Fortune Watch

The two leading credit card companies in the world today are the competitors Visa and MasterCard. They both operate along very similar lines. While Visa can claim to have almost a billion cards issued, MasterCard has over twenty five thousand banks issuing its cards and it is difficult to find any difference in the number of locations worldwide that accept the cards, which is now estimated at over twenty million.

In fact, as far as most consumers are concerned, there is no real difference between the two. They are both very widely accepted in over one hundred and fifty countries and it is very rare to find a location that will accept one but not the other.

However, neither Visa nor MasterCard actually issue any credit cards themselves. They are both simply methods of payment. They rely on banks in various countries to issue credit cards that utilise these payment methods. Therefore, the interest rates, rewards, annual fees, and all other charges are issued by your bank and when you pay your bill you are paying it to the bank or institution that issued your card and not Visa or MasterCard.

Read (more…)

If you have your card stolen or you think you have been the victim of credit card fraud, then you need to sort the problem out as quickly as possible.

Credit card fraud is becoming more and more of a problem, and if you are not careful then you could lose money to fraudsters. If you are worried about fraud but are unsure how you can protect yourself and your credit cards, then this article could help you. Here are some useful tips and advice about how to protect yourself from credit card fraud:

The methods and types of fraud are increasing as criminals learn new techniques and get improved technology. The most common methods of fraud today include: Copying and ‘cloning’ of cards, ATM fraud, Internet card fraud,PIN number stealing.

All of these methods are used more commonly than ever before to effectively steal your money. Obviously, it is impossible to totally eliminate the problem of credit card fraud, but there are things you can do to greatly reduce the risks.

Keep cards close. Make sure that you never let your cards out of your sight. Never leave cards unattended, and certainly don’t lend your card to anyone. If you are paying in a restaurant or shop, make sure you pay attention as to where your card is, especially credit card processing machines. A common method used to copy your card is to get the details whilst you pay, so keep an eye on your card at all times.

Whenever you get a receipt or a credit card bill, check that all the items and amounts are correct. If there are any amounts that you are unsure about, contact your card issuer immediately. Any paperwork that you throw away should be disposed of properly. Shred documents so that people cannot go through your rubbish and discover your card details.

Look behind you. When withdrawing money from a cash machine, make sure no one is looking over your shoulder to read your PIN. The easiest way for someone to use your card illegally is to see your PIN and then steal the card. Also, make sure you never keep a written record of your PIN, especially near your cards.

Use reputable firms. When buying on the Internet, make sure that you only purchase items from large and well-established providers. Small or unknown providers should be avoided as even if they are genuine, their security and encryption may be poor and allow fraudsters to access your details.

Keep contact numbers. If you have your card stolen or you think you have been the victim of credit card fraud, then you need to sort the problem out as quickly as possible. Keep all the contact numbers for your card issuer in a safe place so that you can call them up and sort out problems immediately. If you are careful and act quickly, you can limit the damage of fraud or prevent it occurring at all.

Whenever you hear discussion of credit card debt, the various best ways to manage it and clear it etc., one thing is mostly ignored. Credit card debt can be extremely stressful and it can have a very negative impact on your life.

It’s always hanging over you, getting you down, making it difficult to live your life the way you would like to. This article takes a look at how to recognize debt stress, and what you can do about it.

The Symptoms of Debt Stress: There are numerous symptoms that can be caused by stress. Some of the most common ones are: feeling depressed and irritable headaches, not being able to sleep, forgetfulness, lack of concentration. If you have some of these symptoms but you’re unsure whether they are related to stress a visit to your Doctor may be in order.

Who Gets Debt Stress? Just about everybody that has debts gets stressed about them. Debt results in millions of days off work every year and it’s statistically one of the leading causes of suicide. When you read about someone who has committed suicide it’s very common to find their name is followed by “who owed in debts”.

Students and graduates are among the most vulnerable, as debt is growing here faster than in any other sector of society. It’s very easy for anybody to rely on their credit card, a little here and a little there and before you know it you owe thousands.

The average adult now owes many thousands in debts, tens of thousands even and as that’s the average, then it stands to reason that many people must owe much more. This being the case then always remember that you’re not alone, other people are suffering in the same way and there may well be many worse off than you.

How Do You Deal With It? The perception of stress caused by debt is often of embarrassment or shame. People with lots of debts don’t want to talk about it, even with their family or close friends, for fear of upsetting people or looking like a failure.

It’s essential that you talk about your problems, storing it up inside will result in even more stress. If you talk to no one else you should at least talk to your partner. They are in the best position to understand and possibly help you. When you’re ready to confront your debt stress probably the best route is to find two people outside of your partner, one who can advise you and one who can act as a counselor.

Finding someone outside your partner who can advise you and act as a counselor. That means a professional who knows what they’re doing in regard to financial matters and possibly a psychologist or psychiatrist or some other kind of counselor. Don’t let stigmas deter you, this is about your health which is much more important.

The next thing to do is to consider how you created the debt to begin with. Dig out your old credit card statements. What did you spend the money on? By far the best way to defeat your debt stress is to pay back your debts.

