Credit cards are becoming increasingly common in India, and while they come with a lot of convenience; the high interest rates and other charges mean that you have to be careful how you use them. In this post, we look at 5 tips on wise credit card usage, and how following them can save you from a whole lot of financial heartache. These 5 tips are very logical tips which a person should understand by them selves , we have to understand that the free credit we get from credit cards is not really free , its actually a business for Credit card companies and hence somewhere in the whole process they have a way to make money . 1. Pay your balance in full: This one is so basic, I was not going to write it, but as I thought about it – I realized that this should really be the first point. Of all the loans you take – credit cards will come with the highest interest rates. If you run a credit card balance every month, then the interest charges can add up quickly. If you have a balance on your credit card, pay it off in full before the next due date. This ensures that you don’t have to pay interest on your balance, which is really extra money you can keep to invest and build savings for yourself. Curiously enough, I know many people who don’t pay off their credit card balance in full, but at the same time make lower yielding investments with their money. This is not good math. If you have a credit card balance that is charged at about 30% per annum and an investment that gives you just 8% return – you are much better off paying the entire credit card balance before you think of investing your money. The extra interest you pay on your outstanding balance offsets any interest income you receive from your investment. If you run a balance, it might also indicate that you are spending beyond your means, and that is a bad financial habit that you should get rid of as soon as possible. 2. Avoid credit cards with annual fee: Unless you have a specific benefit in mind from the credit card, don’t go for a card that has an annual fee. It is always good to get a credit card with no annual fee because then the only expense you can have on it is the interest payment. And if you pay off your balance in full every month – you won’t have to pay any interest and your credit card will in effect be free. To add to that, even most free credit cards have some sort of a reward program that you can benefit from. Why pay for something when you can get it free? The other thing to keep in mind while evaluating fee is how likely you are to benefit out of it based on your usage. I reviewed the HDFC Value Plus Cash Back credit card a few months ago, which had an annual fee of Rs. 700 and up to 5% cash back. At a cursory glance, it seemed to me that Rs.700 may not be very high due to the cash back, but a further look at the terms and conditions told me that the cash back will only be credited to your account if the monthly balance is over Rs.10,000. That told me the card was not meant for people like me who are not likely to run up such a balance on their credit card every month. Bottom-line: If you are going for a credit card that has an annual fee – make sure you go through the fine print and are certain it will be worth the cost to you. Credit 3. Get a credit card that is easy to pay off: I used to have an ICICI credit card and a SBI credit card. Both of them had similar features, but the ICICI one was really easy for me to pay off, as I had an ICICI Bank account, and the credit card was linked to it online. All I had to do was go online and pay off the credit card balance through my ICICI login. As a result, I ended up using the ICICI credit card a lot more than the SBI one. Ease of payment means that I can pay off the balance very often, very easily, and rarely run the risk of late fee or interest charges. While thinking of which credit card to apply for – consider how easy it is to make a payment on it. This might sound like a trivial thing now, but you’d kick yourself if you had to pay late fees just because you lost your cheque book, or were too busy with your work to go to the bank and deposit the cheque. In fact, I’d go on to suggest that you add payment reminders on your email, phone or even a little post it on your refrigerator. Life gets busy sometimes, and a little help can go a long way in saving you in late fee and interest payments. 