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The Benefits of Debit Cards Over Cash and Credit Cards
2:03 AM |As a credit card user who takes advantage of rewards programs while paying on time, I was intrigued when a representative from ACE Pink Prepaid Debit Card approached me about supporting our site and letting us learn more about their product. Let’s talk a little bit about the benefits of a debit card over cash and credit cards, as well as any detriments.
DEBIT CARD BENEFITS
1) Protect yourself from yourself. The most important benefit of using a debit card is that once your account goes to zero, you aren’t able to spend. If you’ve only got a debit card in your wallet, you will theoretically never spend more than you have, which is a very healthy thing in this age of consumerism. Customers can load the ACE debit card up to $5,000 per day at an ACE location or up to $10,000 a day with direct deposit. The maximum balance on the account is $10,000.
2) Peace of mind with insurance. The second most important benefit of a debit card over cash is insurance. Instead of carrying around a couple hundred bucks in your wallet, just carry a debit card. If you get jacked on the streets while shopping, you can rest assured the robber won’t be able to use your card, and if they do, you have the debit card issuer on your side. I never recommend anybody ever put up a fight with a mugger by the way. Your wallet/purse is not worth injury or your life, especially if you have a replaceable debit card.
3) Rewards programs. The ACE Pink Prepaid Debit Card’s award to the consumer is that it donates a portion of all revenue to help fight breast cancer – a total of more than $350,000 in the past two years. Their policy of giving back is very much in-line with this site’s policy.
4) Convenience. A debit card can be used for online transactions, ATMs, and anywhere that Mastercard and Visa are accepted. Essentially, the debit card is a fantastic cash replacement for most transactions, except for when you lose NCAA tourney bets!
5) Love & Attraction. Susan G. Komen is a genius at trademarking the color pink for fighting breast cancer. If you are a male, and bust out one of these cards on a date, I’m pretty certain the card will be a fantastic 15-30 minute talking point. If you are at the bars, and tell the bartender to “keep it open,” I’m pretty certain women will want to inquire about the card. If you are a woman using the card at the bar, guys will most certainly use your card as a talking point as well!
DISADVANTAGES OF A DEBIT CARD
1) Protecting Yourself From Yourself. If you are at the BMW dealer and really want to splurge, you might only be able to buy a set of wheels instead of the whole car with a $10,000 limit from ACE or any other card. That said, I’m sure if you demonstrate your financial muscle, they’ll increase your funding.
2) Men Mock Men. If you hang out with a bunch of unruly, insensitive dudes, they might mock you for being a good guy and carrying a pink card. If you’re too insecure to use it, then you best keep it hidden or use cash or a manly credit card instead.
3) A Card Is Still A Card. The reason why paying in cash is so painful is because cash is real, and a debit card is less real. Although you can’t spend more than you fund in your debit card, you can spend it all if you are weak.
4) Fees. Debit cards can charge $10/month on average for it’s use. The good thing is that if you are going to the ATM machine several times a month, that cost negates out.
CONCLUSION
I’ve never really thought about using a debit card until now. Having been jacked at gun point in a strange land before, I’m hesitant to carry more than $100 in my wallet. If I could carry zero cash in my wallet and just use a debit and credit card, that would be the ideal scenario. A debit card is a useful tool for many of the reasons stated above. Just remember to spend responsibly!
Read more…
DEBIT CARD BENEFITS
1) Protect yourself from yourself. The most important benefit of using a debit card is that once your account goes to zero, you aren’t able to spend. If you’ve only got a debit card in your wallet, you will theoretically never spend more than you have, which is a very healthy thing in this age of consumerism. Customers can load the ACE debit card up to $5,000 per day at an ACE location or up to $10,000 a day with direct deposit. The maximum balance on the account is $10,000.
2) Peace of mind with insurance. The second most important benefit of a debit card over cash is insurance. Instead of carrying around a couple hundred bucks in your wallet, just carry a debit card. If you get jacked on the streets while shopping, you can rest assured the robber won’t be able to use your card, and if they do, you have the debit card issuer on your side. I never recommend anybody ever put up a fight with a mugger by the way. Your wallet/purse is not worth injury or your life, especially if you have a replaceable debit card.
3) Rewards programs. The ACE Pink Prepaid Debit Card’s award to the consumer is that it donates a portion of all revenue to help fight breast cancer – a total of more than $350,000 in the past two years. Their policy of giving back is very much in-line with this site’s policy.
4) Convenience. A debit card can be used for online transactions, ATMs, and anywhere that Mastercard and Visa are accepted. Essentially, the debit card is a fantastic cash replacement for most transactions, except for when you lose NCAA tourney bets!
5) Love & Attraction. Susan G. Komen is a genius at trademarking the color pink for fighting breast cancer. If you are a male, and bust out one of these cards on a date, I’m pretty certain the card will be a fantastic 15-30 minute talking point. If you are at the bars, and tell the bartender to “keep it open,” I’m pretty certain women will want to inquire about the card. If you are a woman using the card at the bar, guys will most certainly use your card as a talking point as well!
DISADVANTAGES OF A DEBIT CARD
1) Protecting Yourself From Yourself. If you are at the BMW dealer and really want to splurge, you might only be able to buy a set of wheels instead of the whole car with a $10,000 limit from ACE or any other card. That said, I’m sure if you demonstrate your financial muscle, they’ll increase your funding.
2) Men Mock Men. If you hang out with a bunch of unruly, insensitive dudes, they might mock you for being a good guy and carrying a pink card. If you’re too insecure to use it, then you best keep it hidden or use cash or a manly credit card instead.
3) A Card Is Still A Card. The reason why paying in cash is so painful is because cash is real, and a debit card is less real. Although you can’t spend more than you fund in your debit card, you can spend it all if you are weak.
4) Fees. Debit cards can charge $10/month on average for it’s use. The good thing is that if you are going to the ATM machine several times a month, that cost negates out.
CONCLUSION
I’ve never really thought about using a debit card until now. Having been jacked at gun point in a strange land before, I’m hesitant to carry more than $100 in my wallet. If I could carry zero cash in my wallet and just use a debit and credit card, that would be the ideal scenario. A debit card is a useful tool for many of the reasons stated above. Just remember to spend responsibly!
Credit and Debit Card Scams
12:54 AM |What is a Credit Card Scam?
A credit card or debit card "scam" or fraud happens when someone uses your credit or debit card information without your permission. It may be as complicated as someone posing as a representative of your bank in order to get your credit card information, or someone posing as an employee of a company offering fabulous prizes in a sweepstakes who "only" needs your credit card number to cover shipping costs. It might also be as simple as someone looking over your shoulder and writing down your card number and password for their personal use.
Do I Have a Debit Card or a Credit Card?
Credit cards and debit cards are both kinds of "electronic money" that you can give retailers instead of cash. You should know which kind of card you have. There are different procedures to follow for each type of card when your card is used without your permission.
