How to Use Your Credit Card Balance Transfer To Your Advantage

Credit Card Balance Transfer

First Published Date : July 31, 2010 ADawnJournal.com

Credit card balance transfer is a tool used by card companies to entice you to start using their cards in hopes that you will continue using their cards even after the balance transfer promotion is over – regardless of whether you pay off those balances you transferred or not. If you know a few simple techniques, you will be able to use credit card balance transfer to your advantage. Let’s go over a few basics on credit card balance transfer you need to know.

In Canada, you will usually get notifications of balance transfer offers in the mail. It is also a good idea to keep an eye on credit card company websites. Also, you can call their customer support line occasionally to check if any balance transfer promotion is going on.

Once you have a balance transfer promotion offer, read the terms and conditions carefully. Here are some tips to help you to get maximum benefit from a balance transfer:

How long the balance transfer will last – Pay attention to the start and end date of the balance transfer offer. Do not start before this date, even a single day ahead can make you pay very high interest. Likewise, do not stretch beyond the last date. Use Google Calendar, a reminder on your cell phone, or any other reminder to remind you at least 3 business days ahead of the actual end date so you will have enough time to pay before the deadline.

Avoid balance transfer fees – In Canada, usually these types of charges are not seen. However, you still need to make sure that it does not exist.

Write Cheques – If you get the offer in the mail, it usually includes customized cheques only for balance transfer purposes. You can use these cheques to pay off other high-balance cards, or you can deposit cash to your own account (using these cheques) and then pay off other credit cards from your bank account. Using these specialized cheques as cash should be written in the terms and conditions. Make sure that you will not be charged high interest for paying other credit cards by taking cash. Call customer service if you need to be sure.

Transfer by calling the customer service line – You can also transfer by calling the customer service line of the card that is offering the balance transfer. Sometimes, you will only be able to transfer to other credit cards; sometimes you will have the option to take cash in your bank account (linked to your credit card) and then you will be able to pay to other credit cards from your own bank account. Ask customer service which options are available and pick the one that is most convenient for you.

Do not pass your deadline – As I mentioned before, under no circumstances should you delay paying off the balances you used for those promotional months. Even a single day delay can make you pay additional fees and high-interest (instead of low interest) penalty and the whole purpose of transferring your balance will be forfeited. So avoid this at any cost.

More than one offer – Sometimes, you will get a balance transfer offer from more than one company. Use your judgment to pick the best offer. Usually, the lowest rate with the longer time-period offers the best value. However, a little higher rate with a longer term than a lower rate with a shorter term may be a better one to pick.

A lot of us decide not to utilize credit card balance transfer because of the hassle and steps involved with it. However, these few steps and a little hassle can save you some money. And it’s never wrong to save a few bucks here and there – it all adds up.

India’s Economy and Standard of Living

The Standard Of Living in India

First Published Date : August 7, 2010 ADawnJournal.com

India is a developing country that is on the way to becoming developed. Its economy is growing rapidly and that is helping to raise the standard of living. This is important for investors to know because the faster that India grows its standard of living, the more people within the country who will have buying power. The more buying power, the more money flowing through the country.

The current purchasing price parity adjusted gross domestic product in India is $3,176, which is still quite low. However, India has a growth rate of roughly eight percent per year, which means that it is growing quite fastest and it has what may be the largest middle class in the world. The current number of citizens in the Indian middle class stands at 300 million; however this is by Indian standards, which is lower than the standards set in Europe and the United States. However, the growing middle class means that by 2015, the PPP-Adjusted GDP will be six percent higher than it is now. The level of poverty has also gone down in India over the past few years, currently sitting at 22 percent of Indians living under the poverty line. This number used to be much higher and India is hoping to eradicate poverty by the year 2020.

Rural areas have a much higher level of poverty when compared with the cities and currently, 24.3 percent of the population lives on $1 per day, which is down from levels seen in 1981, which were as high as 42 percent.

India has seen the same type of effect on its economy as China has seen. As the country begins to build more and more infrastructure, export more and import more, the level of money for each individual then goes up. This means that people are able to purchase more, which raises their standard of living and the standard of living for the people they buy from. Current estimates have India increasing its middle class by 100 million in the next decade given how fast the economy is going.

It should be noted that India did see a slowdown during the recession that gripped the world in 2009-10, but that is beginning to change and once again the country is moving forward. However, during that recession, the country still had a very high growth rate for its economy.

In addition, the infrastructure of the country is also improving. There are roughly one million broadband lines in India, with 76 percent of the lines available via DSL and the rest available through cable modems. For water infrastructure, it is much worse for the country with no city within India having a continuous water supply, with the longest solid duration of water only being 12 hours a day. Some cities only had water for half an hour a day.

Even with some of these problems, India is working to fix them and make the country a world leader as a developed country. As the years go by, things are looking up for this highly populated country.

