The Pros and Cons of Fixed Term Deposits

Aug 27, 2010 Posted Under: Credit Cards

Fixed term deposits are considered the safest and wisest way of putting money into savings with a financial institution. Fixed term deposits are simply deposits that are scheduled to be held for a predetermined period of time, during which interest accumulates and the account holder generates a small amount of profit. Since the time period of the deposit is specified at the time the account is opened, the bank can safely offer higher interest rates without risking default. Anyone who needs to park a few thousand dollars in a savings account for a few years’ time should consider the following pros and cons of fixed term deposits.

The Pros of Fixed Term Deposits

The most obvious benefit of a fixed term deposit is the high interest rates offerred with this type of bank account. T

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Tougher punishment for late payers

Aug 24, 2010 Posted Under: Credit Cards

Credit card borrowers who miss a monthly repayment are facing increasingly harsh penalties.

Borrowers are being lured into 0% deals on credit cards, with some lenders offering no interest for 16 months.

But if borrowers miss one payment by a few days they may forfeit the entire 0% deal and see their credit limit drastically reduced, experts warn.

While this has always been a common practice, evidence suggests banks are getting tougher.

Credit card providers already charge a £12 penalty fee for late payments.

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Walmart MoneyCard Activity

Aug 23, 2010 Posted Under: Credit Cards

The easiest way to keep an eye on your Walmart MoneyCard activity is to register your account online. Once you do so, you can log in with your account number, your card’s expiration date and a password. You can take a look at all the purchases that have been made using your card as well as your current balance.

If you’re not able to get online, or you don’t want to register for the website due to security concerns, there are additional ways you can manage your activity. You can go to a Walmart store that has a MoneyCenter Express machine. When you swipe your card in the machine, you will be able to check your current balance and add funds. However, you will not be able to see your transaction history.

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Co-Signing for Credit Cards

Aug 22, 2010 Posted Under: Credit Cards

Many people have had to deal with debt problems, such as a defaulted credit card or loan. Thus, it is easy to sympathize with family members or close friends who have a bad credit score and are in need of a co-signer for a credit card application. However, there are certain facts that should be known before agreeing to be a credit card co-signer, as it is usually a long-term commitment for both parties. Co-signers are directly vouching for the financial reliability of the cardholder and therefore bear much of the same responsibility including placing their own credit score on the line.

Consequences of Co-Signing

If the cardholder reliably pays the monthly bills on time, then there will be no repercussions for the co-signer.

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Credit CARD Rules Take Effect Yet Rates Reach 9-Year High

Aug 21, 2010 Posted Under: Credit Cards

Another portion of the Credit CARD Act took effect on Sunday, Aug. 22, improving the rights extended to consumers who own credit cards and purchase gift cards. However, despite the improved rights, a report shows that credit card rates have reached a 9-year high. According to research firm Synovate, a unit of Aegis Group PLC, rates have increased 1.6 percent in a year’s time, which is the highest increase seen since 2001.

Rates Still Rising Despite Credit CARD Act

The Credit CARD Act (also known as the Credit Card Accountability Responsibility and Disclosure Act of 2009) was passed last year to begin cracking down on credit card issuers that were abusing customers with increased interest rates, unfair penalties and more.

With a grace period of months between the time the law was passed and when it was to take effect, many expected credit card companies to increase rates to get their final laughs, and it seemed to happen just that way.

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