A debit card (or a "check card") combines the functions of an ATM card and a check. You can use a debit card to both get money from an ATM machine or to pay for items at a store. The money you spend is automatically deducted from your bank account. There are never any loans or interest charges.
A credit cardis like an expensive short term loan. You can "charge" items up to your "credit limit" (the maximum amount of the loan). When your bill comes, you pay the amount of the loan back. If you cannot pay the bill in full each time it arrives, you will also need to pay interest to the credit card company. Some credit cards also charge "annual fees." They might also charge different rates for cash advances than for purchases.
How Could I Be "Scammed?"
Most debit/credit card fraud involves lost or stolen credit cards. It can also occur when you do not properly dispose of documents, like credit card bills, debit card statements, or receipts showing your personal account information.
You might also be "scammed" when someone sees or hears your account or card number and copies it down for personal use, or when you willingly give it out to someone, like a telemarketer, who then uses it improperly.
How Can I Avoid Being Scammed?
You have the right to dispute charges made to your debit and credit cards without permission. But protesting these charges can be frustrating and take time. You can make many easy changes in your everyday routine to avoid being scammed.
Do not carry more debit or credit cards with you than you plan to use. Keep the cards you do not regularly use in a safe place OR cancel the cards that you do not need. (You may not notice they are missing as soon as those you use regularly.)
Do not write your PIN numbers on your cards or keep them in your wallet or purse. Memorize your PIN (personal identification number). Do not give it out to anyone else.
Do not tell others your debit card or credit card number. All thieves need is your number to rack up charges by Internet shopping or telephone and mail order charges.
Do not give your Social Security number, mother's maiden name or account numbers to strangers who contact you, especially by phone, Internet or mail. Scammers sometimes pose as business, bank or government representatives to get you to give them personal information. Real financial or government organizations that do business with you already have this information. They will not ask for it by calling or e-mailing you.
Check billing statements, receipts, and other documents carefully. Make sure they are accurate. After you have checked your documents, either put them in a safe place or tear them up into tiny pieces. Thieves might try to take advantage of information on them.
Make sure all blank spaces are filled in or crossed off. When filling out a charge slip to pay a bill, always figure the total. Leave no blank spaces. This way, extra charges cannot be added without your knowledge. Only sign charge slips that are completely filled in and totaled.
Call your bank company or credit card company if you have not gotten a new card or a monthly bill that you know should be arriving.
Do not write your card number, account number or any other personal identifying information (like your Social Security number) on a postcard or outside of an envelope.
Tear or shred charge receipts, copies of credit applications, insurance forms, physician statements, bank checks and statements, expired charge cards and credit offers you get in the mail.
Keep a record of your card numbers, their expiration dates, and the phone number and address of each card company in a secure place. This way you can report missing or stolen cards as soon as you notice the loss/theft.
I Think I am a Victim of a Scam. What should I do?
There are federal laws to protect victims of credit card or debit card scams. These laws outline strict procedures that you, the credit card companies and banks must all follow in order to resolve the fraud. Make sure you understand the procedures that the credit card companies must follow. You may be entitled to financial benefits if the companies do not exactly follow the procedures.
A. Debit Card Fraud – The Electronic Fund Transfer Act
This federal law outlines what you should do if someone commits fraud against you in an electronic transfer. Example: using your debit card. The law limits the amount you are responsible for on charges made to your card without your permission.
What If my debit card is lost or stolen? REPORT the loss or theft AS SOON AS POSSIBLE. Usually companies have a 24-hour customer service line.
If you report the missing card before any charges are made, you are not liable for unauthorized charges on the card.
If you report the missing card within two days, the law limits liability for charges to $50 for charges made after you discover the loss or theft, but before you report the missing card.
If you report the missing card more than two days after discovering it missing, but within 60 days of the transmission of the statement showing the charges you did not make, you are liable for up to $500 of unauthorized charges.
If you do not report your loss within 60 days of the date of the statement showing the charges you did not make, your liability is unlimited. You have to pay for all charges made on the card without permission.
You may notify the bank of the lost card by phone. If the thief has not used your card yet, the bank will simply cancel your debit card and issue you a new one, with no charges to you. Follow your call up with a letter.
2. What If I notice strange charges on my bank statement? NOTIFY the bank WITHIN 60 DAYS after you get the statement.
Your bank has ten business days from the date it gets your notification of a problem with your account to investigate and report its findings to you. The bank may ask you to give them more written notification.
If the bank needs more than ten days for its investigation, it may take up to 45 business days. If it does, it must deposit the amount of money in dispute into your account for the remainder of the investigation. The bank can take this money out of your account at the end of its investigation if it finds that the charges are correct. Do not spend this money until the investigation is done.
If the bank finds a mistake, it must fix it within one business day of finishing its investigation. If it finds no errors, the bank must notify you in writing of its determination within three days after the investigation ends.
The bank must give you copies of all documents it relied upon to make its decision if you ask for them.
You can notify your bank of the error on your statement over the phone.
3. What Should My Notice to the Bank Say?
In any phone call or letter to your bank to report an error on your statement, say:
your name and address
the date
your account number
you believe an error has been made on your statement (your statement does not accurately reflect charges that you have made on your card)
the amount of the error, and
the reason you believe there is an error. (Example: "My card has been missing since (date) and I did not make the following charge(s) on this account.")
You should include copies (not originals) of relevant documents, like sales slips or receipts that support your position. Send your letter by registered or certified mail so you can later prove that your bank got it. Keep a copy of the dispute letter and all documents you get from the bank in return. Log any calls by writing notes about any conversations you have with the bank about this matter. Follow up these calls with a letter that confirms what you and the bank said.
4. What If my bank does not follow the rules for disputes?
If your bank does not follow the rules for settling disputes, you are entitled to an award of damages that is three times the actual amount of money you lost due to the bank's failure to act properly.
B. Credit Card Fraud – The Fair Credit Billing Act
Here too there are very specific procedures that both you and the credit card company must follow when dealing with possible cases of fraud.
1. What If my credit card is lost or stolen? REPORT the loss or theft AS SOON AS POSSIBLE.
If you report your card missing in writing before any new charges are made, you are not liable.
If you notify your credit card company in writing of an unauthorized charge within 60 days of the date on the incorrect statement, your liability will be no more than $50.
If you do not notify your credit card company in writing, or you notify the company more than 60 days after receiving the statement with the unauthorized charge(s), the company does not have to investigate the matter and your liability is unlimited. YOU have to pay for all charges made on the card without permission.
Your credit card company must let you know it got your letter within 30 days unless the error in your report is fixed within that time.
When the company identifies an error in your billing statement, it has two billing periods (no more than 90 days total), to either fix the error, or explain to you in writing why it believes the amount on the statement is correct.
