Author: iMoney - Singapore

Comparison between Debit cards and Credit cards – Part – 2

It is a good mechanism of self control if you constantly find yourself in debt as it allows you to spend only based on what you have. In part one of this series we explained some basics about debit and credit cards: how they work and some fundamental differences Let’s move further and analyze the benefits and drawbacks of debit and credit cards. Benefits of debit cards There is no question of liability in case of debit cards as the money charged to the card is deducted directly from your savings bank account. It is a good mechanism of...

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Rules to Live By When Shopping Online With A Credit Card

Getting a credit card is the easy part; tracking all of them may be a little more difficult Online shopping is exciting and handy, if you don’t constantly max out your credit cards and leave yourself with bills you cannot pay off at the end of every month. If you’re an online shopping enthusiast with no financial discipline, follow these tips to avoid debt trouble. Limit the number of your credit cards you use to one or two Getting a credit card is the easy part; tracking all of them may be a little more difficult. Choose one or...

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5 Easy Methods To Earn A Higher Credit Score

Having a good credit score opens doors as far as securing future financing A good credit score is the only chance you have to show banks and lenders your credibility and ethic as a paymaster. By following a few easy steps you’ll be able to work towards a better credit score. Having a good credit score opens doors as far as securing future financing is concerned, and probably will save you some money simultaneously. Keep reading to learn more! Pay Bills Early or On Time Who doesn’t love receiving money when they are supposed to? Banks love when you...

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Steps To Take When You Can’t Pay Off Your Monthly Minimum Balance

Occasionally we overspend. Maybe you had a financial emergency and needed to make a large purchase/ payment. While it’s never wise to spend more than you can pay monthly, it does happen, sometimes within circumstances outside our control. Here are some ways to go about dealing with the non-payment. Talk to your Bank as Quickly as Possible Bankers are humans too! If you have been a good customer and have a history of paying on time, you can assure them this will only happen that one time. If you can, pay any possible amount towards the balance as a...

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The Difference Between A Debit Card And A Credit Card

They look the same… they must be the same, right? In actuality there are many differences between a credit card and a debit card. For starters, the main difference is that using a debit card subtracts the transaction amount from a balance of money you already have (pay now) while a credit card allows you a credit limit, which you can pay for at the end of the month (pay later). How do debit cards work? You don’t have a credit limit. You are simply spending the money saved up in the current or savings bank account linked to...

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Best Ways to Manage your Credit Card Usage

Avoid Paying Late or Extra Charges When you pay your credit card bills late, late charges are usually added to your account. Also, if you don’t pay in full you will incur interest charges. Be wary of cash advances. High interest charges usually apply when you use your credit card to withdraw money. Only keep a few credit cards The more credit cards you have, the higher your chances of landing in uncontrolled debt. Try debit cards Debit cards have almost all the benefits of credit cards without the high interest fees. The post Best Ways to Manage your...

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Keeping your credit Cards secure – what you need to know

Congratulations! You’ve been approved by a bank company for a credit card facility. Before you head to the mall and pick up some new clothes, gadgets and groceries, take a step back and consider the security of your card and financial information. Credit card fraud is becoming an increasingly popular weapon of choice for the modern thief, and is one of the most-committed crimes in Singapore. There are some tips below that you can take into consideration to keep your information as safe as possible. The Elementary Safety Practices When Using Credit Cards You will be assigned a four...

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4 Things To Consider When Choosing A Credit Card

Credit cards have really changed the way we shop and make payments, so much so that the need for physical cash these days is slowly but surely ebbing. The plain vanilla credit card aside, many opt for the novel approach of having a separate card for different types of benefits and rewards, such as fuel rebates, travel miles, and even as a show of support for one’s favourite football team! With so many different banks offering so many different types of credit cards, choosing the right one is easier said than done, especially if you’re looking for just one...

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