Consumer debt or consumer credit includes store cards, credit cards, personal loans, car loans, lines of credit, retail loans, and mortgages. The scope of different credit types is large, even if thinking globally rather than limiting it to the Canadian market. We will proceed to give an overview of the best credit card offers on the Canadian market and explain what types of unsecured personal loan you can choose from.
With credit cards, you can choose from a variety of options, including low interest credit cards, balance transfer credit cards, rewards and Personal back credit cards, as well as auto/ gas and business credit cards. Which one you choose will depend on your individual needs. The Aspire Gold MasterCard is one option. The benefits are many - you earn reward miles (one mile for every dollar charged to the card), 1,000 anniversary bonus points a year, 5,000 bonus points with the first purchase you make, and no annual fee. You can redeem your bonus points for Personal, travel, gift cards, merchandize, and many other items. A major drawback is the interest rate on balance transfers and purchases, which is 19.80 percent. The Platinum Plus MasterCard credit card goes with a lower interest rate of 17.99 percent, which is zero percent during the first ten months. Again, there is no annual fee, if you choose this card.
Another option is the Smart Personal MasterCard credit card, which is also featured with no annual fee, but the interest rate is set at almost 20 percent. Cardholders earn up to 5 percent Personal back if purchasing gas and groceries during the first 6 months and up to 3 percent on buying gas and groceries thereafter. Holders also receive up to 1 percent for other purchases charged to the card. The Smart Personal MasterCard credit card goes with an interest rate of 1.99 percent on Personal advances and balance transfers.
Another type of consumer credit is unsecured personal loan. When it comes to personal loans, you can choose between fixed or variable interest rates and fixed monthly payments. If you have trouble deciding, a fixed rate loan is one that sets your interest rate for the term of the personal loan. This can be beneficial because you are shielded against increases in rates. With variable rate loans, borrowers benefit when the interest rate is low. While the monthly payments remain the same, more of your payment goes toward the principal amount if the interest rates go down, and you can pay back the loan faster. On the other hand, if the interest rates go up, you can switch to a fixed rate loan and pay it over the remainder of your term. If you have poor credit, you can also look into a variety of bad credit loans.
Finally, mortgages are another type of consumer credit. Different mortgages are offered, including endowment mortgages, repayment mortgages, and interest only mortgages. The most common variety is the repayment mortgage while endowment mortgages are not commonly offered in Canada. Finding the right secured personal loans can be challenging, find out more here.
Tuesday, November 22, 2011
Tuesday, November 15, 2011
Pros And Cons Of Applying For Prepaid Credit Card With No Credit
If you want to apply for a prepaid credit card but have no credit history, you should know that your chances of being approved for one are higher than if applying for an unsecured credit card. With no credit history, the issuing company will have a hard time assessing your reliability and creditworthiness. With unsecured credit cards, persons with no credit history are regarded risky borrowers. Issuers of prepaid credit cards require that cardholders deposit certain amount of money in the account, which becomes the credit card's line of credit. Obviously, this does not involve the same risk credit card companies take with unsecured credit cards.
If you want to apply for a prepaid card, you should first look at the fees credit card companies charge for offering this type of cards. While you will not be charged late payment fees or interest when using the card, some companies require an initial set up fee. You may also be charged a fee every time you want to deposit funds. Make sure you ask your bank or credit card company if you can use the card to make hotel and airline reservations, purchase items online, etc. Some companies do not support these types of transactions.
You may want to get a credit card that you can load from one location, then using it in others. 'Home and away cards' are offered by some credit card companies. Keep in mind that these cards are intended for parents of college students. Do not apply for this credit card if your child is aged 13.
If you get approved for a Canadian prepaid credit card (prepaid Visa or prepaid MasterCard), you should know that the card is used much like the unsecured varieties. The main difference is that these cards are offered with a lower credit limit which will be based on your security deposit. There is a difference between a prepaid debit card and a prepaid credit card. You shop on credit with a prepaid credit card.
The good news is that you cannot accumulate excessive debt by using a secured credit card. You pay money upfront, and your purchasing power will be limited to the amount of money deposited. Applying for a prepaid credit card is also a good idea if you are a parent and want to give your child a card while limiting his/ her purchasing power. However, if you want to pay for an item, for which recurring payments are made, you will find out that you cannot do this. The same is true for monthly internet subscriptions. Prepaid credit cards are not accepted by most businesses, and there is a good reason. Companies have no guarantees that money will be available in the account each month. This means that money may not be available to pay for the subscription or bill. Learn more about credit cards at RBC credit cards.
If you want to apply for a prepaid card, you should first look at the fees credit card companies charge for offering this type of cards. While you will not be charged late payment fees or interest when using the card, some companies require an initial set up fee. You may also be charged a fee every time you want to deposit funds. Make sure you ask your bank or credit card company if you can use the card to make hotel and airline reservations, purchase items online, etc. Some companies do not support these types of transactions.
