News That Matters

Tag: credit

Never, ever purchase these things on your credit card

Never, ever purchase these things on your credit card

Finance
As we move farther and farther down the road toward a cashless society, consumers can use credit cards to pay for nearly everything, everywhere these days. But just because you can doesn't mean you necessarily should, warns credit reporting agency Experian.Outstanding card debt has now hit its highest point ever, surpassing $ 1 trillion in 2017, according to the Federal Reserve. And 86 percent of Americans who have or had credit card debt said they regret it, according to a recent report by NerdWallet.More from Advisor Insight:The bad things people do with 401(k) plansWhat sort of insurance do you need?Most consumers confused about credit, debtHere are six expenses Experian advises you to not put on plastic.1. Taxes. If you get slammed with an unexpected tax bill this April, it could be te...
RBI gets HC poser on credit card security

RBI gets HC poser on credit card security

Finance
NEW DELHI: At a time when the Centre is encouraging people to adopt digital transactions, some banks are allegedly not enforcing RBI directions to provide an additional authentication system for online transactions and the Delhi high court has decided to examine the issue to protect consumers from rising incidents of credit card fraud. Under additional authentication system, banks are supposed to send one-time password (OTP) to the card-holder which is to be used for the transaction and it is meant to ensure that the card is not misused by another person when it is lost. RBI has been asking banks to adopt second level of authentication and has issued several circulars from 2009 to implement it. Alleging that some banks, including HDFC were not providing additional protection layer ...
Lloyds Bank bans Bitcoin purchases on its credit cards

Lloyds Bank bans Bitcoin purchases on its credit cards

Business
Lloyds Banking Group has banned its customers from buying Bitcoin and other crypto-currencies on their credit cards.The ban, starting on Monday, applies to Lloyds Bank, Bank of Scotland, Halifax and MBNA customers. It will not apply to debit cards, only to the banking group's eight million credit card customers.The move follows a sharp fall in the value of digital currencies, prompting fears about people running up debts.Lloyds is concerned it could end up footing the bill for unpaid debts should the price continue to fall.Explaining the ban, a Lloyds spokeswoman said: "We continually review our products and procedures and this is part of that."Bitcoin ended last week down 30% at $ 8,291.87 - its worst week since April 2013 and far below the $ 19,000 it reached last November.However, the c...
Credit card debt is costing you nearly $1,000 per year

Credit card debt is costing you nearly $1,000 per year

Finance
Three simple ways to pay off credit card debtThere's plenty to crow about in the economic picture right now: the stock market is charging ahead and the economy is expanding. But the bad news is that credit card debt is on the rise. Nearly half of Americans carry credit card debt, with an average balance of $ 15,654, according to an analysis by NerdWallet, based on data from the Federal Reserve Bank of New York and the U.S. Census Bureau. Credit card debt continues to be one of the costliest kinds of debt for us. Households pay an average of $ 904 a year in interest alone, assuming an average annual percentage rate of 14.87%. And the price is bound to go up. If the Federal Reserve makes its anticipated rate increase, that average cost of credit will go up to $ 919 a year. "Finding a way ...
How your credit card affects home loan eligibility

How your credit card affects home loan eligibility

Finance
Did you know that having a higher credit card limit can considerably reduce your chances of getting a home loan application approved? Yes! While evaluating a home loan application, banks or lenders, calculate an applicant's borrowing ability based on his/her credit limit. Not just this. Lenders also reject housing loan applications if prospective borrowers have too many credit cards, huge credit card debts, and default payments. Basically, when you apply for a loan, the lender looks at various details to check if you have the capability to repay. Banks will also try to analyse the percentage of risk involved in giving you a loan. The factors considered to assess repayment capability include salary, collaterals, age and credit history. When it comes to credit history, your credit card ...