How Many Credit Cards Should You Have in Your Wallet?

The number of credit cards you carry in your wallet largely depends on your personal preferences, spending habits, and organizational tendencies. However, you see people carry several credit cards in their wallet. Why do you think that is?

Possibly, because they want to take advantage of the rewards and the sign-up bonuses that come with carrying several credit cards, but where do you draw the line. To help you decide, here are three different scenarios:

1.      Carrying One Credit Card

Most people open only one credit card account, especially newcomers and people who are trying to correct their past financial mistakes. People with an established credit line may also opt to carrying one credit card in their wallet.

Even though carrying one credit card is an ideal scenario, you should apply for another credit card. Doing so will allow you to use your credit cards in a strategic manner, which will then allow you to save money. In addition to this, it will help you create a good credit card history.

2.      Carrying Two Credit Cards

By carrying two credit cards, you can reap in the benefits of having two reward cards, one giving you cash back on all purchases and the other one associated with your favorite retail outlet. However, having two reward cards is only applicable if you have zero credit debt.

Conversely, people with debt or those with plans to incur debt down the line should opt for a 0 percent card for financing and a rewards card to use every day. If you apply for a third credit card, it will allow you to target your rewards cards to three of your biggest expenses, that is if you pay the entire sum, or you can even combine the rewards cards with a 0 percent  card.

3.      Carrying Three or More Credit Cards

People who carry three or more credit cards in their wallet should not apply to obtain more. Having three more cards allows you to use the cards strategically and in a way, that suits your financial needs. Additionally, it allows you to benefit from sign-up bonuses and 0 percent interest rates. The downside of having three or more cards places a lot of responsibility on your shoulders.

The probability of you facing financial shortcomings due to mismanagement may increase. The choice on whether one should carry one, two, three, or more credit cards depends on the individual. If you are thinking of closing your oldest account to open another, understand that doing so will lower your credit card score.

You need to carry at least two credit cards to diversify your portfolio. If you carry more than two, you risk finding yourself in a financial mess, especially if you tend to use them to make minor purchases. Plus, the responsibility of repaying the debt on so many credit cards also grows.

The Verdict:  Carry two credit cards in your wallet, no less and no more than that!

Save Money On Holiday Shopping With These 4 Simple Tips

“Tis the season to be jolly” goes the old Christmas carol and indeed that holds true for all holiday seasons. But the holiday season is also the season to inspire lots and lots of spending effectively, turning the whole thing into a veritable nightmare once the bills start flowing in.   So whether you’re shopping for presents, buying and dolling up your Christmas tree, or ordering the largest turkey in store complete with all the garnishing, there are many ways you may track and curtail your expenditures.

Use the right card for the right purchase

Every holiday season, different credit cards offer great discounts when shopping at specific stores or fine dining at many restaurants. For example, RBS might offer a flat 25 percent discount while shopping at Macy’s departmental store. Moreover, many megastore outlets also offer their very own ‘loyalty’ cards that offer special rewards and incentives to their valued customers. These may be in the form of special discounts, ‘buy one and get one free’ deals as well as gift coupons for the purchase of goods up to pre-specified amounts. For example, a store may offer a $20 coupon for the purchase of items worth $100. More ever both loyalty cards and credit cards offer ‘cash back’ incentives as well as bonus points that may be redeemed at different stores, restaurants, and service stations.  Utilization of such cards’ discount features may end up saving you a substantial amount.

“Sale Mail” accounts

When shopping, it is wise to set up what may be referred to colloquially as a ‘sale mail’ account. It may be a free email account that you create exclusively for the purpose of checking discounts being offered at different restaurants and stores. Often commercial establishments ask their customers to drop their email addresses so they will be able to receive discounts and incentives right in their mail box.

Such an email address may be ignored till its holiday season, in which case you may sign in and check your favorite stores to see what they are offering and at what prices before rushing into a buying spree. But please do remember to save your password whenever you make such an email account.

Bargain

Yes the noble art of bargaining seems to be disappearing these days. But that does not mean you have to take everything at tag price value. Sometimes good old fashioned ‘haggling’ can convince a seller to drop his prices rather than lose a potentially lucrative sale. So learn to bargain and bargain well. It would help if you have done your homework beforehand, by checking prices at other stores as well.