You may want to get a credit card that you can load from one location, then using it in others. 'Home and away cards' are offered by some credit card companies. Keep in mind that these cards are intended for parents of college students. Do not apply for this credit card if your child is aged 13.
If you get approved for a Canadian prepaid credit card (prepaid Visa or prepaid MasterCard), you should know that the card is used much like the unsecured varieties. The main difference is that these cards are offered with a lower credit limit which will be based on your security deposit. There is a difference between a prepaid debit card and a prepaid credit card. You shop on credit with a prepaid credit card.
The good news is that you cannot accumulate excessive debt by using a secured credit card. You pay money upfront, and your purchasing power will be limited to the amount of money deposited. Applying for a prepaid credit card is also a good idea if you are a parent and want to give your child a card while limiting his/ her purchasing power. However, if you want to pay for an item, for which recurring payments are made, you will find out that you cannot do this. The same is true for monthly internet subscriptions. Prepaid credit cards are not accepted by most businesses, and there is a good reason. Companies have no guarantees that money will be available in the account each month. This means that money may not be available to pay for the subscription or bill. Learn more about credit cards at RBC credit cards.
Tuesday, November 8, 2011
Choose The Best Canadian Discount Stock Brokerage
These days many people are turning to investing their money using online trading systems. Since the dreaded global financial down turn, investors are actively looking for more control over their money. By using one of the top Canadian discount brokerages, clients can manage exactly where and when their money is invested.
Discount brokers provide an online environment for clients to visit at their own convenience. They act as an agent for people to distribute their funds according to their own person needs. As the term discount brokers suggests, trading this way is a cheaper alternative to using a major banking institution.
Based in Canada, Scotia i-trade, allows their clients to trade investment stocks on an international level. They provide great value to the client and have a user friendly interface, with many different financial products available. Clients of this brokerage have experienced top of the line customer service, both online and in person.
With a business also set up in Canada, the Interactive Brokers Group enjoys a traditional trading program. Producing products that give their clients maximum return, with minimum outlay, this broker is popular with online traders. Their systems are effective, user friendly and will suit any one from the at home, novice investor to the experienced Wall Street stock and bond trader.
Questrade is a Canadian owned and operated broker. It is suitable for both the beginner and experienced buyer, and show cases top of the line technology. With low fees, a live help desk and a facility to help beginners learn more about the trading market, this company has everything you need to purchase sound financial security. Here, the modern consumer has the ability to remotely interact with the system via social networking sites like Facebook and Twitter, as well as the latest Apple iphone and ipad applications.
An active investor should be an informed investor. Seeking the right broker can be easy, once you are knowledgeable in what it is you need. Before committing to any online discount broker, an individual should carefully look into the requirements that a broker is asking for. The trader should inquire into the fees and charges for joining and also for making a trade transaction. And it is also important to find out about any special conditions or minimum requirements that your specific account might be subject to.
In the age of instant access to world wide information about financial markets, it is not difficult for the average consumer to learn how to best invest their money. These days it is easy to set up an account that will grow in equity and allow a person to build a healthy saving for the future.
What is GIC learn this and more at this energy trusts guide.
Discount brokers provide an online environment for clients to visit at their own convenience. They act as an agent for people to distribute their funds according to their own person needs. As the term discount brokers suggests, trading this way is a cheaper alternative to using a major banking institution.
Based in Canada, Scotia i-trade, allows their clients to trade investment stocks on an international level. They provide great value to the client and have a user friendly interface, with many different financial products available. Clients of this brokerage have experienced top of the line customer service, both online and in person.
With a business also set up in Canada, the Interactive Brokers Group enjoys a traditional trading program. Producing products that give their clients maximum return, with minimum outlay, this broker is popular with online traders. Their systems are effective, user friendly and will suit any one from the at home, novice investor to the experienced Wall Street stock and bond trader.
Questrade is a Canadian owned and operated broker. It is suitable for both the beginner and experienced buyer, and show cases top of the line technology. With low fees, a live help desk and a facility to help beginners learn more about the trading market, this company has everything you need to purchase sound financial security. Here, the modern consumer has the ability to remotely interact with the system via social networking sites like Facebook and Twitter, as well as the latest Apple iphone and ipad applications.
An active investor should be an informed investor. Seeking the right broker can be easy, once you are knowledgeable in what it is you need. Before committing to any online discount broker, an individual should carefully look into the requirements that a broker is asking for. The trader should inquire into the fees and charges for joining and also for making a trade transaction. And it is also important to find out about any special conditions or minimum requirements that your specific account might be subject to.
In the age of instant access to world wide information about financial markets, it is not difficult for the average consumer to learn how to best invest their money. These days it is easy to set up an account that will grow in equity and allow a person to build a healthy saving for the future.
What is GIC learn this and more at this energy trusts guide.
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