Tag Archives: offers
Make Money By Spending on Your Credit Card
Tempting though it may seem, there are pitfalls in attempting to overleverage your credit cards using one of the many tactics exposed’ both in popular finance books and online. The reality is that in most cases, lenders have identified and considered any loopholes before the average consumer has heard about them, and if they have not already done so, are sure to correct them quickly.
For example if you swap cards repeatedly so as to keep within 0% interest offers, you risk being penalised by the credit agencies and eventually you will no longer be able to get any cards at any interest rate, or qualify for mortgages or loans.
One essential piece of advice is to ONLY use credit cards for cash-back provided you are not charged any interest. The temptation to use the credit card to gain cash from a cash point can be high, yet by not paying back the card in full at the end of each month, this can be an extremely expensive method of borrowing.
Some advice sources will tell you that cash-back on a credit card, paid off monthly in full is the same as cash-back on a debit card, but that simply is not true; no debit card on the market charges you for getting cash back with your for the simple fact that you are in fact accessing your own funds rather than extending your credit with a lender.
There are other theories that state that since many credit cards lend new customers money at 0%, you can easily borrow this money and put it into a savings account with as high a rate of interest as is available.
The theory is that you will then be earning interest on money you have acquired effectively for nothing and is similar to the idea that you can borrow money as an overdraft from the bank and swap large amounts between accounts in different banks to look as if you have a large income going in and going out.
This is supposed to boost your credit rating – but beware: when considering further credit, lenders are primarily concerned with whether or not payments were made on time rather than the size of transaction moving to an from accounts.
In general it is inadvisable to see interest free credit or 0% interest offers as free loans – these offers do not last forever and if you miss a payment you will actually accrue more interest than if you had a standard rate of interest in the first place!
With many card providers offering incentives to spend you can expect, with normal usage, to receive some reward for your spending – however, spending vast amounts of cash in order to qualify for free gifts, air miles or other similar incentives is not a good investment!
As with any type of credit, borrowing on a credit card can give you access to funds when you need them most as long as spending is kept within affordable limits it can be an extremely useful way of taking care of your outgoings but it needs to managed carefully.
Axis Bank Home Loan Calculator
Buying your own house is a big decision that requires careful planning. This is because it is probably the biggest financial decision that you will ever make. You need to ensure that the house fits your budget. Thankfully, Axis Bank home loan makes the process a lot easier. You can use the Axis Bank home loan calculator to find out if the house you plan to buy fits your budget.
Axis Bank’s home loan offers are designed while keeping in mind the needs of consumers. With features like attractive interest rates, balance transfer facility and flexible tenures, Axis Bank home loan is the best deal available today. You have the option to choose between flexible and fixed interest. The bank recently launched ‘NISHCHINT’, a lifetime fixed interest home loan scheme which offers home buyers loans at a fixed rate of 11.75 per cent for the entire duration of the loan that is up to 20 years. Under the floating rate scheme, the bank offers a minimum interest rate of 10.75%. Whether to opt for fixed or floating rate loan is solely your decision. Take into account the current market scenario; this will certainly aid you in making your decision. As an example, if the market trend suggests that the interest rates will not change much in the coming years, it is advised to get your loan locked at a fixed rate. Then again, if you feel that the rates will fluctuate a lot and might drop down from the current numbers, you should choose the floating rate offer, since it will average out your EMIs.
Home loans are offered by the bank for several purposes including construction of house, purchase of a new house or purchase of land. They can also be availed for extension, renovation or repair of your existing house. Axis Bank even offers takeover of an existing home loan. The amount of loan you can get varies according to the purpose of the loan. You may apply for up to 85% of the property value in case of home loans and up to 75% of the property value for extension, renovation or repair. You can lower your EMI by increasing the loan tenure; the bank offers a maximum tenure of 25 years.
Axis Bank charges a processing fee of 1%, which is nominal relative to other banks. Moreover, prepaying an Axis Bank home loan does not incur any early redemption charge, in comparison to other banks who have 2% prepayment charges.
Axis Bank’s offers surely look attractive but you still need to do necessary calculations to figure out a loan tenure and EMI that best suits your budget. With the right tools at your disposal, you can easily turn your dream home into a reality. To get the information on the installment amount is the easiest part today with the help of a loan EMI calculator. All you have to do is enter the loan amount along with the desired period and you will get the amount of EMIs calculated automatically. You can change the tenure to find out the most desired EMI that fits your pocket in the best possible way.