You must notify your credit card company IN WRITING if you want to dispute any unauthorized charges to your account. If you only call your credit card company, it does not have to investigate your account. You will be liable for all charges on the credit card statement.
2. What should my written notice to my credit card company say?
It should say:
your name and address,
your account number,
you believe an error has been made on your statement,
the amount of the error, and
the reason you believe it is an error. (Example: "My card has been missing since (date). I did not make the following charge(s) on this account.")
Send your letter by certified mail, so that you can verify the date the credit card company gets it. Include copies (not originals) of documents like receipts or sales slips that support your position. Send the letter to the address for "billing inquiries" on your credit card statement, not to the address where you send your checks to pay your bills.
Keep copies of the notice you send, any letters or documents the credit card company sends you back, and a log of all calls you have with the credit card company about the fraud. You will need these later if the credit card company disputes any part of your claim.
3. What If my credit card company does not fix the error?
During the two-billing cycle/90-day period for investigation, the credit card company cannot report or threaten to report the disputed amount to credit reporting agencies or other creditors. Also, the credit card company cannot limit or close your account because you do not pay the disputed amount. However, it can apply the disputed amount towards your credit limit and charge you interest on the disputed amount. If the credit card company later agrees with you that there was an error on your statement, it must subtract the interest already charged on the amount found to be in error.
If your credit card company sends you an explanation of its findings stating that it will not fix the error on your statement, you can challenge its decision by writing another letter to the credit card company within ten days of getting the decision.
The letter should have all of the same information as your first letter reporting the error on your billing statement. Explain that you still believe you do not owe the amount in question, and you refuse to pay it.
The credit card company can now report your account to a credit reporting agency, but it must also include a statement to the effect that you do not believe you owe the money.
4. My credit card company does not abide by the rules for disputes. What can I do?
If the credit card company does not comply with the above time limits, it must credit you the disputed balance or $50, whichever is less. You will get to keep this even if it is later found that the amount billed to your statement was correct.
Read more…
A credit card or debit card "scam" or fraud happens when someone uses your credit or debit card information without your permission. It may be as complicated as someone posing as a representative of your bank in order to get your credit card information, or someone posing as an employee of a company offering fabulous prizes in a sweepstakes who "only" needs your credit card number to cover shipping costs. It might also be as simple as someone looking over your shoulder and writing down your card number and password for their personal use.
Do I Have a Debit Card or a Credit Card?
Credit cards and debit cards are both kinds of "electronic money" that you can give retailers instead of cash. You should know which kind of card you have. There are different procedures to follow for each type of card when your card is used without your permission.
A debit card (or a "check card") combines the functions of an ATM card and a check. You can use a debit card to both get money from an ATM machine or to pay for items at a store. The money you spend is automatically deducted from your bank account. There are never any loans or interest charges.
A credit cardis like an expensive short term loan. You can "charge" items up to your "credit limit" (the maximum amount of the loan). When your bill comes, you pay the amount of the loan back. If you cannot pay the bill in full each time it arrives, you will also need to pay interest to the credit card company. Some credit cards also charge "annual fees." They might also charge different rates for cash advances than for purchases.
How Could I Be "Scammed?"
Most debit/credit card fraud involves lost or stolen credit cards. It can also occur when you do not properly dispose of documents, like credit card bills, debit card statements, or receipts showing your personal account information.
You might also be "scammed" when someone sees or hears your account or card number and copies it down for personal use, or when you willingly give it out to someone, like a telemarketer, who then uses it improperly.
How Can I Avoid Being Scammed?
You have the right to dispute charges made to your debit and credit cards without permission. But protesting these charges can be frustrating and take time. You can make many easy changes in your everyday routine to avoid being scammed.
Do not carry more debit or credit cards with you than you plan to use. Keep the cards you do not regularly use in a safe place OR cancel the cards that you do not need. (You may not notice they are missing as soon as those you use regularly.)
Do not write your PIN numbers on your cards or keep them in your wallet or purse. Memorize your PIN (personal identification number). Do not give it out to anyone else.
Do not tell others your debit card or credit card number. All thieves need is your number to rack up charges by Internet shopping or telephone and mail order charges.
Do not give your Social Security number, mother's maiden name or account numbers to strangers who contact you, especially by phone, Internet or mail. Scammers sometimes pose as business, bank or government representatives to get you to give them personal information. Real financial or government organizations that do business with you already have this information. They will not ask for it by calling or e-mailing you.
Check billing statements, receipts, and other documents carefully. Make sure they are accurate. After you have checked your documents, either put them in a safe place or tear them up into tiny pieces. Thieves might try to take advantage of information on them.
Make sure all blank spaces are filled in or crossed off. When filling out a charge slip to pay a bill, always figure the total. Leave no blank spaces. This way, extra charges cannot be added without your knowledge. Only sign charge slips that are completely filled in and totaled.
Call your bank company or credit card company if you have not gotten a new card or a monthly bill that you know should be arriving.
Do not write your card number, account number or any other personal identifying information (like your Social Security number) on a postcard or outside of an envelope.
Tear or shred charge receipts, copies of credit applications, insurance forms, physician statements, bank checks and statements, expired charge cards and credit offers you get in the mail.
Keep a record of your card numbers, their expiration dates, and the phone number and address of each card company in a secure place. This way you can report missing or stolen cards as soon as you notice the loss/theft.
I Think I am a Victim of a Scam. What should I do?
There are federal laws to protect victims of credit card or debit card scams. These laws outline strict procedures that you, the credit card companies and banks must all follow in order to resolve the fraud. Make sure you understand the procedures that the credit card companies must follow. You may be entitled to financial benefits if the companies do not exactly follow the procedures.
A. Debit Card Fraud – The Electronic Fund Transfer Act
This federal law outlines what you should do if someone commits fraud against you in an electronic transfer. Example: using your debit card. The law limits the amount you are responsible for on charges made to your card without your permission.
What If my debit card is lost or stolen? REPORT the loss or theft AS SOON AS POSSIBLE. Usually companies have a 24-hour customer service line.
If you report the missing card before any charges are made, you are not liable for unauthorized charges on the card.
If you report the missing card within two days, the law limits liability for charges to $50 for charges made after you discover the loss or theft, but before you report the missing card.
If you report the missing card more than two days after discovering it missing, but within 60 days of the transmission of the statement showing the charges you did not make, you are liable for up to $500 of unauthorized charges.
If you do not report your loss within 60 days of the date of the statement showing the charges you did not make, your liability is unlimited. You have to pay for all charges made on the card without permission.
You may notify the bank of the lost card by phone. If the thief has not used your card yet, the bank will simply cancel your debit card and issue you a new one, with no charges to you. Follow your call up with a letter.
