The Bank of England has reported a significant rise in the amount of money that banks have written off as bad debts on their credit cards.
The Bank figures show that the total value of the write-offs doubled to 1.6bn in the third quarter of 2009.
In the first and second quarter, the figure had been around 800m. The total amount of credit card related write-offs totalled 3.2bn during 2008.08.
If you are looking for a Discover credit card, then you would be spoilt for choice. With the many variations of Discover credit cards, each with its own reward program, you will need to get the lowdown of each in order to make the right choice.
The Miles Card from Discover is a travel rewards card that awards cardholders with one Mile for every dollar charged to the Discover Miles card. In fact, you will be awarded 5000 Bonus Miles instantly upon the first purchase made with your Discover Miles card.
These Miles can then be redeemed for free flight tickets on any major U.S. airline, gift certificates, cash returns or even branded merchandise. Additionally, redemption for vacation cruise packages as well as certificates for dining privileges, hotels and car rental services is also part of their paraphernalia of rewards.
Most students receive their first credit card offers when they are in college. Having a credit card opens up a whole new world. It brings new meaning to paying for college. Suddenly shopping, eating and traveling get easier and seem more affordable. Credit cards can be very helpful for college students. They can also get out of control quickly. When students follow these 5 basic tips for managing a college credit card, they will be able to stay out of financial trouble and establish solid, long-lasting credit.
Cash or Credit
If it can be paid for in cash, do it. When possible, college students should avoid charging small items that are affordable without the plastic. The interest makes them more expensive. Beware of stores that enforce a minimum credit in an effort to get the buyer to spend more.
Payment Plans
The most important thing to remember is that all of the money needs to be paid back at some point. Spend it now, pay for it later only works as long as the bills are being paid promptly. Students should learn early to pay off the balance as often as possible. When its not possible, more than the minimum payment should be made. Late payments can cause a raise in the interest rate plus late fees and other penalties.
Today, when you apply for credit cards, instant decision algorithms tell you very quickly whether youve been accepted or not. The banks have tightened their credit card approvals process considerably since the financial crisis, though. The fact that instant decision systems exist, though, shouldnt lead you to think that passing a credit card verification process is simple.
Whether you choose to submit your application online or in person, the fact that youve applied appears on your credit report. You dont want to apply unless you feel that you have a good chance of being accepted.
Your first step in applying for a credit card should be to get a soft pre-verification check done. Many banks and other personal finance websites provide the service. A soft check doesnt pull your credit report it merely evaluates your chances of passing a proper credit card verification check with whatever information you are able to fill in.
If your pre-verification check seems less than certain about your chances, you need to do everything you can to improve your chances. Only then should you apply in earnest.
E-Accounting: Problems and Prospects
Shraddha Verma Assistant Professor G.C.R.G Memorial Trust Group of Institutions Lucknow
Abstract