Even if it will take a while to clear the debt you know that your debt is gradually going down and as it does your debt stress will follow.

We have all heard the old saying ‘health is wealth’ this I think is perhaps only about half right. If we think wealth is the key to health, then you know you’ve found good wealth to afford the comforts of life, and your worries would take a backseat. Much the opposite would happen if your finances are out of control.

I believe that the ultimate success is defined as staying alive. And the more I think about this, the more I believe it. After all, what do money, power, and good looks matter if you’re dead? For starters, smarter people are likely to have more money.

The first step towards a secure financial position starts with budgeting. You must have a budget to gauge your future positioning. A budget is nothing but an overview on how much you earn, spend, and save. This can be short-term as in case of daily or weekly budgets. It helps you to have an idea about where your money is or will be. Budgeting also helps in achieving long-term goals. For instance, if you fancy owning a Lexus after five years, you should plan to save some bucks from your pay every month and budget accordingly. If you stick to this practice, your desires won’t fail you.

Another must-do en route to financial health is to save. They say if you look after your pennies, the pounds will follow soon. So be penny-wise and start saving early in your career, but save to save future troubles/emergencies. However, this is not to say that you say good bye to fun-factors in life. Indulge in luxuries or occasional extravagances, but save consciously.Don’t remain tied in debt. The sooner you become debt-free, the healthier it is for you. And remember to start paying off the highest-interest loans first. Loan interests are known to break lives, so be aware of the dangers.

Yet another obstacle to a financially healthy future is your credit card. These are such items in your wallet that can drive you to bite off more than you can chew. If you cannot pay your card bills in full, say ‘no’ to credit cards and save yourself a perennial debt-trap.

Of course, we all like to pamper ourselves with a new dress, an expensive watch or a handsome car; but be sure to think before you spend. Do you really need it? If the answer is ‘no’, forget it.

Having said all that, it’s true at the same time, that no matter how much you organize or plan your finances, life throws up unexpected surprises and you’re caught unaware. Maybe you’ve forgotten to consider your emergency house paint or missed an important bill. It’s then that you’d need payday loan online to get the clog out of the wheel.

Wise men would say: keep this as your last option. To sustain your financial health, choose not to go for these high-interest loans.

Does it sometimes seem as though you cannot afford to do things because your financial obligations are holding you back? If you find that you are asking yourself these sorts of questions, perhaps you should take a look at your financial situation and assess whether you are practicing good personal finance management or not. Good personal finance management spends within their income, plan for the future and solve financial problems as they arise. Poor personal finance management pay more, do without and fall behind. If you find yourself in the second category, you can do something about it. You can learn to take charge of your finances by planning your personal finances.

Planning your personal finances doesn’t always come naturally, and even if you’re just beginning to take your financial matters seriously, then you likely need a few personal finance tips.

Evaluate your current financial situation. One of the most important goals for most people is financial independence. Collect accurate information about your personal financial situation. Calculate your net worth which includes the real estate, saving and retirement accounts, and all other assets. This will help you decide how much money you can set aside for meeting future needs and goals.

A basic personal finance tip is to make a budget. A personal finance budget is information made up of your income and expenses and the more accurate this information is, the more likely you are be able to meet your goals and realize your dreams. A personal finance budget should be made for at most one year at a time and include a list of your monthly expenses.

Read (more…)

Does your spouse or partner complain that you’re spending too much money? When your credit card bill arrives, are you surprised to you find that you charged more during the month than you thought? Does your closet contain lots of shoes or clothes that you almost never wear? Do you own every gadget known to man (or woman)? Do you come home from the mall with items you had no intention of buying? Do you spend money on things that you didn’t realize you needed until you saw them on display in the store?

If you answered yes to any of these questions, you probably suffer from impulse spending. When people are unable to save money for the things that are really important to them, like a house, a new car, a vacation, or retirement, impulse spending is often the culprit. If you don’t have specific financial goals, it’s more difficult to resist spending money on items that don’t really have any meaning to you.

Once you’re already saving regularly towards your most important financial goals, you may want to have a fund to use specifically for occasionally spending money on unplanned items. Then you can indulge in occasional impulse spending without jeopardizing your financial future.

Read (more…)

Are you short for month at the end of each month? Do you have 5-10 credit cards, all maxed out to the limit? Do you forget to pay your bills on time? If you have answered, “Yes,” to any of these questions, don’t feel bad and don’t worry. I have some tips that can help you improve your financial picture: Create a Bill-Paying System

The first thing you’ll need to do is to go out and pick up some colored hanging folders. If you don’t have a file cabinet, get a file box that you can find in any stationery store or discount department store. They’re very inexpensive. Then, make a folder for each expense. Use one color for your bank statements, another for your utility bills, and another for credit cards. Keep the system pretty simple or complexity could let procrastination) take over.

Each day when your mail arrives, separate it immediately into what you don’t need and want to throw away and your bills and other things that need attention right away. Do the things that are needed and either pay the bill right away or put them in a central place where you can retrieve them when the money is available for paying the bills. This could be the front of a desk drawer, for instance, or even a basket on top of your desk. Just be sure that nothing goes into that basket besides your bills.