2. What If I notice strange charges on my bank statement? NOTIFY the bank WITHIN 60 DAYS after you get the statement.
Your bank has ten business days from the date it gets your notification of a problem with your account to investigate and report its findings to you. The bank may ask you to give them more written notification.
If the bank needs more than ten days for its investigation, it may take up to 45 business days. If it does, it must deposit the amount of money in dispute into your account for the remainder of the investigation. The bank can take this money out of your account at the end of its investigation if it finds that the charges are correct. Do not spend this money until the investigation is done.
If the bank finds a mistake, it must fix it within one business day of finishing its investigation. If it finds no errors, the bank must notify you in writing of its determination within three days after the investigation ends.
The bank must give you copies of all documents it relied upon to make its decision if you ask for them.
You can notify your bank of the error on your statement over the phone.
3. What Should My Notice to the Bank Say?
In any phone call or letter to your bank to report an error on your statement, say:
your name and address
the date
your account number
you believe an error has been made on your statement (your statement does not accurately reflect charges that you have made on your card)
the amount of the error, and
the reason you believe there is an error. (Example: "My card has been missing since (date) and I did not make the following charge(s) on this account.")
You should include copies (not originals) of relevant documents, like sales slips or receipts that support your position. Send your letter by registered or certified mail so you can later prove that your bank got it. Keep a copy of the dispute letter and all documents you get from the bank in return. Log any calls by writing notes about any conversations you have with the bank about this matter. Follow up these calls with a letter that confirms what you and the bank said.
4. What If my bank does not follow the rules for disputes?
If your bank does not follow the rules for settling disputes, you are entitled to an award of damages that is three times the actual amount of money you lost due to the bank's failure to act properly.
B. Credit Card Fraud – The Fair Credit Billing Act
Here too there are very specific procedures that both you and the credit card company must follow when dealing with possible cases of fraud.
1. What If my credit card is lost or stolen? REPORT the loss or theft AS SOON AS POSSIBLE.
If you report your card missing in writing before any new charges are made, you are not liable.
If you notify your credit card company in writing of an unauthorized charge within 60 days of the date on the incorrect statement, your liability will be no more than $50.
If you do not notify your credit card company in writing, or you notify the company more than 60 days after receiving the statement with the unauthorized charge(s), the company does not have to investigate the matter and your liability is unlimited. YOU have to pay for all charges made on the card without permission.
Your credit card company must let you know it got your letter within 30 days unless the error in your report is fixed within that time.
When the company identifies an error in your billing statement, it has two billing periods (no more than 90 days total), to either fix the error, or explain to you in writing why it believes the amount on the statement is correct.
You must notify your credit card company IN WRITING if you want to dispute any unauthorized charges to your account. If you only call your credit card company, it does not have to investigate your account. You will be liable for all charges on the credit card statement.
2. What should my written notice to my credit card company say?
It should say:
your name and address,
your account number,
you believe an error has been made on your statement,
the amount of the error, and
the reason you believe it is an error. (Example: "My card has been missing since (date). I did not make the following charge(s) on this account.")
Send your letter by certified mail, so that you can verify the date the credit card company gets it. Include copies (not originals) of documents like receipts or sales slips that support your position. Send the letter to the address for "billing inquiries" on your credit card statement, not to the address where you send your checks to pay your bills.
Keep copies of the notice you send, any letters or documents the credit card company sends you back, and a log of all calls you have with the credit card company about the fraud. You will need these later if the credit card company disputes any part of your claim.
3. What If my credit card company does not fix the error?
During the two-billing cycle/90-day period for investigation, the credit card company cannot report or threaten to report the disputed amount to credit reporting agencies or other creditors. Also, the credit card company cannot limit or close your account because you do not pay the disputed amount. However, it can apply the disputed amount towards your credit limit and charge you interest on the disputed amount. If the credit card company later agrees with you that there was an error on your statement, it must subtract the interest already charged on the amount found to be in error.
If your credit card company sends you an explanation of its findings stating that it will not fix the error on your statement, you can challenge its decision by writing another letter to the credit card company within ten days of getting the decision.
The letter should have all of the same information as your first letter reporting the error on your billing statement. Explain that you still believe you do not owe the amount in question, and you refuse to pay it.
The credit card company can now report your account to a credit reporting agency, but it must also include a statement to the effect that you do not believe you owe the money.
4. My credit card company does not abide by the rules for disputes. What can I do?
If the credit card company does not comply with the above time limits, it must credit you the disputed balance or $50, whichever is less. You will get to keep this even if it is later found that the amount billed to your statement was correct.
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-Start by earning 20,000 bonus miles when you make $1,000 or more in purchases in the first 90 days from account opening. 20,000 bonus miles equates to $200 off your next trip!
-0% intro APR on balance transfers and purchases for the first 12 months after account opening. After that, variable APR, currently 14.99% or 18.99%, based upon your creditworthiness.
-Earn 2X miles on travel and dining purchases,1X miles on all other purchases, and no mileage caps or foreign transaction fees
-Get 10% miles back when you redeem for travel (i.e. redeem 25,000 miles for travel and get 2,500 miles back)
-Use miles for a statement credit toward any airline purchase to any destination with no seat restrictions and no blackout dates
-Easily redeem your miles for statement credits toward flights, cruises, car rentals, hotels and more
-Complimentary one year subscription of TripIt Pro mobile travel organizer – a $49 value
-Complimentary FICO® Scores as a benefit to active card members. Opt-in to have instant and convenient access to FICO® Scores from your Barclaycard online account.
Capital One® Card Finder Tool
-Find card offers you may be eligible for without affecting your credit score
-Get matched to features you want like low intro rates, cash back or miles, and more
-See your card matches in less than 60 seconds
-Find a card for where you are—to help you prepare for what's ahead
-All Capital One cards come with fraud coverage if your card is lost or stolen
-24/7 account access including mobile app for fast and easy account management—right from your smartphone
-Pick the monthly payment due date that works best for you
-Pay the way you want—by check, online, or at a local branch
Capital One® Classic Platinum Credit Card
-0% intro APR on purchases until January 2015
-Get access to a higher credit line after making your first 5 monthly payments on time
-Fraud coverage if your card is lost or stolen
-Use online banking to access your account—even from your smartphone with our mobile app
-Pick the monthly payment due date that works best for you
-Pay however you want—by check, online, or at a local branch, all with no fee
-Get access to your account 24 hours a day, 7 days a week
-Start building for the future with features that can help you get there
Upromise World MasterCard®
-You can earn 10% or more cash back on eligible online purchases through Upromise.com
-Start with a $50 cash back bonus after first use
-Earn 4% cash back at thousands of participating Upromise dining restaurants
-Earn up to 3% cash back on eligible gas purchases at Exxon or Mobil locations
-Earn 2% cash back at eligible movie theaters
-Earn 1% cash back on all other purchases
-No annual fee
First Progress Platinum Prestige MasterCard® Secured Credit Card
-First Progress Secured Card—The smart alternative to prepaid cards and expensive high fee/APR credit cards.