4. Keep a track of your statement: A few years ago I went through my credit card statement online and saw that there were some charges from an unknown merchant. I was pretty sure I had not bought anything from them, and I called up the customer care to know what they were all about. I was put on hold for a long time, and couldn’t get through, however, the next day I noticed that the merchant had reversed the transaction, and I even had a small credit from them. While I got lucky in this case, there is no guarantee that credit cards won’t get abused. Always keep track of your monthly statement. If you can go online and check your transactions – that is even better because you don’t have to wait till the end of the billing period. I used to go online every week or so and check up on my credit card statement to make sure no unauthorized use was happening. 5. Don’t use your credit card as an ATM: By this, I don’t mean that you shouldn’t use your credit card at the ATM, (although you should avoid it as far as possible). What I mean is a tendency to withdraw cash from your credit card and make a habit out of it. Treating your credit card as an easy access to cash that you can count on will not help you in the long run. For one, the interest rates on cash withdrawals are generally higher, and if you get into this habit, – you will run up high outstanding balances pretty quickly. For another, the cash advance limit will usually be a lot lesser than the overall credit limit, so it won’t get you very far anyway. Just that the interest will keep adding up and grow very quickly. Withdrawing cash from your credit card should really be the last option. Usually, cash withdrawals come with some sort of cash advance charges, and more than that if you regularly withdraw cash from your credit card – it indicates a tendency to overspend and go beyond your means. This is usually an indicator that your personal finances are going down-hill. Getting a cash advance from a credit card should generally be a last resort thing. Read a Customer review on Mouthshut I have saved all my friends by sharing my horrible experiences with ICICI Credit Cards.The customer care people are polite only till the greetings other wise they behave and speak like a criminal and very sarcastically. I have been using it for 2 years. But the customer care behavior problem is consistent. Normally I have been paying them always on time and the bill is normally above RS 5000. But once (3 months back) I had to go outstation suddenly and missed the pay date for first time for a day or two. The amount this time was also very low (maybe 1500 or 1800) as compared to other months bills. I suddenly started getting calls from a HORRIBLY SPEAKING customer care lady. When I mentioned I am travelling and will not be able to pay for another 2 days as my journey is a 3 day journey she started abusing and threatening me. She even mentioned that by tomorrow morning if I will not arrange for the payment she will send some one to my home for payment, when I said this is rubbish and she should not speak like this she started shouting and said “I will send someone and can do anything if not payed by tomorrow and reminded me that if I will not pick this call after seeing her number further she will be worse”. Is this is the way a bank should treat a long time and good customer? I have stopped using the card from that day. [ LINK ] Credit Card Mistakes [Video] Conclusion The over-arching theme of these tips is to get the convenience of credit cards for free. That’s what it really boils down to. To me, credit cards make shopping convenient and that is a big benefit, but at the same time, they tempt me to go beyond my means, or pay extra by way of interest. The key is to get the benefit of convenience but not have to pay anything for it. The above tips will help you do both, or at the very least – strike a balance between the two. What do you think? Have I missed out any obvious tips or something you’d like to add based on your experience ? POLL What is your Spouse’s level of Understanding and Interest in Personal Finance ? online surveys Comments please ? Leave your comment to provide another tip and let us know what you think about Credit cards . This is a guest post written by Manshu from OneMint . If you liked this post, please consider subscribing to his site . Post Footer automatically generated by Add Post Footer Plugin for wordpress. Related Posts: Review of BankBazaar.com , Excellent User Interface How to Open a PPF account at SBI Bank 17 tips in Personal Finance Real Story about an Investor who Fought for 9 months with ICICI Bank Floating Rate Mutual Funds – How, When and Why? Powered by Contextual Related Posts