Shop online

This way it is far easier to compare prices then to trudge from store to store.  Not only does it eliminate all the hassle but this way you can beat the holiday season rush and be able to stay away from the ‘battle of the parking lots.’ You may also utilize different coupon sites that offer online discounts and actually have your presents delivered not just to your home but to all your recipients as well.

Why You Should Finance Your New Car

Every person wants to own a car. It is all about living the dream life, where you own a house, have a loving family and of course a new car. If you are short on the last part of living your dream now is the time you should think about financing a car purchase.

Despite what people say, auto financing is not one of those crazy schemes, which dealers are out there to get you with. In fact, getting a loan or entering into a contract with a dealer for purchasing a car is less hectic than purchasing it outright with cash.

Reason Why Financing a Car Purchase Is Better than Buying a Car with Cash

If you are one of those people who think that if you buy a car with your savings account or credit card, you will avoid the interest, then think again. You are forgetting what this might do to your credit rating and where you will get immediate cash if you are in an emergency.

Benefits of Financing Your Car Purchase

  • Low interest rates than personal loan
  • Small monthly instalments
  • The collateral damage in auto loan is the car itself whereas the collateral damage in a personal loan is your house

Financing a car purchase also gives you the benefit of owing a car within a year or two, where no money is spent from your pocket. The 3 to 4.5% interest rate on auto loans is significantly lower than the interest rate on any other loans.

Auto loans are mostly based on good credit rating. Where a dealer might overlook your bad credit rating, a bank bases your loan application solely on it.

A good credit rating in UK is considered above 800 and anything below that is considered bad. A customer with a credit rating might get a 0 or 2.3% interest rate on the loan while a person with 750 score might get a 10% interest rate.

Whether you are going for a dealer loan or a bank loan, the risks involved are far less than those involved in personal loans.

Perhaps, the best part about financing a car purchase is the benefits offered by the PCP contract. This contract gives the person the option to either buy the car, sell it privately to pay the remaining amount or pay the resale price to own it.

Both 2015 and 2016 (till now) has been a great year for car financing as the interest rates on auto loans are as low as 4.5%. This percent is predicted to increase in the following years. So, this is time to start financing your car purchase because it will be easy to pay the APR.

Though, buying a car outright carries 0% interest, car financing gives you room to spend your personal savings on other things. You are not restricted by your onetime payment and the three years repayment period gives you more than enough time to pay back the loan.

Invest in yourself

Don’t do it! Don’t trade online without learning about what to do first. Trading online without an idea of how to do it other than give your money away… is the same as throwing your money on a fire. There’s nothing wrong with doing that of course… that is if you want to be poor. If you want to be poor… sure… go right ahead.

What the average newbie online trader doesn’t know never fails to scare the living pants out of us. Most people see the Wolf of Wall street and think that they can become a billionaire trader over night. This simply isn’t true! Where do you start? Go on… ask yourself.

With the internet came hundreds of ways for the average person to lose money on the stock market. This includes trading stocks, investments, binaries, bods, gilts, indices… you name it. With so many options to choose from, it’s no wonder people get confused… but they still try it anyway! The problem with this is that good money can be made from the stock market! However, most people dabble and then lose money, which cause them to give up before they experience any success.

We provide courses that teach users how to best use financial instruments to increase their wealth. Our courses are easy to use and aimed at beginners, however we do have intermediate and mid-level course for those who are making a bit of money but want to make it to that next level.

After six months of learning with us, you will know how to make a minimum of $500 a month from your own personal stocks and trades. If you’re happy to reinvest in some of the things you’ve learned…  you can progress to our more advanced courses, which offer improved earnings.You can invest in yourself by making profitable savings like some of the best Canadian stocks today After a full year with us, you should be earning somewhere around $40,000 from your own portfolio. Not to be sniffed at i might add.

We do have an elite course, which is reserved for only our most accomplished students. This is a very intense course, which costs circa $10,000 for half a year. By the end of the year course, you could be earning anywhere from $500,000 to $5 million in a year. This… i’m sure you will agree… is a bargain for the prices you pay for entry.

For more information, please get in contact with us. One of our trained experts will be happy to explain the detail of our courses and what they can do for you. This way you can make an informed decision about what to do and how you can benefit going forward. Take action–pick up the phone and call today.