Credit Card Base

Private sector lender South Indian Bank has bagged the award for ‘IT implementation and management’ for the second time this year.

The bank has been awarded the ‘Technology Excellence Award 2010′ by IDRBT (Technical Arm of Reserve Bank of India).

The award was given out by RBI deputy governor Mr Anand Sinha at IDRBT Hyderabad.

CEO and MD of the bank, Dr V A Joseph received the award on the bank’s behalf.

Some businesses have decided to stop accepting credit cards due to high processing fees, according to a new report from The Los Angeles Times. In order to avoid pushing the higher fees on to customers by charging more in their stores, merchants have instead chosen to do away with plastic all together.

Credit Card Processing Fees at About 2 Percent

The LA Times article revealed  many businesses are against paying processing fees, also known as interchange fees, for credit card transactions that round out to about 2 percent of each transaction amount.

If a person spends $100, the business will have to hand over $2 to the credit card issuer. While this may not seem like a large amount, over time, these fees can add up.

It’s for this reason that companies as large as John Hancock have decided to stop taking credit card payments. The financ

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A new way to send money to friends and family is upon us! Regions bank launched its “Personal Pay” person-to-person payment solution, powered by “ZashPay” from Fiserv. The new service allows checking and money market customers who use Regions Online Banking to send or receive money from anyone who has a U.S. bank account. Without the need for cash or writing a check, to send a payment, you only needs a recipient’s email address or mobile phone number. You can access “Personal Pay” from the Payments section of Regions Online Banking. Recipients of funds are alerted via email or text about claiming their payments, and the sender receives an email confirmation once a payment is made. Funds can be deposited in as little as one business day.

It is 100% true that as a British citizen living permanently in Dubai you can earn your locally sourced income 100% free of income tax.  This has to be one of the best benefits of living and working in Dubai – i.e., that it is tax-free.  However, your salary has to go a long way in the emirate because the cost of living is so high.  From accommodation costs to schooling and health insurance fees, almost everything in Dubai seems to cost more than it did in the UK!

You need to have a residency visa in order to be able to open a bank account locally, and without a local bank account you will not be able to get accommodation, a mobile phone, purchase a car on finance etc.  Therefore opening a local account will be a priority.

There are many banks to choose from, and if you ask expats on the ground in Dubai, they say they are all as bad as each other.  Whilst you will see international names such as HSBC and Barclays, Citibank and Lloyds, they are Dubai versions of these banks!  I.e., they don’t seem to abide by the international standards of service that you might expect from such leading names in the banking industry.

Choose your bank carefully – you may want to use the same one as your employer so that salary payments are made quickly and you will perhaps receive an introduction and even preferential rates of exchange for example.

Alternatively you may want to choose a name you’re familiar with.  You are usually expected to maintain a minimum account balance, or face charges.  And some accounts expect you to pay in a minimum amount every month as well.  Ensure you understand the terms you’re signing up to before you commit to a given account.

You will usually be issued a debit card and chequebook as standard, and whilst it’s not impossible to get a credit card or even a loan in Dubai, tread carefully.

Bouncing a cheque in the UAE is illegal, as is defaulting on any loan/credit agreement.  Additionally, you’re often required to give post dated cheques to cover future loan repayments for example, and some expats have run into difficulties in the past because of either poor administration or corrupt banking staff.

Such problems have resulted when payments have been made and cleared but not lodged, and as a result such expats are blacklisted as having defaulted.  They can be deported, jailed or refused re-entry if they leave Dubai and attempt to return. 

If you want a credit card from your bank you’re sometimes asked to leave a blank cheque with them as security too – something that doesn’t sit comfortably with many expats who use an international credit card from their offshore bank account, or which they have already acquired from their home country.

As you can see, when it comes to money matters in Dubai it’s best to avoid all forms of debt if you can, and consider how and where you bank, save and invest carefully.  Most expats repatriate their wealth back home or retain it offshore.

In terms of opening an account locally, some expats have found that they can open an account at HSBC or the National Bank of Abu Dhabi before they have their residency visa in place – but this is not the norm.  You will need to take your passport plus a copy of it, another form of ID such as your driving license plus a copy of it, and your salary certification (not always required), in order to open a bank account in Dubai.

In most cases, student loans are necessary to help put your kids through college. It is important to know what you’re doing when it comes to applying for student loans to ensure your college-aged child receives the needed funding in time for the start of the school year. You should also explore every option when it comes to securing funds for your child to attend college. Check into options for scholarships, grants, student loans, and other forms of financial aid. Consider these tips on how to apply for student loans and what else you can do to ensure your children start college on the right foot financially.

Tips to Secure Funding for Your Child’s College Education

• Start saving early. Set up a college fund when your child is young.
• Pay your children an allowance and encourage them to save 50% of it for college.

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As I have mentioned several times lately, I just moved back to New Mexico from California. My rent and the majority of my expenses are a fraction of what they were prior to my move back here, but there is one expense that just went up I needed a new vehicle. See, New Mexico is the land of dirt roads, arroyos, beaten paths, and trailblazing; it is not the land of nicely paved roads. Sure, the highways are fine, but around any town or city the roads are barely paved and often just rutted dirt paths. A MINI Cooper S, the car I had in California, doesn’t cut it here because it is so low to the ground that there are places in town that I couldn’t go to. Thus it had to go for that reason and one other, which is my plan to hit the road later this year with a camper being pulled behind my car. The MINI wouldn’t pull a camper too well, I am afraid. So wh

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First Data Corp.’s Spend Trend report has revealed that consumers in the U.S. are increasing their use of credit cards to pay for gas and other basic necessities. The report found that inflation has created a significant jump in prices for food and fuel while income has failed to keep pace.

Credit-Based Purchases Increased 10.7 Percent

The report revealed the dollar volume of credit-based purchases charged grew 10.7 percent in June from one year ago, which represents a very significant jump. Single transactions also grew drastically in this timeframe. According to First Data Corp., the number of transactions in June rose 6.8 percent from a year prior.

Silvio Tavares, senior vice president at First Data, revealed in a Bloomberg report that the large increase probably represents the increase in gas costs over that time span. “Consumers, particularly in the lower-income end, are being forced to use their credit cards for everyday spending like gas and food,” Tavares told Bloomberg.

He went on to explain that the lack of wage increases or other options to offset higher prices has left consumers with a cash flow problem. Currently, they feel credit is the only way they can solve it.

Inflation Slowing Pace of Economic Recovery

Household spending is said to account for about 70 percent of the U.S. economy. This means with rising costs of food and gasoline leaving Americans with less money to spend, the pace of economic recovery is slowing.

According to figures from the Commerce Department, after-tax income adjusted for inflation dropped 0.1 percent from January through May. This drop was largely due to an 8.2 percent increase in energy costs and a 2 percent jump in food costs over the same period.

As noted by Tavares, the volume of gas purchases placed on credit cards increased 39 percent in June from a year prior while food purchases went up 5 percent. After seeing the nation’s credit card debt drop earlier this year, it could very well increase for the long run if prices don’t come down.

With economic recovery slowing and the likelihood of add income getting slimmer by the day, it’s up to the consumer to make adjustments necessary to fund basic necessities. If you find you are in a tough financial predicament but want to reduce credit use, explore different ways to save money in all areas of your life.