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5 Logical Tips about Credit Cards

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I’ve been asked about the NMDC IPO

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Michael Lewis on The Great One-Eyed Fund Manager Michael Burry . What an inspiring read. Matt Taibbi on Rick Santelli’s rant on Predatory lending where he said “You can’t cheat an Honest Man”. Yeah, dude, come to India’s ULIP world and I’ll show you how honest people can easily be cheated out of their money. The similarity: Neither regulator gives a rat’s ass. Mumbai’s BKC land auction fails to get a single bid . A 435 crore expectation for 34,000 sq. foot land didn’t get takers. A friend mails in details – for a (low) construction cost of Rs. 1000 per sq. ft., the project will cost nearly 600 crores, and with a 200 Rs. per sq. ft. rental, realisation will be 38 cr. a year, probably 25-30cr. after costs. That’s a cap-rate of 5%, when rents are as high than downtown Manhattan (where you can get $4 a month rents easy); Comparative returns in Manhattan are near 7% today . DLF says levy on property tax is counterproductive . A clarification on wednesday noted that only 1/3rd of the agreement value is “service”, so only that portion will be taxed, reducing the quantum of increase to 3.33% on the agreement value. Weighing that as more important than the land sale failure in the earlier link, and the interest rate increases by banks, real estate players went up between 4% and 10% today. [I’m kidding. They could have gone up on any reason, but it’s fun to invent reasons for an indisputable fact] Martin Wolf on the Indian Elephant charging through the crisis . He says that India’s GDP grew 14% in nominal (non inflation adjusted) terms in the last five years, so why are we cribbing about a 6% fiscal deficit? Salil Tripathi on how India lost it’s M.F. Husain . I hardly get political on the blog but I find it dirty that a bunch of goons can hold anyone to ransom in this country. When a Raj Thackeray says obviously anti-someone things, there is no move to arrest him; because he is only talking, they say. M.F.Husain didn’t even talk – he just painted – and he should be arrested? We need to change this country; we’re younger than Husain, and we don’t have to leave. This post is written by Deepak Shenoy , at Capital Mind .