Online banking is a great way to streamline the bill paying process. Bank security is top notch, so the question of you having a problem online is really out of the equation. The chances are very slim. So, what you do is you take each bill that you receive and you put the information needed into the online banking account. You don’t have to do this all at once. Wait until your next bill comes in and do it one or two at a time. That way, it seems less daunting, and remember, you only have to do it once. After all the information has been entered, paying a bill becomes as simple as clicking a button, a mouse button, that is.

When you’re finished paying your bills, be it online or off, put the paid bills with the date of payment written on the front, into one of the colored file folders. That way, when tax time comes around, all your financial records will be at your fingertips.

Don’t carry around huge wads of cash or a debit card linked to your bank account, either. If you prefer the convenience of plastic, open a separate bank account and put a monthly “allowance” into it for yourself. When the money’s gone, you’ll just have to wait until next month to get more. This should help you to budget your spending and hold back on those impulse purchases a little.

And if you want to buy something, decide whether you need it or just simply want it. If you think you need it, just walk away and take 25 hours or longer to consider the purchase. Once it’s out of your site, you may find that it’s really a want, disguising itself as a need.

Before you pay any bill, any expense for the month, you should always be paying yourself. Ten percent of your income, every time you get money or a paycheck, should go into a savings account. If you don’t have a savings account, get one and never, ever use it except for depositing. Your savings account is for huge expenses, like buying a house, repairing your car, or retirement.

Put at least one of these tips into practice and see how well it works for you. I guarantee that you’ll be back to try another.

Electronic Funds Transfer (EFT) offers a host of benefits to both your business and your customers. Accepting payments electronically allows your customers to avoid using credit cards by having the funds directly debited from their bank accounts. In addition to the convenience this provides your customers, electronic funds transfer also saves your company money by eliminating the high fees associated with credit card transactions and replacing them with a much lower per-transaction fee.

Electronic funds transfer also has several advantages over accepting paper checks. You’ll receive the funds much more quickly and save time and money over processing paper checks.

Electronic billing is also a great tool for recurring payments. If you charge your customers on a regular basis, electronic funds transfer deducts the funds from their accounts automatically. This will save your business the time and costs associated with sending and processing bills.

You can set your business up with easy-to-use software and services for electronic transfers. You can accept electronic payments online, by phone, or by fax. You simply need to get the customer’s bank routing number, account number, and authorization for each transaction. You then submit this information each day through the network, and the funds appear in your account within 48 hours.

Banks can provide your company with a customized package that allows you to integrate electronic payment services into your existing payment processes. In addition to accepting electronic payments from customers, electronic funds transfer also allows you to pay employees and suppliers electronically with direct deposit.

The time to pay up for last years holiday has come around again, but you may have came back from holiday only to find that there a few items on your credit statement that you don’t remember paying for.

Here are some tips on the direction you should take if this occurs. My friend Jag from MyPeculiarThoughts has also compiled Tips to transform yourself into a Savvy Card user is worth reading.

The first thing you should do is to contact your credit card company. If someone has illegally cloned your credit card details, you could find more of the same type of credit card transactions on your next bill.

The next thing you should consider is contacting all the providers of the other credit cards that you took with you on holiday. You should let them know that you think that one or more of your cards has been jeopardized and that you will need to have your accounts checked for abnormal transactions. The simplest way is to let them know when you returned back home from holiday and that any purchases from abroad should be thought of as suspicious.

Tell the credit company to cancel any cards that are thought to have had any suspect transactions performed, and instruct them to send you out new replacement cards. It will usually take a couple of days to receive your new plastic, so in that time you will have to use other arrangements to pay using cheques, cash etc.

The credit card company that you use will investigate any suspicious transactions in part to make sure that you didn’t make any of the purchases and just forgot about it, and they might be capable of plotting out a pattern of transactions from somebody that is travelling from region to region while using your card.

You should ask that your credit company send you out an amended account of your transactions and that they don’t ask you to pay on you disputed credit card bills.

One last thing, you might receive some calls from someone who claims to be from your credit card company, and they want to check your newly issued credit cards for security reasons. If they ask for any secure information, don’t let them have it, it could be the criminals calling you, and they know that you have probably been issued with new cards. They do this in an attempt to obtain entry to your new accounts.

Remember; just make sure that you can account for everything on your next bill.

Related posts
Credit Card Users & Financial Planning

With interest rates still on the rise, now is the time to take a good look at your finances. You may find that there are some things that you need to change.

If you have debt that is affected by interest rate, you need to look at where it is going to take you. This is a good time to make an effort to start eliminating your debt.

Interest rates are raised to stimulate savings and slow down borrowing. That is exactly what you should be doing.

You may find that a substantial portion of your money is going towards credit card debt. With interest rates on the rise, you will be paying more to your credit cards.

Start with a little financial planning. Make a list of all of your credit cards and other unsecured debt. List each account including the payoff amount, monthly payment amount and interest rate charged.

There are two ways to start paying off your debt. If you need a boost to get you started, start paying off the smallest debts first. This gets you on a roll. It feels really great to mark off each account as it is paid off.

Read (more…)