-Our card reports monthly to all three major bureaus and approval is based upon a fully-refundable security deposit.
-We can approve you at any credit score, no minimum required.
-No processing or application fees required.
-Full-featured Platinum MasterCard, accepted for car rentals, hotels, and millions of other locations worldwide.
-Refundable security deposit required at time of application, only apply when you have a min of $300 to deposit immediately from a checking account or debit card.
-Program not available in NY, WI, and IA.
BankAmericard® Better Balance Rewards™ Credit Card
-No annual fee
-Save on interest with a 0% Introductory APR for 12 billing cycles for purchases and for any balance transfers made in the first 60 days, then, 11.99% - 21.99% variable APR
-Earn $25 per quarter towards your balance when you pay more than the monthly minimum and on time each month
-Get an additional $5 bonus per quarter if you have a Bank of America® checking or savings account
-Cash back is automatically credited to your card balance
Read more…
Capital One® Platinum Credit Card
-Get access to a higher credit line after making your first 5 monthly payments on time
-Fraud coverage if your card is lost or stolen
-Use online banking to access your account—even from your smartphone with our mobile app
-Pick the monthly payment due date that works best for you
-Pay however you want—by check, online, or at a local branch, all with no fee
-Get access to your account 24 hours a day, 7 days a week
-Start building for the future with features that can help you get there
Capital One® QuicksilverOneSM Cash Rewards Credit Card
-Earn unlimited 1.5% cash back on every purchase, every day
-No rotating categories and no sign ups needed to earn cash rewards
-Redeem the cash back you earn for any amount, any time
-No limit to the cash back you can earn
-Your cash back doesn't expire
-0% intro APR on purchases until January 2015
-Get access to a higher credit line after making your first 5 monthly payments on time
-Fraud Coverage if your card is ever lost or stolen
BuyPower Card from Capital One
-Every purchase earns rewards that can help you save toward a new Chevrolet, Buick, GMC or Cadillac vehicle
-Get 5% Earnings on your first $5,000 in purchases every year
-Unlimited 2% Earnings on every purchase after that
-Your Earnings don't expire and there's no limit on how much you can earn or redeem
-For an even better value, use your Earnings on top of your best agreed-upon price and most current GM offers
-0% intro APR on purchases for 12 months, then 11.9% - 19.9% variable APR on purchases
-No foreign transaction fees
-No annual fee
Barclaycard® Rewards MasterCard® - Average Credit
-No annual fee
-Earn 2 points per $1 on gas, grocery, and utility purchases and 1 point per $1 everywhere else
-Use the points you earn like cash to pay for almost any purchases you've made.
-No blackout date, no redemption fees, no limit on the points you can earn and no complicated set up.
-Reports to all 3 major credit bureaus monthly providing you the opportunity to rebuild your credit score
-Complimentary FICO® Scores as a benefit to active cardmembers. Opt-in to have instant and convenient access to FICO® Scores from your Barclaycard online account.
Barclaycard Arrival™ World MasterCard® - Earn 1x on All Purchases
-Start by earning 20,000 bonus miles when you make $1,000 or more in purchases in the first 90 days from account opening. 20,000 bonus miles equates to $200 off your next trip!
-0% intro APR on balance transfers and purchases for the first 12 months after account opening. After that, variable APR, currently 14.99% or 18.99%, based upon your creditworthiness.
-Earn 2X miles on travel and dining purchases,1X miles on all other purchases, and no mileage caps or foreign transaction fees
-Get 10% miles back when you redeem for travel (i.e. redeem 25,000 miles for travel and get 2,500 miles back)
-Use miles for a statement credit toward any airline purchase to any destination with no seat restrictions and no blackout dates
-Easily redeem your miles for statement credits toward flights, cruises, car rentals, hotels and more
-Complimentary one year subscription of TripIt Pro mobile travel organizer – a $49 value
-Complimentary FICO® Scores as a benefit to active card members. Opt-in to have instant and convenient access to FICO® Scores from your Barclaycard online account.
Capital One® Card Finder Tool
-Find card offers you may be eligible for without affecting your credit score
-Get matched to features you want like low intro rates, cash back or miles, and more
-See your card matches in less than 60 seconds
-Find a card for where you are—to help you prepare for what's ahead
-All Capital One cards come with fraud coverage if your card is lost or stolen
-24/7 account access including mobile app for fast and easy account management—right from your smartphone
-Pick the monthly payment due date that works best for you
-Pay the way you want—by check, online, or at a local branch
Capital One® Classic Platinum Credit Card
-0% intro APR on purchases until January 2015
-Get access to a higher credit line after making your first 5 monthly payments on time
-Fraud coverage if your card is lost or stolen
-Use online banking to access your account—even from your smartphone with our mobile app
-Pick the monthly payment due date that works best for you
-Pay however you want—by check, online, or at a local branch, all with no fee
-Get access to your account 24 hours a day, 7 days a week
-Start building for the future with features that can help you get there
Upromise World MasterCard®
-You can earn 10% or more cash back on eligible online purchases through Upromise.com
-Start with a $50 cash back bonus after first use
-Earn 4% cash back at thousands of participating Upromise dining restaurants
-Earn up to 3% cash back on eligible gas purchases at Exxon or Mobil locations
-Earn 2% cash back at eligible movie theaters
-Earn 1% cash back on all other purchases
-No annual fee
First Progress Platinum Prestige MasterCard® Secured Credit Card
-First Progress Secured Card—The smart alternative to prepaid cards and expensive high fee/APR credit cards.
-Our card reports monthly to all three major bureaus and approval is based upon a fully-refundable security deposit.
-We can approve you at any credit score, no minimum required.
-No processing or application fees required.
-Full-featured Platinum MasterCard, accepted for car rentals, hotels, and millions of other locations worldwide.
-Refundable security deposit required at time of application, only apply when you have a min of $300 to deposit immediately from a checking account or debit card.
-Program not available in NY, WI, and IA.
BankAmericard® Better Balance Rewards™ Credit Card
-No annual fee
-Save on interest with a 0% Introductory APR for 12 billing cycles for purchases and for any balance transfers made in the first 60 days, then, 11.99% - 21.99% variable APR
-Earn $25 per quarter towards your balance when you pay more than the monthly minimum and on time each month
-Get an additional $5 bonus per quarter if you have a Bank of America® checking or savings account
-Cash back is automatically credited to your card balance
Visa Credit Cards
12:20 AM |Following is a list of Visa Credit Cards. Compare offers side by side and apply online for the credit card that is right for you.
