credit Credit Cards- for those who have an average credit history

admin — Thu, 20 Aug 2009 09:25:16 +0000

If someone has a fair credit score that ranges from 581 to 660, then his credit can be considered as a fair credit. Fair credit credit cards are meant to help the cardholder to build his fair credit history. These cards often come with as low as 0% of introductory interest rates on both purchases and balance transfers. Besides, it offers 0% introductory APR or an instant approval decision. In a word, with this card, the cardholder can have the privilege to pay off his debts without any interests. There are many fair credit credit cards, which offer no annual fees. The cardholder can also report to the credit bureau, which can help in building up his credit score to a great extent.

A fair credit credit card does not disown the cardholder in anyway. A cardholder of a fair credit is offered with great reward programs, which can be used as cash back, special exclusive savings or discounts, points towards merchandise, travel, gas etc. Moreover, these credit cards provide the cardholder with immense security and protection with $0 fraud liability, identity protection early warning programs, travel insurance, extended warranties etc.

There are also online programs, offered to the cardholders to learn more about budget, plans, print out reports, and they also can access their account through the 24*7 online management. There are many fair credit credit cards, which are especially designed for the businessmen.

Some fair credit credit cards are listed below:

Discover® Student Card - Monogram Collection

Unlimited cash rewards

Up to 20% Cashback Bonus® on online shopping

Personalize your card with a monogram of the initials.

Citi Forward(SM) Card for College Students

Up to 5 points per $1

More than 11,000 in bonus points

Rewards for good behavior with bonus points and up to a 2% reduction in interest rate

TrueEarnings® Card from Costco and American Express

$25 Statement Credit with First Purchase

Cashback on all purchases including gas, travel, restaurants, and more

No annual fee with paid Costco membership