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Linkfest: Michael Burry, Real Estate…

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The first thing an investor must think of is how long he could invest his hard earned money.  If he could invest it for more than a year, equities will be good.  If it is less than a year, don’t go for equities. Liquid Funds will do.  Market has shown that equities do well in the long run. So, if you opt for long term deposit, equities are the best. Whatever, your investments never forget to save some money for emergency.  It is advisable to keep aside three month’s expense amount as emergency fund. In case, you are a family man six month’s expense amount should be deposited in liquid funds. Flexi Deposits, Liquid Mutual Funds are safe for such investments. Most of the NRI’s hate insurance. If they insure, it is due to the compulsion of some insurance agent or for tax evasion. He seldom realizes that insurance is very cheap and is a security for his family on his untimely death. For instance, a male in his 20’s can get a long term (20 years and above) Pure Risk Cover of Sum Assured Rs.10 lakhs for only Rs.200 per Month. So don’t forget to get long term pure risk insurance coverage. Whatever the investment, take the yearly profit.  Don’t become greedy and add it to the principal for more returns. It will only increase the risk of losing everything.  18% to 24% can be expected from an equity investment for one year.  It will save you from tension and panic selling. Keeping a regular check on your stocks and market trend will save you from unnecessary stress and impulse to panic selling. Never give in to speculations. Once you become addicted to speculations, you tend to invest more. You will eventually start borrowing for speculative investments, which will ruin you for good in the end. Instead of going for high risk speculations believe in long term investments and safe and steady returns.

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ICICI and HDFC hike auto loan rates, end teaser loans for housing loans : [The] country’s two leading private lenders ICICI Bank and HDFC Bank on Thursday raised lending rates for auto loans, in a clear signal that rates would harden in the coming days. Mortgage major HDFC and ICICI Bank also discontinued with their special home loan schemes, which offer lower interest (teaser) rate for the first few years of the credit period. An HDFC spokesperson when contacted confirmed to PTI that the lender is not continuing with the special offer which was valid only up to 27 February. … Auto loans rates have been raised by 0.25-0.50% depending on segment and tenor with effect from March 5,” an ICICI Bank spokesperson said. With this hike, lending rates for new auto loans will now be in the 9.75-11% range. HDFC Bank hiked auto loan rate by up to 100 basis points. Industry experts said that the rate hike was largely prompted by signals communicated by the Reserve Bank in its last monetary policy review on 29 January. Remember, there was a CRR hike by the RBI, by 0.75% which is now fully effective. But see how the banks respond – to a change in CRR, there’s an instant increase in the loan rates. But when rates were falling, there was little or no response to cut rates – the only things done were two year teasers, which are not, in any sense of the phrase, rate cuts. And they have also said the “teaser rates” can’t be extended to existing customers : Amid a debate over teaser rates, bankers are believed to have turned down the Reserve Bank of India’s (RBI) suggestion to extend the cheaper home loans to existing customers saying that the move will impact their bottom lines. No wonder the RBI wants to give more licenses – there must be stronger, harder competition to make sure banks are incentivised to be more customer oriented. Now if they only banned pre-payment penalties completely… Food inflation came in at 17.87% today; the RBI is likely to have another rate increase in April. Rate increases aren’t one-off events – the rates will keep going up, first causing and then reversing the course of inflation. RBI rate transmission to general economy is dormant on the downside (when they reduce rates), it’s marginally more effective on the upside (when they raise rates), because of the reason I mentioned earlier – banks are eager to transmit raised rates instantly but do not give the benefit of lower rates. The quoted excuse is that their old deposits were booked at higher rates so they can’t reduce rates easily; but when rates go up their depositors immediately withdraw the lower rate deposits and rebook at higher rates. (That falls flat – deposit rates go up MUCH later than lending rates.) If rate increases continue – and they look like they will – it will hurt borrowers. That will definitely hurt the real estate market, for one. Car buyers will already be looking at a higher price tag from the excise duty hike, and higher loan rates should stunt the market some more in the coming months. The question though is: at what point will the system be exposed to a large number of defaults? This post is written by Deepak Shenoy , at Capital Mind .

