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Tag: credit

Are your credit card perks shrinking?

Are your credit card perks shrinking?

Finance
Three simple ways to pay off credit card debt Your credit card perks are designed to feel like a gift that keeps on giving. But they are not guaranteed to last. Buried deep in any credit card agreement is something that reads like this: your card issuer has the right to change the benefits and features of these programs at any time with notice. And some banks have already rolled back popular perks, leaving cardholders wondering whether the benefits they signed up for will last. Last month, Chase Sapphire Reserve customers were notified of a series of changes including the discontinuing of price protection, a reduction in the way some points are earned, and a cap on the number of guests included with airport lounge memberships. Earlier this year, Discover eliminated p...
PNB set up centralized loan processing centre to improve quality credit

PNB set up centralized loan processing centre to improve quality credit

Finance
NEW DELHI: Fraud-hit Punjab National Bank (PNB) today opened of its first centralised loan processing centre (CLPC) as part of its efforts to strengthen internal systems and processes. Under 'Mission Parivartan', a future-facing initiative to push the bank forward on its transformation journey, many steps have been taken to position the bank as a future-ready bank, PNB said in a statement. The bank has opened its first CLPC as well as launched a new initiative called Reach In Reach Out (RIRO) as part of efforts to improve credit quality and ensure faster processing of loans. This will ensure improved turn-around-time, separate Pre- and Post-sanction responsibility and enable qualitative credit assessment as well as efficient monitoring. RIRO will serve as a unique communication tool to bet...
Most people still don't understand a thing about their credit score, and it's costing them big time

Most people still don't understand a thing about their credit score, and it's costing them big time

Finance
Credit scores greatly impact a consumer's financial moves — and how much they'll pay along the way — yet many don't even know how the rating works. Around 40 percent believe, incorrectly, that age and marital status play a role in their three-digit score, according to the Consumer Federation of America's credit card survey, which included interviews with some 1,000 people from May 31 to June 3 of this year. Only around 20 percent of people fully realize how a low credit score can bring on heftier interest-rate charges. Specifically, that borrowers with a low score can pay about $ 5,000 more on a $ 20,000, 60-mont...
Which credit card should I pay off first?

Which credit card should I pay off first?

Finance
How to save $ 1,000 this year I have $ 7,100 in credit card debt and almost all of my cards are maxed out. How do I decide which card to pay off first? — Anonymous There are a couple different ways to tackle credit card debt. While you'll want to keep paying at least the minimum required on all cards, you'll need to decide where extra money will go. Some people recommend focusing on the card with the highest interest rate first. Others suggest prioritizing the card with the smallest balance. But which approach is right for you? Related: Can I start investing with $ 500? Before you get started, take a look at some of the questions below. Then, you can plan out your repayment strategy — and hopefully avoid a similar situation in the future. Can y...
New crackdown on high-cost credit charges

New crackdown on high-cost credit charges

Business
The country's financial watchdog has proposed a package of measures to help consumers who are facing high-cost credit charges. One of the main suggestions is a cap on prices in the household goods rent-to-own sector, with the Financial Conduct Authority (FCA) saying a consumer renting an essential such as an electric cooker costing £300 could end up with a £1,500 bill.The FCA said it had "identified a need to intervene to protect financially vulnerable consumers in this market".Also for consideration on the table is a ban on the sale of extended warranties at the point of purchase, which the watchdog said could save consumers up to £7.7m each year.It said it would also be consulting on reforms to bank overdraft charges, door-step lending and catalogue credit ...