Capital One® VentureOne® Rewards Credit Card
Earn unlimited 1.25 miles on every purchase, every day
• No annual fee
• Enjoy a one-time bonus of 20,000 miles once you spend $2,000 on purchases within the first 3 months, equal to $200 in travel
• Fly any airline, stay at any hotel, anytime
• Enjoy a low intro APR on purchases
• Travel when you want—no blackout dates
• Miles don't expire
• No limit to the miles you can earn
Capital One® Quicksilver® Cash Rewards Credit Card
• One-time $100 bonus after you spend $500 on purchases within the first 3 months
• Earn unlimited 1.5% cash back on every purchase, every day
• No rotating categories and no sign ups needed to earn cash rewards
• Redeem the cash back you earn for any amount, any time
• Your cash back doesn't expire
• 0% intro APR on purchases and balance transfers until January 2015
• No annual fee
BankAmericard Cash Rewards™ Credit Card
• Online-exclusive $100 cash rewards bonus after you spend at least $500 on purchases in the first 90 days of account opening
• 1% cash back on purchases everywhere, every time
• 2% at grocery stores and 3% on gas for the first $1,500 in combined grocery store and gas purchases each quarter.
• Bank of America customers: Get an ongoing 10% customer bonus every time you redeem cash back into a Bank of America® checking or savings account
• 0% Introductory APR for 12 billing cycles for purchases and for any balance transfers made in the first 60 days, then, 12.99% - 22.99% variable APR
• No annual fee
• No changing categories and your rewards do not expire
Capital One® Venture® Rewards Credit Card
• Earn unlimited 2X miles on every purchase, every day
• Enjoy a one-time bonus of 20,000 miles once you spend $2,000 on purchases within the first 3 months, equal to $200 in travel
• Fly any airline, stay at any hotel, anytime
• Travel when you want—no blackout dates
• Miles don't expire
• No limit to the miles you can earn
• No foreign transaction fees
• No annual fee for the first year; $59 after that
BankAmericard® Visa® Card
• 0% Introductory APR for 15 billing cycles for purchases and for any balance transfers made in the first 60 days, then, 10.99% - 20.99% variable APR
• No annual fee
• The perfect card for those seeking a simple yet convenient-to-use credit card
Chase Sapphire® Card
• 10,000 bonus points when you spend $500 on purchases in the first 3 months from account opening - that's $100 in travel rewards when you redeem through Chase Ultimate Rewards℠!
• 2,500 bonus points after you add the first authorized user and make a purchase in the first 3 months from account opening
• 2X points on dining at restaurants and 1 point per dollar spent on all other purchases
• Points never expire, and there are no limits on how many points you can earn
• Redeem points for travel, gift cards, merchandise, cash back and more
• Earn an additional point per dollar spent when you book airfare and hotel accommodations online through Chase Ultimate Rewards℠
• 24/7 direct access to dedicated customer service specialists
• No Annual Fee!
Chase Freedom®
• Earn a $100 Bonus after you make $500 in purchases in your first 3 months from account opening
• Earn a $25 Bonus after you add your first authorized user and make a purchase within this same 3-month period
• 5% Cash Back on up to $1,500 in combined purchases between April 1 and June 30, 2014 at restaurants and Lowe's® home improvement stores
• You'll enjoy new 5% categories every 3 months like gas stations, restaurants and Amazon.com. It's free and easy to activate your bonus each quarter!
• Unlimited 1% Cash Back on all other purchases
• No annual fee and rewards never expire
Harley-Davidson® Visa® Credit Card
• Earn 3 points for every $1 spent at Harley-Davidson® dealerships*
• Earn 2 points for every $1 spent at gas stations, restaurants, bars, and lodging merchants*
• Earn 1 point for every $1 everywhere else, redeem points for Harley Chrome® Cash*
• No limit to how much Harley Chrome® Cash you can earn
• Chances to win a new Harley-Davidson® motorcycle every month*
• No Annual Fee
Visa® Black CardTM
• Made of Stainless SteelSM
• An Industry-Leading Rewards Program
• Exclusive 24-Hour Concierge Service
• VIP Treatment at over 3,000 Properties
• Unlimited VIP Airport Lounge Visits
• Members Only - Black Card Magazine
• Luxury Gifts from the World's Top Brands
Read more…
Capital One® VentureOne® Rewards Credit Card
• No annual fee
• Enjoy a one-time bonus of 20,000 miles once you spend $2,000 on purchases within the first 3 months, equal to $200 in travel
• Fly any airline, stay at any hotel, anytime
• Enjoy a low intro APR on purchases
• Travel when you want—no blackout dates
• Miles don't expire
• No limit to the miles you can earn
Capital One® Quicksilver® Cash Rewards Credit Card
• One-time $100 bonus after you spend $500 on purchases within the first 3 months
• Earn unlimited 1.5% cash back on every purchase, every day
• No rotating categories and no sign ups needed to earn cash rewards
• Redeem the cash back you earn for any amount, any time
• Your cash back doesn't expire
• 0% intro APR on purchases and balance transfers until January 2015
• No annual fee
BankAmericard Cash Rewards™ Credit Card
• Online-exclusive $100 cash rewards bonus after you spend at least $500 on purchases in the first 90 days of account opening
• 1% cash back on purchases everywhere, every time
• 2% at grocery stores and 3% on gas for the first $1,500 in combined grocery store and gas purchases each quarter.
• Bank of America customers: Get an ongoing 10% customer bonus every time you redeem cash back into a Bank of America® checking or savings account
• 0% Introductory APR for 12 billing cycles for purchases and for any balance transfers made in the first 60 days, then, 12.99% - 22.99% variable APR
• No annual fee
• No changing categories and your rewards do not expire
Capital One® Venture® Rewards Credit Card
• Earn unlimited 2X miles on every purchase, every day
• Enjoy a one-time bonus of 20,000 miles once you spend $2,000 on purchases within the first 3 months, equal to $200 in travel
• Fly any airline, stay at any hotel, anytime
• Travel when you want—no blackout dates
• Miles don't expire
• No limit to the miles you can earn
• No foreign transaction fees
• No annual fee for the first year; $59 after that
BankAmericard® Visa® Card
• 0% Introductory APR for 15 billing cycles for purchases and for any balance transfers made in the first 60 days, then, 10.99% - 20.99% variable APR
• No annual fee
• The perfect card for those seeking a simple yet convenient-to-use credit card
Chase Sapphire® Card
• 10,000 bonus points when you spend $500 on purchases in the first 3 months from account opening - that's $100 in travel rewards when you redeem through Chase Ultimate Rewards℠!
• 2,500 bonus points after you add the first authorized user and make a purchase in the first 3 months from account opening
• 2X points on dining at restaurants and 1 point per dollar spent on all other purchases
• Points never expire, and there are no limits on how many points you can earn
• Redeem points for travel, gift cards, merchandise, cash back and more
• Earn an additional point per dollar spent when you book airfare and hotel accommodations online through Chase Ultimate Rewards℠
• 24/7 direct access to dedicated customer service specialists
• No Annual Fee!