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Ending the Teaser Game, Hiking Rates

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Let us say you have 1 Lakh rupees and you want to invest for the term of 1 to 1.5 year which can earn a decent interest rate. You thought of fixed deposit in a bank and kept an FD for 1.5 year with 6% per annum. Just after one month, bank increased its FD interest rate by 0.5% and again after 6 months interest rate is increased by 1%. But you cannot avail this benefit since your FD carries fixed interest till 1.5 years. Is there any investment instrument to work to handle this situation? Of course Yes, Mutual fund industry has floating rate debt mutual funds. Basic Definitions you should know Coupon rate : The stated interest rate on a bond or other debt security when it’s issued. Benchmark rate : A rate used as a yardstick for measuring or setting other interest rates. Expense ratio : A measure of what it costs an investment company to operate a mutual fund. What are Floating Rate Mutual funds? These are the Debt mutual fund which invests about 75% to 100% in securities which pay a floating rate interest (bank loans, bonds and other debt securities) while the rest is in fixed income securities. See List of best Debt Oriented Mutual funds There are two kinds of floating rate funds – long term and short term. The portfolio of the short-term plan is normally skewed towards short-term maturities with higher liquidity, and the portfolio of the long-term plan is skewed towards longer-term maturities. However, even the longer-term funds are positioned more on the lines of short-term funds and are not very aggressive. Floating Rate securities vs Traditional bonds As you may know, most bonds have fixed interest rates that are set when they are first issued, either by a government or a corporation. That rate of interest doesn’t change for the life of the bond. A floating rate security, on the other hand, has a variable interest rate. That means its interest rate will go up and down, or “float,” to reflect changes in current market rates. Depending on the particular floating rate security, the interest rate may change daily, monthly, quarterly, annually, or at another specified interval. The rate is generally changed to keep it in line with a particular interest rate benchmark, which is often called the “reference rate.” Among the benchmarks used to set the interest rate on floating rate securities are the MIBOR (Mumbai Interbank Offered Rate) . Hence, each time the benchmark rate fluctuates; the coupon rate is adjusted accordingly. Note The MIBOR rate is the weighted average of call money business transactions done by 29 institutions, including banks, primary dealers and financial institutions. This rate is calculated and disclosed by FIMMDA-NSE.  [ Ignore If you dont understand ] Credit Quality and Risk/Return spectrum Credit quality is the measurement of a bond issuer’s ability to repay the debt. Investment into AAA and equivalent rated instruments, call money market and government securities are the safest and most liquid instruments, while below AAA and equivalent rated instruments reflect downgraded quality and lower liquidity. However, their lower quality results in better returns, albeit at a higher risk Example analysis Let us compare the floating rate, fixed rate debt fund and liquid funds over the years to understand the performance. HDFC Floating rate Income fund long term plan (G) HDFC Floating rate Income fund Short term (G) HDFC High interest (G) HDFC Liquid fund (G) Category Debt: Floating Rate Long-term Debt: Floating rate short term Debt: Medium-term Debt: Ultra Short-term 1 month 0.35 0.35 -0.65 0.3 3 month 1.20 1.06 -0.4 0.95 1 year 7.68 5.0 5.53 4.68 3 year 8.58 – 8.2 7.17 5 year 7.48 – 5.98 6.77 Expense ratio 0.25 0.75 2.25 0.5 Exit load 3% within 18 months Nil 0.5% within 6 months Nil Why When How Why to opt for floating rate funds The primary advantage of these funds is that they are less volatile than other types of debt funds . In case of fixed rate bonds when interest rates in the economy change, the price of the bond adjusts to make up for the fixed coupon of the bond . Looking at the performance table over different time frames, floating rate funds have delivered outstanding performance over the years and more importantly, with considerable consistency. A look at the performance table also reveals a better consistency in delivering higher returns when compared to other type of funds. Credit quality of floating rate funds’ category is more or less similar to liquid funds and ultra short-term funds. Average maturity doesn’t play a very important role in case of floating rate funds as they invest in instruments, which have a variable coupon rate. When to opt for floating rate funds Floating rate funds make better choice when interest rates are set to rise. Floating rate fund can be considered to establish emergency fund. In the above case of HDFC Floating rate Income Long term plan (G), one can slowly build up emergency fund and once 18 months are over, you can redeem any time. If investment period is 1 to 2 years and liquidity is a concern, then one can look at floating rate funds over fixed rate debt funds. Now banks are coming up with recurring deposits with quarterly revision of floating rates. Always look for alternatives as per your investment period, returns, risk and liquidity. How to select floating rate funds Long term floating rate funds are better than short term considering performance, less expense ratio. Select a fund which has proved its performance over a period. (This shows the effectiveness of the fund house in mobilizing the assets under management). Select the fund which invests significant % of asset in companies/securities with highest credit rating. Select the fund with low expense ratio. Floating rate funds in India The primary reason for their lacklustre presence in the mutual fund industry has been investor ignorance of the nature of floating rate funds. There is a shortage of sufficient long-term floating rate instruments. Because of this, fund managers divert certain portion toward fixed interest securities. In the present situation of Indian economy, money market and higher inflation situation, interest rates are set to rise in near future. Always consider floating rate funds over liquid/ultra short term/debt funds. List of Top Floating Rate Mutual Fund Long Term Birla Sun Life Floating Rate LT HDFC Floating Rate Income LT See : Full List Short Term ICICI Prudential Floating Rate D Tata Floating Rate ST Inst See : Full List For the First 10 yrs of Career, Which one is better ? Renting or Buying a house trends Comments , Do you think you can add these to your Portfolio for some short term goals ? This is a guest post from Srinivas Girigowda who is one of the best contributors on this blog , Kudos to him. Check out his finance blog Here Post Footer automatically generated by Add Post Footer Plugin for wordpress. Related Posts: Impact of New Income Tax Slab on Common Man Which is the Cheapest Bank for Home Loan in Market How to look beyond short term returns in Mutual Funds List of Best Debt Oriented Mutual Funds for 2009-2010 How to Miss your Income Tax Returns (ITR) Deadline and Still Enjoy Powered by Contextual Related Posts

