Travelling is an enriching experience, one that allows the broadening of the mind and rejuvenates the soul. But travelling, particularly abroad, often has its fair share of stress – currency exchange being one of the most prominent. However, with the introduction of credit cards, this issue has considerably been eased. When you hit on the apply credit card button, not only does this offer a convenient means to manage your finances, but it even comes with distinct advantages that can make your … [Read more...]
How to Maintain a Healthy Credit Score & Why It May Decline Despite Timely Payments
Securing a healthy credit score is pivotal for financial stability, impacting loan accessibility and favorable interest rates. Despite consistent on-time payments, it's vital to unravel the complexities influencing credit score fluctuations. This guide not only outlines proactive measures for maintaining a robust credit score but also explores the intricate factors that, despite timely payments, can lead to fluctuations in this essential financial metric. Navigating the intricacies of credit … [Read more...]
Credit Card Reward Taxation – The Negative Aspect of Taxes
Credit cards are a convenient and popular way of making purchases today. From earning reward points to getting cashback, credit card companies offer a host of perks to their customers. But have you ever thought about the tax implications of these rewards? It turns out that credit card rewards may not be as tax-free as they seem. While it may seem like a great idea to earn cashback or points for making everyday purchases, the truth is that these rewards are not always as straightforward as … [Read more...]
Home Equity Loan Rates vs. Mortgage Rates: Which Are Lower?
Home equity loan rates and mortgage rates are both measures of the interest rate that a lender charges to borrow money. These are both important factors to consider when taking out a loan, as they will affect the total cost of the loan over time. Home equity loan rates vary between lenders, but generally are lower than mortgage rates. Home equity loans are typically secured against the value of your home, giving the lender more security. This allows for lower rates since the lender is less … [Read more...]
What are 5 Cs of Credit?
The 5 C’s of credit are a method used by lenders to assess the creditworthiness of potential borrowers. These five factors consist of Character, Capacity, Capital, Collateral, and Conditions. They are: 1. Character This refers to the borrower’s reputation and trustworthiness. Lenders will look at factors such as past payment history, credit reports, and references to determine a borrower’s character. 2. Capacity This refers to the borrower’s ability to repay the loan. Lenders will evaluate … [Read more...]