Chase Freedom®
• Earn a $100 Bonus after you make $500 in purchases in your first 3 months from account opening
• Earn a $25 Bonus after you add your first authorized user and make a purchase within this same 3-month period
• 5% Cash Back on up to $1,500 in combined purchases between April 1 and June 30, 2014 at restaurants and Lowe's® home improvement stores
• You'll enjoy new 5% categories every 3 months like gas stations, restaurants and Amazon.com. It's free and easy to activate your bonus each quarter!
• Unlimited 1% Cash Back on all other purchases
• No annual fee and rewards never expire
Harley-Davidson® Visa® Credit Card
• Earn 3 points for every $1 spent at Harley-Davidson® dealerships*
• Earn 2 points for every $1 spent at gas stations, restaurants, bars, and lodging merchants*
• Earn 1 point for every $1 everywhere else, redeem points for Harley Chrome® Cash*
• No limit to how much Harley Chrome® Cash you can earn
• Chances to win a new Harley-Davidson® motorcycle every month*
• No Annual Fee
Visa® Black CardTM
• Made of Stainless SteelSM
• An Industry-Leading Rewards Program
• Exclusive 24-Hour Concierge Service
• VIP Treatment at over 3,000 Properties
• Unlimited VIP Airport Lounge Visits
• Members Only - Black Card Magazine
• Luxury Gifts from the World's Top Brands
State Bank official optimistic about credit market in 2014
2:25 AM |
One official from the State Bank of Vietnam (SBV) said in a recent interview that banks are applying better lending policies and credit will grow around 14% this year.
Nguyen Thi Hong, Director of the SBV’s Monetary Policy Department said liquidity in the banking system in 2014 has improved.
Nguyen Thi Hong, Director of the SBV’s Monetary Policy Department
Some are still worried that difficulties lagged from last year may continue to hinder marco-economic stability and negatively impact monetary policies for this year. What are your comments about this?
Even though the government may be not able to fully deal with all remained difficulties in regulating macro-economy, recent developments in the first two months of this year have shown positive signals.
There have been some positive forecasts on the world economic environment, which is expected to benefit Vietnam, especially the country’s exports.
The country’s economic indicators have seen several positive signals over the past two months with the construction industry growing 5.4% compared to a year earlier and 1.4% against late last year.
The country’s retail sales during the first two months of this year increased by 6.2% compared to the same period last year. Disbursements of foreign directed investment have been up 6.7% and Purchasing Managers' Indexes (PMI) have reached 52.1 scores, proving consecutive increase over the past five months.
Consumer Price Index (CPI) increased by only 1.24% in the first two months of this year compared to late last year with an increase of only 0.66% for January and 0.55% for February, which are rather low compared to the previous years.
While the banking system often suffers from modest liquidity before and after the Tet holiday, this year’s situation is much more stable. Recently, some banks have offered lending policies with low interest rates but many enterprises claim that lending has yet to meet the demand and lending interest rates are still rather high. What do you think about this?
This year the SBV has prioritised the effort to help further lower interest rates for production and trading sectors. We’re still maintaining interest rate in the banking system as well as short-term lending interest rates for five sectors of preferences.
The SBV has also been urging financial institutions to lower their lending interest rates, including for signed lending contracts, to around 13% per year as well as further cut interest rates for the VND30-trillion real estate package by 1% per year. All of these efforts are expected to help stabilise the market and further pull down the interest rates.
After the Tet holiday, several banks have lowered their interest rates for short-term deposits by between 0.3% and 0.5% per year as well as by 0.1% per year for long-term deposits. This is considered to have set a foundation for them to lower their lending interest rates and attract long-term deposits.
In general, lending interest rates both in VND and USD have been rather stable and reasonable. Several banks have even applied lending interest rate at less than 6% per year, which is lower than the deposit interest rate.
SBV governor said at the government’s regular meeting on February 28 that credit growth rate over the past two months was 1.66% lower compared to the rate by late last year. How will the SBV do to ensure a suitable credit growth rate for this year?
Credit in the banking system fell 1.66% as of February 20 compared to late last year due to a decrease of 1.94% in credit in VND. Such situation is suitable for developments in the first two months of the previous years that credit often fell as a result of the Tet holiday. This is a real challenge and the SBV will try to ensure credit growth rate at around 12% to 14% for this year.
As planned, the SBV should have dealt with eight out of nine incompetent banks and allowed wholly foreign ownership in one remaining weak bank. Why hasn’t the SBV made an official announcement about this?
The SBV is urging these incompetent banks to speed up the implementation of their approved restructuring plans.
The bank is however still considering the proposal to allow wholly foreign ownership at one incompetent bank as such plan must be approved by the Prime Minister in accordance with the current regulations.
Nguyen Thi Hong, Director of the SBV’s Monetary Policy Department said liquidity in the banking system in 2014 has improved.
Nguyen Thi Hong, Director of the SBV’s Monetary Policy Department
Some are still worried that difficulties lagged from last year may continue to hinder marco-economic stability and negatively impact monetary policies for this year. What are your comments about this?
Even though the government may be not able to fully deal with all remained difficulties in regulating macro-economy, recent developments in the first two months of this year have shown positive signals.
There have been some positive forecasts on the world economic environment, which is expected to benefit Vietnam, especially the country’s exports.
The country’s economic indicators have seen several positive signals over the past two months with the construction industry growing 5.4% compared to a year earlier and 1.4% against late last year.
The country’s retail sales during the first two months of this year increased by 6.2% compared to the same period last year. Disbursements of foreign directed investment have been up 6.7% and Purchasing Managers' Indexes (PMI) have reached 52.1 scores, proving consecutive increase over the past five months.
Consumer Price Index (CPI) increased by only 1.24% in the first two months of this year compared to late last year with an increase of only 0.66% for January and 0.55% for February, which are rather low compared to the previous years.
While the banking system often suffers from modest liquidity before and after the Tet holiday, this year’s situation is much more stable. Recently, some banks have offered lending policies with low interest rates but many enterprises claim that lending has yet to meet the demand and lending interest rates are still rather high. What do you think about this?
This year the SBV has prioritised the effort to help further lower interest rates for production and trading sectors. We’re still maintaining interest rate in the banking system as well as short-term lending interest rates for five sectors of preferences.
The SBV has also been urging financial institutions to lower their lending interest rates, including for signed lending contracts, to around 13% per year as well as further cut interest rates for the VND30-trillion real estate package by 1% per year. All of these efforts are expected to help stabilise the market and further pull down the interest rates.
After the Tet holiday, several banks have lowered their interest rates for short-term deposits by between 0.3% and 0.5% per year as well as by 0.1% per year for long-term deposits. This is considered to have set a foundation for them to lower their lending interest rates and attract long-term deposits.