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Floating Rate Mutual Funds – How, When and Why?

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Era Infra Engineering Ltd has informed the market that it has bagged four orders worth 508.89 crore. Order Info > ”Main Plant, CW, Make-up, Offsite Civil Works Chimney & Chimney Elevator” Package for Nabinagar Thermal Power Project (4

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No more confusions of if you need Import Export Code , You don’t need that any more if you are not doing that business , No Paypal has decided to introduce a new field called Purpose Code which is something they have asked us to give info of when we ask for the bank withdrawal request. So starting on 3rd March you can request a new withdrawal to your local bank account, and you will need to select the Purpose Code relevant to your business. Code Category Description Who should be using it P0101 / P0104 Export of Goods Value of export bills negotiated / purchased/discounted etc. (covered under GR/PP/SOFTEX/EC copy of shipping bills etc.) eBay merchants, jewelers, sellers of collectibles and other such products through eBay and your own websites / catalogues globally. Please note: Cross border shipment of goods and services for which you file GR / PP / SOFTEX / EC forms only should be processed with this code. Use P101 if Deutsche Bank is your banker and P0104 if you bank with any other bank If you have any questions, please check with your bank to help you with the same. P0301 Travel , Hospitality and Tours Purchases towards travel (Includes purchases of foreign TCs, currency notes etc over the counter, by hotels, hospitals, Emporiums, Educational institutions etc. as well as amount received by TT/SWIFT transfers or debit to Non-Resident account). Online Travel Agents, Airlines, Railways, Buses, Taxicab Services, Hotels, B&Bs and other travel / tourism related sales through PayPal P0801/P0802/P0803 Information Technology Computer Information Services. Hardware / Software / Data Processing consultancy/implementation If you are an independent / freelance coder / hardware consultant or data processing service provider, or a small business providing such services for websites globally, please use these codes. For all IT related consulting services where you know you do not need to file a SOFTEX form, please use the appropriate code. 801 for hardware consulting, 802 for software consulting and 803 for data management and processing consulting services P0805 Content and Journalism News Agency and Subscription services If you are a freelance journalist / blogger / news aggregator please use this purpose code for withdrawals. P0806 If you are a newspaper or an online news aggregator for websites overseas, please use the appropriate code from these two. 805 if you a freelance journalist, and 806 if you are a newspaper / aggregator P0902 Licensing of creative works Receipts for use, through licensing arrangements, of produced originals or prototypes (such as manuscripts and films) Artists, designers, other creative service providers where the principal revenue mode is license fees, please use this code. If you produce creative works which you license out for entities overseas, licensing revenues may be classified under this purpose code P1004 Other services Legal Services If you are providing outsourced law related services P1005 Accounting, auditing, book keeping and tax consulting services For accounting consulting and accounting services P1006 Business and management consultancy and public relations services Management / brand consulting and management services can be exported with this purpose code P1007 Advertising, trade fair, market research and public opinion polling services Marketing/ brand consulting / logo design / event management services can be exported with this purpose code P1008 Research & Development services If you are an outsourced research and development services provider based in India, receipts can be inwarded through this purpose code P1009 Architectural, engineering and other technical services Any other technical services such as eTutoring, education and other services you render over the internet via web conferencing tools or similar channels, please use this code for your withdrawals Q. I run a charity, and I am based in India. I don’t see the purpose code for donations and charities A. PayPal can currently be used only as a gateway for payments of goods and services into India. We cannot process payments for charitable donations at this time. Q. My account says I am not allowed to withdraw. I see my balances are restored but I am unable to provide a withdrawal instruction A: We may have suspended withdrawals from your account as we work to incorporate changes in the withdrawal process. We will be requiring additional verification regarding the nature of the transactions you are performing. Q. I used to use PayPal for Personal Inward Remittance to India. Now, my balances are stuck in PayPal A. We are no longer able to complete these withdrawals to your bank account in India. You do have the option to complete your withdrawals by check. If you have any questions, we urge you to contact PayPal customer support by logging into your PayPal account and clicking on ‘contact us’ at the bottom of the page. Bank Withdrawal Info for Normal Customers using Paypal is a post from: First Blog for Indian Financial Market

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Bank Withdrawal Info for Normal Customers using Paypal

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The mutual fund industry didn’t get anything from the finance minister, but that has not stopped them from exploring how they could work out some of the other proposals in direct taxes to their advantage . Though a sizable part of the industry was expecting the FM to scrap the tax arbitrage opportunity available to corporates investing in short-term debt products, he did not oblige. Some mutual fund players were trying to figure out whether they could corner the extra Rs 20,000 investment that qualifies for tax deduction announced in the Budget. In addition to Rs 1 lakh under section 80C, an investor can invest an extra Rs 20,000 in long-term infrastructure bonds to claim tax deduction, the FM said in his Budget speech. “We are not sure whether we will be able to launch a product to invest in these bonds,’’ said the chief of a private sector mutual fund. “Since this is in addition to Rs 1 lakh, even our tax saving schemes won’t be able to attract this amount,’’ he added. “MFs are unlikely to get this pie. Even in the past, the government had allowed ICICI and IDBI to issue taxfree bonds,’’ said another MF manager. “The government is most likely to come up with a list of institutions which can issue such bonds in the near future.’’ Financial advisers are unanimous that the bonds will be useful for investors looking for long-term taxfree returns. However, they await details — such as the lock-in period and interest rate — before recommending them to their clients. They believe that the bonds could lose their charm if they have a long lock-in . However, the tax-free status, backed with government guaranty, would still make them hugely popular among risk-averse investors.

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United Bank of India IPO which was open from Feb 23rd 2010 to Feb 25th 2010 was fully Subscribed by 33.38 times.They have received bids for 1,66,88,50,900 shares as against issue size of 5,00,00,000 shares. Over subscription Details > Qualified Institutional Buyers (QIBs) 47.0824 > Non Institutional Investors 39.1525 > Retail Individual Investors (RIIs) 9.8038 > Employee Reservation 0.5301 United Bank of India IPO Allotment Status Can be Found Here. United Bank of India IPO Allotment – Will be Lottery Based is a post from: First Blog for Indian Financial Market

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United Bank of India IPO Allotment – Will be Lottery Based

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