How To Protect Yourself From Identity Theft

Identity Theft 101

First Published Date: August 11, 2010 ADawnJournal.com

One of the worst things that can happen to you, financially speaking, is to have your identity stolen. While identity theft was exceedingly rare through most of the 20th century, it has become one of the fastest growing crimes in the world in the 21st century. Identity thieves have a plethora of ways to steal your identity and it can often be very difficult to handle your credit after an identity thief has attacked it. Throughout this article, I will show you what you need to know about identity theft, what you need to do to protect yourself, and what you need to do if you are a victim.

Identity theft is a type of fraud where a thief will pretend to be you by taking your identity with the expressed purpose of access your resources and credit information. They can then use that information to buy things in your name, take out loans in your name and more.

The term identity theft dates back before the internet existed, all the way back to 1964, and some argue that it is more accurate to call it identity impersonation since you cannot take someone’s identity and leave them with no identity.

Identity theft has an immense impact on the world, more than most people realize.

According to the book Stealing Your Life¸ an astonishing 38 percent of victims in the United States do not tell anyone that they are the victims of identity theft. The reason for this is that there is an embarrassment to it and many do not want to admit they were victimized by an identity thief.

In addition, identity theft increased rapidly in the first decade of the 21st century. According to the Federal Trade Commission, in 2001 there were 750,000 identity theft victims, whose damages amounted to $5 billion. By 2004, there were 10 million victims and the cost was $54 billion. By 2007, the FTC was receiving more calls and complaints about identity theft than any other issue. On average, someone who is the victim of identity theft will spend 330 hours trying to get their credit right and fixed. That amounts to nearly a full two weeks in time to fix the problem. It is important to note that is just the average. Times to repair identity theft damage have been found to range from as little as three hours, to as much as 5,840 hours. If it takes you 5,840 hours to repair your credit, it amounts to 243 full days, most of a year. That is time away from work, time away from family, trying to deal with something that should not have been a problem.

That is just the time it takes to fix identity theft, but what about the financial cost. According to the Identity Theft Resource Centre, it costs an average of $881 to $1,378 to fix a problem that you did not create.

We would also like to think that most identity thieves are caught and sent to prison but a Gartner study found that there is only a one in 700 chance of an identity thief being caught. If an identity thief is caught, they risk 15 years in prison and huge fines. However, the cost to the government is very high. It will typically cost $250,000 to prosecute such a case, even on identity theft cases that only cost someone $100,000.

If you are going to save yourself the trouble of being a victim of an identity thief, then you need to know how identity thieves get your information. There are a wide variety of methods, some of which you may be surprised at.

·   Thieves will actually dive into the garbage in order to get your identity. It is called dumpster diving and they will rummage through garbage bags to grab credit card bills. This is why it is so important that you shred all your bills and invoices.

·  Thieves will get information from computers and other electronics that you store your personal information on. This can include mobile phones, USB memory sticks, PDAs, PCs and servers. Whenever you get rid of your old electronics, you must completely wipe the hard drives.

·   Picking pockets is a proven technique for identity thieves. To protect yourself, do not carry identification you do not need, and keep your wallet or purse close to you. If you find they have been stolen, cancel all your cards immediately.

·   One simple method thieves use is to just look over your shoulder while you enter in the information or sign a credit card receipt. Make sure you are aware of people around you and always cover your hand when entering information on a keypad.

·   Malware is also used to get your identity. It is installed on your computer without you knowing, and then the information is stolen and sent to another computer. Having a firewall and software to find malware will protect you. Also, do not download anything you are not sure about.

·   False job offers are another way thieves will get your information. The thieves will accumulate resumes and applications that contain a variety of information including names, addresses, birthdays, email addresses and telephone numbers. In addition, some will even have banking information. Do not put any vital information on a resume without knowing exactly where you are applying. Sometimes it is best to drop off your resume in person so you know exactly where it is going. Never, ever put your personal information like banking details, on your resume as there is no reason for an employer to have it until you are hired.
·   Some thieves will impersonate organizations in order to get your information in what is called phishing. Never send your personal information over email or a website unless you went to the website without being prompted, and you have contacted your financial institution about an e-mail you received so you can verify it.

·   People use very simple passwords like pass1234 and password1. Thieves will try these passwords to get into your account so only use complicated passwords.

·   Thieves will steal your banking information off of checks, and they will even divert your mail to another location so they can get your bills. If you find that you are not getting your mail, contact your bill issuer and find out why.

·   Some thieves will get personal information off of social networking profiles. Many people put up their maiden name, birthday, pictures and more. Make sure you check your privacy settings so that you are not giving away too much information out for thieves to use.

If you find you are a victim of identity theft, you should do the following to minimize the damage.

·   Contact your local law enforcement agency immediately and report the crime to them. It is very important you do this because you can use the statement and information you get from the police department to help fix the problems caused by identity theft.

·   If your bank has been defrauded by the identity thief, then you should contact the bank immediately and report your debit card, checks and credit card as stolen. This will help minimize the damage; you should also look at having your bank account number changed.