In general, lending interest rates both in VND and USD have been rather stable and reasonable. Several banks have even applied lending interest rate at less than 6% per year, which is lower than the deposit interest rate.
SBV governor said at the government’s regular meeting on February 28 that credit growth rate over the past two months was 1.66% lower compared to the rate by late last year. How will the SBV do to ensure a suitable credit growth rate for this year?
Credit in the banking system fell 1.66% as of February 20 compared to late last year due to a decrease of 1.94% in credit in VND. Such situation is suitable for developments in the first two months of the previous years that credit often fell as a result of the Tet holiday. This is a real challenge and the SBV will try to ensure credit growth rate at around 12% to 14% for this year.
As planned, the SBV should have dealt with eight out of nine incompetent banks and allowed wholly foreign ownership in one remaining weak bank. Why hasn’t the SBV made an official announcement about this?
The SBV is urging these incompetent banks to speed up the implementation of their approved restructuring plans.
The bank is however still considering the proposal to allow wholly foreign ownership at one incompetent bank as such plan must be approved by the Prime Minister in accordance with the current regulations.
Lower interest rates open path for credit growth
2:17 AM |
Banks are optimistic and willing to offer low-interest loans as the State Bank of Vietnam (SBV) lowered its caps for the first time this year.
Interest rates lowered by 1%
Nguyen Duc Huong, Vice Chairman of Lien Viet Post Bank, said they might have fewer short-term deposits due to the lower rates but they can expect an increase in long-term deposits. Moreover, they can encourage enterprises to make more loans since the lending interest rate will go down with deposit rate.
There are worries that low rates will drive depositors to withdraw their funds from banks to invest in other channels such as gold or real estate. However, according to Huong, the impact of this would be minimal because the low rates are only applied on deposits with terms of under six-months.
The director of Sacombank, Phan Huy Khang, said, "We have cut down our lending interest rates, but we are still considering a further cuts." The central bank's monetary policy head, Nguyen Thi Hong, said their aim is to support enterprises and improve the economy. As of March 13, Vietnam's credit growth was still negative. "Vietnam's banking system will not recover until the problem of bad debt is dealt with. There is a lot of money sitting idle in the banks, showing low demand for loans. Lowering interest rates is SBV's attempt to aid the economy," HSBC reported.
HSBC's report also pointed out that the overnight lending and interest rate on open market is cheap at 1.3% and 5.5% respectively. This shows interest rates are not the cause for stagnant credit growth.
Bad debts might prevent Vietnam's economic growth from being higher than 5.6% this year. The report said, "Vietnam's growth will be uneven this year because import-export companies will have advantages over other domestic companies."
The report was released after the central bank announced that the caps on interest rates for short-term loans and deposits would be lowered from 7% to 6% today, March 18. The lending rate for refinancing and on interbank market was lowered by 0.5%. The central bank also lowered the lending rate for exporting, agriculture, small and medium-sized businesses by 1%. Deposit rates for the USD have also been lowered from 1.25% to 1%.
Interest rates lowered by 1%
Nguyen Duc Huong, Vice Chairman of Lien Viet Post Bank, said they might have fewer short-term deposits due to the lower rates but they can expect an increase in long-term deposits. Moreover, they can encourage enterprises to make more loans since the lending interest rate will go down with deposit rate.
There are worries that low rates will drive depositors to withdraw their funds from banks to invest in other channels such as gold or real estate. However, according to Huong, the impact of this would be minimal because the low rates are only applied on deposits with terms of under six-months.
The director of Sacombank, Phan Huy Khang, said, "We have cut down our lending interest rates, but we are still considering a further cuts." The central bank's monetary policy head, Nguyen Thi Hong, said their aim is to support enterprises and improve the economy. As of March 13, Vietnam's credit growth was still negative. "Vietnam's banking system will not recover until the problem of bad debt is dealt with. There is a lot of money sitting idle in the banks, showing low demand for loans. Lowering interest rates is SBV's attempt to aid the economy," HSBC reported.
HSBC's report also pointed out that the overnight lending and interest rate on open market is cheap at 1.3% and 5.5% respectively. This shows interest rates are not the cause for stagnant credit growth.
Bad debts might prevent Vietnam's economic growth from being higher than 5.6% this year. The report said, "Vietnam's growth will be uneven this year because import-export companies will have advantages over other domestic companies."
The report was released after the central bank announced that the caps on interest rates for short-term loans and deposits would be lowered from 7% to 6% today, March 18. The lending rate for refinancing and on interbank market was lowered by 0.5%. The central bank also lowered the lending rate for exporting, agriculture, small and medium-sized businesses by 1%. Deposit rates for the USD have also been lowered from 1.25% to 1%.
Compare credit card offers in order to determine which card is best for you.
6:31 AM |Compare credit card offers in order to determine which card is best for you.
A credit card is a payment card issued to users as a system of payment. It allows the cardholder to pay for goods and services based on the holder's promise to pay for them.
The issuer of the card creates a revolving account and grants a line of credit to the consumer (or the user) from which the user can borrow money for payment to a merchant or as a cash advance to the user.
A credit card is different from a charge card: a charge card requires the balance to be paid in full each month. In contrast, credit cards allow the consumers a continuing balance of debt, subject to interest being charged. A credit card also differs from a cash card, which can be used like currency by the owner of the card.
A credit card differs from a charge card also in that a credit card typically involves a third-party entity that pays the seller and is reimbursed by the buyer, whereas a charge card simply defers payment by the buyer until a later date.
MasterCard credit cards are widely accepted around the world. They serve customers in over 210 countries, and process over 15 million transactions a day in over 180 currencies.
.jpg "Visa credit cards")
Visa Credit Cards offer exceptional convenience and reliability and are used by people around the world. Visa is acceptance in more than 150 countries. It's a secure, reliable way to pay anywhere in the world.
Read more…
A credit card is a payment card issued to users as a system of payment. It allows the cardholder to pay for goods and services based on the holder's promise to pay for them.
The issuer of the card creates a revolving account and grants a line of credit to the consumer (or the user) from which the user can borrow money for payment to a merchant or as a cash advance to the user.
A credit card is different from a charge card: a charge card requires the balance to be paid in full each month. In contrast, credit cards allow the consumers a continuing balance of debt, subject to interest being charged. A credit card also differs from a cash card, which can be used like currency by the owner of the card.
A credit card differs from a charge card also in that a credit card typically involves a third-party entity that pays the seller and is reimbursed by the buyer, whereas a charge card simply defers payment by the buyer until a later date.
MasterCard credit cards are widely accepted around the world. They serve customers in over 210 countries, and process over 15 million transactions a day in over 180 currencies.
Visa Credit Cards offer exceptional convenience and reliability and are used by people around the world. Visa is acceptance in more than 150 countries. It's a secure, reliable way to pay anywhere in the world.