·   It is important to know that, in the USA and Canada, you are not responsible for more than $50 of what someone spends on your credit card without you authorizing it if you notify your card company immediately. This is why you should report the credit card stolen immediately as it will make it easier for the credit card company to believe you, and that keeps you only paying $50. In Canada, credit card companies may provide zero-liability protection which goes beyond maximum liability ($50) protection. Check with your credit card company.

·   Put a fraud alert on your credit report. This will freeze any inquiries on your credit and alert your credit agency that someone is trying to get credit on your account. They will contact you to see if it is you and if it is, they will allow the inquiry to go through. If not, they will block the inquiry and notify the person trying to check the credit about identity theft. A fraud alert stays on your credit report for 90 days. If you want, you can get an extended fraud alert that stays on your credit report for seven years. It does not damage your credit and it keeps the damage minimal on your credit. Contact Equifax (www.equifax.ca), Experian (www.experian.com), or TransUnion (www.transunion.ca) to put a fraud alert on your account.

·   Lastly, get a copy of your credit report and keep an eye on your credit report every few months to make sure there are no errors on it. If something shows up, have it fixed immediately so your credit does not suffer.

More Resources:

If you ever believe you have been a victim of identity theft, here is what you can do:

– Call your local RCMP detachment or your Police Department

– Report your situation online through Reporting Economic Crime Online

– Visit PhoneBusters, send an email to info@phonebusters.com, or call 1-888-495-8501

Remember, common sense and vigilance are your best defence.

Kuala Lumpur Full-Day City Tour – Part 3

Malaysia Travel Blog: Discover Amazing Kuala Lumpur City Tour

Kuala Lumpur Travel Blog: Part 6

National Mosque (Continued from Kuala Lumpur Full-Day City Tour – Part 2)

There were many reflecting pools and fountains throughout the mosque. A sense of tranquillity and peacefulness existed throughout the complex.

I noticed there was a point up to which non-Muslims can go inside the mosque. The employees were not letting visitors inside, which seemed to be the main prayer room, unless they were Muslims. 

Some of the Kuala Lumpur skylines were visible from the mosque. I saw 2 buildings connected on top, which looked like a boat, next to the St. Regis hotel. This building complex kind of looked like the Marina Bay Sands Hotel in Singapore. I was not sure if these 2 buildings were a part of the St. Regis hotel or separate.

Independence Square & The King’s Palace

From the National Mosque, I headed to Independence Square. This is also known as Merdeka Square or Dataran Merdeka. Independence Square features a panorama of long-stretch, fascinating buildings in an array of architectural styles. Here the remnants of the British Empire are clearly visible.

The King Palace is the official residence of the Malaysian supreme king and a symbol of Malaysian sovereignty. The palace is made of many golden domes and structures influenced by Islamic-style architecture.

The palace complex was huge and tourists only can come close to the entrance gate. The main palace was far from the gate, but still visible.

I stopped at a few more locations here and there. I will be heading to the Batu Caves, which are located north of Kuala Lumpur.

What Age Should You Retire?

Are You Ready to Retire?

First Published Date : August 14, 2010 ADawnJournal.com

Everyone knows that the general retirement age is 65, which is when people feel they will retire. However, for some retiring at the age of 65 is too late, while retiring at that age is just too early. So, how do you know when the best year of your life is to retire? It is a tricky balance. You want retire in time so that you can enjoy your remaining years because no one wants to retire at 85. However, you also want to make sure that when you do retire, you have the money to enjoy yourself. You can’t live on $10,000 a year if that is all you have to sustain you for the next 20 years if you retire at 65.

When looking at if you are psychologically ready to retire, see if any of these match what you feel:

1.   You find that work interferes with the things that you want to do with your life.

2.   You want more freedom with your life.

3.   You want to retire when you can still enjoy your retirement and still have your health.

4.   You are prepared to lower your costs in order to save more in your retirement.

5.   You are not fulfilled or happy in your job anymore.

6.   You have plans and goals you want to fulfill with your extra time.

The next thing you need to do is look at whether or not you are ready to retire financially. This can be harder to determine because there are so many variables. Do the following to determine if you are ready to retire:

1.   Look at how much you pay out for expenses now, and determine what you can cut back on. Then, look at your expenses at that point and how much money you need to live on for the next 30 years.

2.   Look at how much you have in your savings and retirement fund and divide it by 30. If it gives you enough to live on, you may be ready to retire.

3.   Determine how much money you have in spare in case of disaster. As you get older, medical costs can come up and that will cause severe problems with your finances.

4.   When you retire at 65, you should have enough money to last you for at least 25 years living just on pensions, retirement income and retirement savings. It is important to remember though that if you retire at 55, you need to have 35 years of savings and retirement income at your disposal. The sooner you retire, the more money you need to live off of because there are more years before you reach the end of your life, statistically speaking.

If you match these criteria, and you are ready for retirement, then you should seriously look at retiring. Retirement is something that you will look forward to, but if you retire too late, or too early, you will not be able to enjoy it as you would want to.